Save Money with a
One-Time Close Mortgage
- The construction and permanent financing are treated as one loan and closed simultaneously. There is only one Note and Mortgage. Upon project completion the Note and Mortgage is modified from construction financing to permanent financing.
- One closing is performed PRIOR to the start of construction.
- All closing costs are paid at the closing.
- All fees are collected at first closing.
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Two-Time Close Mortgage
Loans are available
- The construction and permanent
financing as two loans.
- The construction lender closes the construction loan first. Upon project completion a new Note and Mortgage are executed to put permanent financing in it's place.
- At the time of underwriting, the construction loan is already existing.
- Closing costs are paid on both closings.
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