7/19/2022 | By Team United
You’ve just made the exciting decision to build your dream home, congratulations! Now it’s time to figure out how you’re going to pay for the property, the build and what you can afford.
Well, you’re in luck! At United, we’re here to help guide you every step of the way, from pre-qualification to financing the property, to the blueprints, to officially getting your keys.
To get you on your way to finally having that open-concept you’ve been dreaming of, let’s take a look at the benefits of a Construction-to-Permanent Loan.
A Construction-to-Permanent Loan helps you pay for the financing of the lot and the construction costs for building your home all rolled up into a single loan application, approval process, and closing. Think of it as line of credit funding each stage of the build. Once you’re ready to officially move in, your loan becomes your permanent mortgage.
1. Low down payment
If you’re looking to put less money down and keep a little more in your pocket, this loan is great!
With the option to pay a lower down payment, you can keep more in your savings to stay prepared for the unexpected twists and turns life may through your way.
2. Lower interest rate
As you watch your home begin to take shape during the construction stage, you’ll be making interest-only payments on the outstanding balance. Your rate is already locked in so you don’t have to worry about rates rising during the building process.
3. One closing. One closing cost.
United offers a One-time Close Construction Loan to help you save even more time and money.
When the time comes, you’ll work with your Mortgage Advisor to close both the construction loan and permanent mortgage of your home at the same time. You’ll save money by paying only one set of closing costs and only have to worry about closing once, which is a huge time saver. Could it get any easier than that?!
Our Mortgage Advisors are committed to being there for you every step of the way to answer questions and make the process as seamless as possible.
So, what are you waiting for? Reach out to your local Mortgage Advisor today and get one step closer to your dream home.