Building Your Dream Home? Here’s Why a Single Close Construction Loan Could Be Your Best Move
The thought of a custom-built home is a dream for many: designing every single detail in every room, choosing every fixture and finish, and picking a piece of land down to the last square inch. But the financing options for this dream may be daunting. This is where a single close construction loan can make things simpler. If you're considering options for financing the construction of your home, it might be worthwhile getting to know what a single close loan is, how it works, and why it might work for you. What is a Single Close Construction Loan? A single close construction loan sometimes called a construction-to-permanent loan is a financing option that combines two loans into one. Instead of getting a construction loan first and then a separate mortgage once your home is built, this loan wraps both into a single transaction. Here’s how it works: You apply for the loan once, close once, and lock in your rate once. The loan covers the construction costs upfront and automatical...