Construction Loans Now Available for WNC Home Builders
Brand New Construction Loans
GoPrime Mortgage, Inc. ., is now offering this unique loan product for clients to build and finance their very own home in the NC area. If you are dreaming about your perfect home in the mountains of Western North Carolina and want to build, Zachery Adam and the team at GoPrime Mortgage, Inc. . is now offering a one-time close construction permanent home. What does that mean? Let’s take a closer look.
What is One-time Close?
Arguably the biggest benefit from this new product is the one-time close feature. It combines the financing for construction into the same loan and the mortgage, which means there is a single closing transaction before you begin the process of construction. Associated fees will only be collected one time with this loan.
In a nutshell, after the construction phase is complete, the loan converts to the permanent mortgage loan. This is when the buyer will begin making traditional payments for the principal and interest of the loan.
There is a 90% loan to value option with only a 10% down payment.
Land and New Construction Purchase
When purchasing a pre-owned home, you are essentially purchasing both the structure and the land. However, when you’re interested in building a new home the first step is to purchase the land itself. This is often handled in a different process than home buying, which can become confusing for the buyer.
However, with this new construction product, the financial transaction covers the land you purchase as well as the construction of the new home from the foundation up. It simplifies the process and keeps everything under one loan.
Simple and Flexible Draw Process
There are a variety of options to consider, but in the simplest terms, this new product offers a simple and flexible draw process with no set schedules for approved Builders. The client pays just interest-only payments during construction before converting to a traditional mortgage once the home is built.
This also allows you to consolidate construction and purchase so you only have one set of closing costs and fees, greatly reducing your closing costs cos.
Interest-only Payments During Construction
Yes, that’s right, this new product allows you to make interest-only payments on only the balance of the loan during the construction phase. Why is this a benefit for you?
Construction involves a lot of moving parts, both literally and figuratively. Why should the financing be one of them? With this product, you’re able to make the right financial plans to cover everything you need or want in your new home build without any surprises. The conversion to a traditional mortgage at the end of construction takes the guess work out of your financial future.
Do you want to know more about our new construction loans in the Western North Carolina area? Contact the team at GoPrime Mortgage, Inc. ., to find out how we can help you today.
Pull Quote:
Construction involves a lot of moving parts, both literally and figuratively. Why should the financing be one of them? With this product, you’re able to make the right financial plans to cover everything you need or want in your new home build without any surprises. The conversion to a traditional mortgage at the end of construction takes the guess work out of your financial future.
