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In comparison to our one-time close construction to permanent loan program, our two-time close construction loan program has many benefits and advantages.
A two-time close involves two separate loans, with one to cover the long-term financing. When the first loan agreement is signed, the lender releases funds to a house account and begins paying draws to the builder upon your approval. The borrower will pay interest only during the construction period. Once the house is complete, the borrower must re-qualify for a permanent mortgage, which typically results in lower mortgage rates and greater flexibility.