One Time Close Construction Loan
Simplifying Your Dream Home Build – Building a new home is an exciting journey, but the financing process can often seem overwhelming. The good news is that the One Time Close Construction Loan offers a streamlined solution, making it easier for you to move forward with your dream home. Let’s explore the key benefits of this innovative loan program.
- Single Approval Process
One of the biggest advantages of the One Time Close Construction Loan is that you only have to go through the approval process once. Unlike traditional construction loans that require multiple approvals, this loan streamlines the process, saving you time and reducing the paperwork. With just one approval, you can secure financing for both the construction and the permanent mortgage.
- Cost Savings
A single closing means you pay closing costs just once. This can result in significant savings compared to the traditional route, where you’d typically face closing costs twice—once for the construction loan and again when converting it to a permanent mortgage. By eliminating the need for a second closing, the One Time Close Construction Loan helps keep more money in your pocket.
- Fixed Interest Rate
With the One Time Close Construction Loan, you lock in a fixed interest rate at the start of the process. This means you won’t have to worry about rising interest rates during the construction period. Your rate remains constant from the beginning of construction through the life of the loan, giving you peace of mind and predictability in your monthly payments.
- Flexible Options
UWM offers flexible loan options to suit different needs and budgets. Whether you’re building a custom home, renovating an existing property, or constructing a second home, the One Time Close Construction Loan can be tailored to meet your specific goals. You can choose from various loan programs, including FHA, VA, and conventional loans, ensuring that you have the right financing solution for your unique situation.
- Simplified Draw Process
The loan disbursement process during construction is streamlined with UWM. Funds are released as needed to pay for construction costs, which reduces the financial burden on you during the build. UWM’s efficient draw process ensures that contractors are paid on time, keeping your project on schedule.
- Protection Against Market Fluctuations
Since the interest rate is locked in from the start, you’re protected against any potential market fluctuations that could impact borrowing costs. This is especially beneficial in a volatile interest rate environment, as it shields you from unexpected rate increases, allowing you to plan your finances with confidence.
- Convenience and Peace of Mind
By consolidating the construction and permanent financing into a single loan, UWM’s One Time Close Construction Loan offers unparalleled convenience. You won’t have to worry about re-qualifying for a mortgage once your home is complete, and there’s no need to juggle multiple loans or closings. This program provides a smooth, hassle-free experience from start to finish.
Is the One-Time Close Construction Loan Right for You?
If you’re considering building a new home or undertaking a significant renovation, UWM’s One Time Close Construction Loan could be the perfect solution. With its streamlined process, cost savings, and flexible options, it offers a straightforward path to financing your project.
At Empire Home Loans, we’re here to help you navigate the construction loan process and find the best financing option for your needs. Contact me today: Jeff Markell 714.614.4040 NMLS# 224196 to learn more about how the One Time Close Construction Loan can make your dream home a reality!
Contact me today to learn more:
Jeff Markell NMLS# 224196
Grandpa Mortgage – U.S. Air Force Veteran
Reverse Mortgages – Mortgage Broker In OC
(714) 614-4040
jeff@empirehomeloans.com
Empire Home Loans, Inc. NMLS# 1839243
Serving all of California
www.mortgagebrokerinoc.com
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