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Colorado borrowers can benefit significantly from Single Close Construction Loans. These loans provide an increased level of convenience in addition to financial benefits for families and individuals looking to build homes. Single Close Construction Loans from GO Mortgage are the best option for families looking to develop and finance a home without the stress of two separate loans.
One Time Close Construction Loans are one of the best options for borrowers. They bundle together the two standard loans associated with home construction, eliminating the stress of closing on separate loans. As a leading producer of Colorado Single Close Construction Loans, GO Mortgage is here to guide you through exactly what these loans are, the advantages they hold, and how you can partner with us.
Typically, when an individual or family is constructing a home from scratch, they must take out two loans - a construction loan to finance the build expenses and a mortgage for permanent financing. The loan process is extremely confusing, time-consuming, and expensive for a single loan. The thought of taking out two loans can be intimidating to any borrower.
Single Close Construction Loans offer an alternative to the traditional construction loan and a separate permanent loan. Also known as a One Time Close Construction Loan, these loans combine both a construction loan and a permanent loan. Once construction on a home is finished, the construction loan will automatically roll into a permanent mortgage loan. This eliminates multiple loan closes, reduces risks for borrowers, and more.
Overall, a Colorado Single Close Construction Loan is the ideal solution for borrowers looking for an easy, bundled financing solution.
One Time Close Construction Loans hold a plethora of benefits for borrowers and home builders. A few of the most common advantages are:
Fixed interest rates are a key benefit to Single Close Construction Loans. With standard 30-year mortgages, interest rates can adjust over time, causing substantial financial stress to your mortgage payments. Single Close Construction Loans are equipped with fixed interest rates, so you won’t be surprised in ten years when your interest rates skyrocket.
When a borrower must take out separate loans, a construction and mortgage loan, they may have to work with two different lenders. When working with two lenders, a borrower will have to qualify twice. This means that if there is a change in employment or other financial challenge, they may not qualify for a second loan when the time comes.
With a Single Close Construction Loan, a borrower will only have to qualify once. This qualification will be applicable from the moment construction begins until the mortgage is paid off. Partnering with one lender offers significantly reduced risk since there is no re-qualification.
Closing on loans is an expensive process. Usually costing a borrower 3%-5%, this can be a sizable financial hit when closing two loans. With a One Time Close Construction Loan, borrowers do not have to worry about multiple closings. There is only one closing day with this type of loan, eliminating the excessive time needed and expensive costs of two closings.
GO Mortgage is your partner for all Colorado One Time Close Construction Loans. Our dedicated team will walk you through the loan process from builder eligibility to closing and construction. As an approved seller and servicer of several government-backed loan products, we’re here to answer any questions you may have. A few government-backed loan products we can connect you to are:
GO Mortgage will work directly with your builder and provide comprehensive contract services and more to ensure your loan process is streamlined and efficient.
Apply for a personalized quote today!