Home Financing Library
One-Time Close Construction Loans
Construction loans typically start as an adjustable rate mortgage (ARM). Usually interest only loan payments are made during the construction period. A title company will act as the disbursing agent to pay your builder through a construction escrow account. They work directly with us and your builder to ensure proper inspections, timely payments and a clear title is maintained. Your builder will make several draws from the construction escrow account during the building process. A draw is a portion of the total cost owed to the builder at certain stages of the construction.
A One-Time Close Construction Loan may help you save time and money. You’ll enjoy the convenience of one loan, one application and one closing date.