Building on your own land gives you the freedom to design a home that fits your lifestyle and adds significant value to your investment.
Construction to Permanent Loans
Secure financing for both the construction of your home and your permanent mortgage, all on one loan. Once the construction period ends, your loan is converted to a traditional mortgage. This allows you to work with one lender from start to finish, helping to save both time and paperwork.
Construction Loans are available in MD, PA, DE, VA, NC, SC, & FL.
One-Time Close Construction to Permanent Loan
- One closing, which means there are reduced closing costs, and you can close with one application.
- An interest rate that is locked in prior to the construction closing and remains the same throughout the loan.
- A 15-month construction period
Must qualify fully at time of closing. Rate may increase after consummation. Not available in all areas
Two-Time Close Construction to Permanent Loan
- Two separate loans, allowing for the flexibility to change the features of the loan at the end of construction.
- Two sets of closing costs, which requires two applications.
- A temporary interest rate during the construction period, followed by a permanent mortgage rate that is not typically locked until 60 days prior to the home’s completion.
- A 15-month construction period.
Don’t wait to elevate your property and enjoy the rewards of owning a home built just for you. Contact me today to discuss which construction loan option works best for you!
Kaye Jones
Mortgage Senior Loan Officer
NMLS# 94785
Cell: 252-256-1333
[email protected]
Content provided by TowneBank Mortgage for informational purposes only. The information contained herein (including but not limited to any description of lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. This is not a commitment to lend. TowneBank Mortgage NMLS# # 512138. Equal Housing Lender