CONSTRUCTION TO PERMANENT LOANS in The Carolinas & FloridA
BUILD THE HOUSE. FINANCE THE HOUSE. WITHOUT MAKING IT TWO SEPARATE HEADACHES.
BUILDING A HOME COMES WITH ENOUGH MOVING PARTS. YOUR MORTGAGE DOESN'T NEED TO BE ANOTHER ONE. A CONSTRUCTION-TO-PERMANENT LOAN CAN HELP FINANCE THE CONSTRUCTION OF A NEW HOME AND TRANSITION INTO LONG-TERM MORTGAGE FINANCING ONCE THE BUILD IS COMPLETE.
THE PRACTICAL MORTGAGE SOLUTION HELPS QUALIFIED BORROWERS EXPLORE CONSTRUCTION-TO-PERMANENT HOME LOAN OPTIONS ACROSS SOUTH CAROLINA, NORTH CAROLINA AND FLORIDA. WHETHER YOU'RE BUILDING A CUSTOM HOME OR STARTING FROM THE GROUND UP, WE'LL HELP YOU UNDERSTAND THE FINANCING BEFORE THE FIRST SHOVEL HITS THE DIRT.
WHAT IS A CONSTRUCTION-TO-PERMANENT LOAN?
A CONSTRUCTION-TO-PERMANENT LOAN IS A HOME FINANCING OPTION DESIGNED TO HELP FUND THE CONSTRUCTION OF A NEW HOME AND PROVIDE LONG-TERM MORTGAGE FINANCING ONCE CONSTRUCTION IS COMPLETE.
DEPENDING ON THE LOAN PROGRAM, CONSTRUCTION-TO-PERMANENT FINANCING MAY INVOLVE A SINGLE CLOSING OR TWO SEPARATE CLOSINGS.
IN SIMPLE TERMS? YOU'RE FINANCING THE BUILD AND THE HOME IT BECOMES.
HOW DOES A CONSTRUCTION-TO-PERMANENT LOAN WORK?
DURING CONSTRUCTION, FUNDS MAY BE RELEASED IN STAGES AS WORK ON THE HOME IS COMPLETED. ONCE CONSTRUCTION IS FINISHED AND THE REQUIREMENTS OF YOUR LOAN PROGRAM ARE MET, THE FINANCING TRANSITIONS INTO LONG-TERM MORTGAGE FINANCING.
THE EXACT PROCESS CAN VARY BY LENDER AND LOAN PROGRAM, INCLUDING HOW DRAWS, INSPECTIONS, CLOSINGS AND THE TRANSITION TO PERMANENT FINANCING ARE HANDLED.
SINGLE-CLOSE VS. TWO-CLOSE CONSTRUCTION LOANS
A SINGLE-CLOSE CONSTRUCTION-TO-PERMANENT LOAN COMBINES THE CONSTRUCTION AND PERMANENT FINANCING INTO ONE TRANSACTION.
A TWO-CLOSE TRANSACTION USES SEPARATE FINANCING FOR THE CONSTRUCTION PHASE AND THE PERMANENT MORTGAGE.
ARE YOU A REALTOR?
WE'D LOVE TO SHOW YOU HOW THE PRACTICAL MORTGAGE SOLUTION CAN FAST-TRACK YOUR CLOSE...