When you’re building a home, a construction-to-permanent loan covers you from the ground up. Financing for the lot, construction and mortgage are covered in a single loan. Since there is one closing, and one set of closing costs, you save time and money.
Construction-to-permanent loans offer home buyers the following benefits:
Offers the convenience of combined financing
Saves time and money
Allows you to stay focused on building or renovating your home
A construction-to-permanent loan may be right for you if you:
Are building a primary residence or vacation home
Need to buy a lot and build and mortgage a home
Just need to build and mortgage a home
Talk to your lender to see if a construction-to-permanent loan is right for you!