Streamlined construction to permanent financing to build your dream home.
Construction to permanent financing is a great way to obtain the funds necessary for constructing a property, while avoiding multiple loan applications and ongoing paperwork. It allows you to effectively combine both the construction and long-term financing into one process and one loan that covers both phases of the project. With this convenient solution, borrowers are able to secure the entire funding for their construction project in one place, making it simple to manage everything from start to finish with just one convenient loan. This is a particularly useful approach for those who may not qualify for separate loans on either the construction phase or long-term financing phase. Construction to permanent financing provides borrowers with an efficient, less complicated way to finance the construction of a new property.
Considering the initial cost of building a new home, conventional financing can be an attractive and practical way to finance the build. Most conventional loans require higher down payments than other types of home loans, however this can be advantageous because the lower monthly payments that come with these loans can make them more affordable in the long run than some riskier loan options. With very competitive interest rates and flexible repayment plans, bank-originated loans secured by mortgage brokers may provide a great opportunity for those who want to own an immaculate custom built home. Furthermore, if you have a good credit rating you may even qualify for low closing costs that could drastically reduce the amount of upfront funds required to break ground on your dream home.