Make Your Home Your Dream Home with a One-Time Close Loan!
We have put together a guide to help you determine if a One-Time Close loan is right for you. Click the link below to download our free guide.
Is the One-time Close Construction Loan Right For You?
The One-Time Close construction loan does NOT require the borrower to qualify twice. For other types of construction loans the borrower applies once to pay for the construction, then applies again for the mortgage itself. Construction-to-permanent loans avoid all that by using a single loan, one closing date, and specific steps and requirements for how the loan is to proceed into construction phase and what happens once the work is completed.
With The One-time Close Construction Loan You Can:
Get the financing of a new construction, single family residence on a new lot (purchase) or an existing lot already owned by the customer (refinance).
Allows for a single closing of the construction loan, which will be converted to a permanent loan at the completion of the construction project.
What are the Benefits of the One-time Close Loan?
Some of the Benefits are:
You save money
Reduced interest rate risk
No payments during construction
A dedicated project management team/vendor
What make up the construction loan costs?
Soft Costs – Permit,engineering and architectural fees
Hard Costs – Materials and labor costs
Don’t know if the One-time Close Loan is right for you?
Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage 5160 Tennyson Pkwy STE 1000, Plano, TX 75024. NMLS ID #2143 (www.nmlsconsumeraccess.org) 972-398-7676. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply. (https://benchmark.us)