A "One Time Construction Loan" is offered by Taylor Mortgage Group, LLC. The construction loan and the permanent loan are closed at one time! Not only do we offer the fastest closing on the "One Time Close Construction Loan", but we also offer the best rates. When the "One Time Close Construction Loan" modifies to the permanent mortgage, at the end of the construction, we offer a 15 year, 20 year or 30 year fixed rate loan with no adjustable rate mortgage in a few years and no prepayment penalty.
Taylor Mortgage Group lenders will do something that no other "One Time Close Loan" lender will do.... The Lender can go off of the appraised value and will offer you a loan amount of 80% of the appraised value. Depending on your area and how much you have put into the land and the rising values of homes in Colorado it has been possible to come to the table with no money down!!!
If you already own the land at the time of the application, you would be required to put down 20% of the hard costs!
On the "One Time Close Construction Loan", you have only one set of closing costs, one closing, one appraisal and you only pay off the portion of the loan that you have drawn. Since the lender will require a line item for cost overruns, you could actually have a permanent loan less than your construction loan.
The best news is that we lock in your rate prior to the closing of the loan, and that rate becomes an interest-only loan during the construction period. At the end of construction that same rate will convert to your fixed rate principal and interest payment. This feature offers you peace of mind during the construction of your new home, without the concern of the rates going higher by the time your home is built. Additionally, you only have to pay the interest each month, on the amount you have drawn from the total loan.
If you have any further questions regarding the "One Time Close Construction Loan", please contact Janie Taylor at our office at 303-339-5950 or feel free to call Janie on her cell: 303-884-9393.