One Time Close Construction Loans
Looking for One Time Close Construction Loans? Taylor Mortgage Group has lenders that will do something that no other lender will do….a “One Time Close Loan”. The Lender can go off of the appraised value and could offer you a loan amount of 80% of the appraised value. Depending on the 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 a “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.
Taylor Mortgage Group offers the fastest closing and best rates on “One Time Close Construction Loans”. Taylor Mortgage Group offers 15, 20, and 30 year fixed rate loans with no adjustable rate mortgage in a few years and no prepayment penalty. We also offer additional loan options including a 1, 3, 5, 7 adjustable rate mortgages.
Taylor Mortgage Group offers plenty of options for a One time close construction loan. The construction loan and the permanent loan are closed at one time! At the end of the construction the “One Time Close Construction Loan” modifies to the permanent mortgage (Your typical 30 year fixed mortgage).
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 directly at 303-884-9393.
