If you are looking to build a home, there are construction loan options for you.
There are two approval processes for a construction loan:
– One for your credit and income.
– One for the construction and the building.
You will need the final building plans, specs, and cost breakdown
ready to give to the lender.
The most typical loans are one-time close and two-time close construction loans:
The one-time close construction loan only requires one underwrite, which is at the beginning of the process.
Once you have an approval, then you can commence building. The approval is good through construction and after the home is completed.
A two-time close construction loan requires two
underwrites, one at the beginning of the process and another when the home is completed.
As you can see, the advantage of the one-time close construction loan is you only have to be approved at the beginning of the process, and don’t have to be approved again after the home is completed.
If you are looking for a loan to build a home, or to remodel, contact us and we can help you.
We offer a variety product services, ask us how we can assist you today:
Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2017 Counsel Mortgage Group®, LLC