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One Time Close
One-Time Close Construction loans can be beneficial to homebuyers who want to build their dream home from scratch without the complication of having two separate loans. They have many benefits including:
- A simplified application process: With a One-Time Close Construction loan, you only have to fill out one loan application for approval. You’ll need to provide the standard information like personal identifying information, your current financial information, and your credit profile. Then you and your lender will agree on the terms and conditions of your loan, such as your interest rate, loan amount, and loan type. This process can potentially save you time compared to other construction loans, since you’re only filling out one application instead of two
- Lock in a fixed interest rate: Fixed-rate mortgages are an option you can choose when you use a One-Time Close Construction loan. This means that you won’t have to worry about your interest rate changing over the course of your loan. Interest rates fluctuate according to changes in the economy and movements of government organizations like the Federal Reserve, so locking in your interest rate can give you more peace of mind knowing that your payments won’t increase over time. Borrowers also have the option to use our 12-month extended rate lock an float down their rate within the first 30 days. This means that they have the option to lock in their loan rate upfront and are able to change it within 30 days of their home being completed to match the current market rates.
- Potentially lower closing costs: Since One-Time Close Construction loans only require you to complete one closing instead of two, you may be able to save money. Closing costs often include things like service and administrative fees, avoiding paying those fees twice could save you money on your loan.
- Down payment options: Because a One-Time Close Construction loan can be used in conjunction with a VA loan or an FHA loan, your down payment options may be flexible depending on which loan program you qualify for.
- Build your dream home: When you choose a One-Time Close Construction loan, you’re giving yourself the freedom to build your dream home from scratch. This means you’re in control from the beginning and don’t have to worry about waiting to afford additions or renovations in order to have the home you’ve always wanted
ADU loans
Interest rate stays the same for the entire term of the loan.
- Very competitive fixed rate for the entire term
- Qualified members may refinance their loan with no penalty
- Term up to 20 years
- Terms up to 25 years for land/home
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