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Construction-to-Permanent financing: single-closing transactions single-closing transactions may be used to combine the interim construction loan financing and the permanent financing if the borrower wants to close on both the construction loan and the permanent financing at the same time.
This type of financing is referred to as a construction-to-permanent loan, or a C/P loan. Most of these home construction loans have a limited construction term, often no more than a year. During construction, the lender will disburse money to the builder as work progresses, and you typically make interest-only payments calculated on the amount.
· 1. a construction loan – the short-term loan from a bank you’ll need to build, and; 2. a permanent loan (we ususally call it a mortgage), the loan you’ll need once your house is complete. Differences of the two loans
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A construction to permanent loan is a loan used to finance the construction of a home. When the home is complete, it converts into a permanent mortgage loan. Another common term for a construction to permanent loan is a single-close loan.
With a construction-to-permanent loan, the same lender handles both your construction loan and eventual mortgage. Like a regular construction loan, you will make only interest payments during.
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Build and finance simply. With our one-time-closing construction loan, you get money to build your home and finance it. You’ll use it to pay your builder after construction, then modify it for permanent financing.
One-time close construction loans are more commonly referred to as construction-to-permanent loans, because the construction loan is converted to a regular or permanent mortgage once your home is complete. There is only one approval process, and the terms of the final loan are known at the initial closing, before construction begins.
Construction-to-permanent financing. Apply once to acquire a convenient two-phase loan. Enjoy lower fees than those of two individual loans. Initial loan pays contractors throughout construction. Loan rolls automatically into an adjustable rate mortgage (arm) when construction is complete. Option to convert to a fixed-rate mortgage.