Are you ready to build your dream home or start a significant construction project? If so, you're probably aware that financing the construction process can be a complex and sometimes daunting task. Fortunately, Skyridge Lending offers an excellent solution to simplify this process with their One-Time Close Construction Loans. In this blog post, we'll explore what these loans are, how they work, and why they could be the perfect financing option for your construction project.
What are One-Time Close Construction Loans?
One-Time Close Construction Loans, also known as construction-to-permanent loans, are a type of financing that combines the construction loan and the permanent mortgage into one single loan package. This means that you only need to go through one application and one closing process, streamlining the financing journey for your construction project.
How Do They Work?
Single Application: Instead of applying for two separate loans (one for construction and another for a permanent mortgage), you submit a single application for a One-Time Close Construction Loan.
Construction Phase: During the construction phase, the loan covers the costs of building your dream home. You make interest-only payments on the amount disbursed for construction.
Transition to Permanent Mortgage: Once construction is complete, the loan transitions seamlessly into a traditional mortgage, locking in your interest rate and converting your loan terms to those of a typical mortgage.
Advantages of One-Time Close Construction Loans from Skyridge Lending:
Simplified Process: The single application process minimizes paperwork and simplifies the overall financing experience.
Cost Savings: You'll save on closing costs compared to securing two separate loans.
Rate Lock: You can lock in your interest rate at the beginning of the project, protecting you from potential rate increases during construction.
Flexible Terms: Skyridge Lending offers a range of loan terms to suit your specific needs and budget.
Local Expertise: With Skyridge Lending, you benefit from the knowledge and expertise of a local lender who understands the unique dynamics of your area's real estate market.
Why Choose Skyridge Lending for Your Construction Loan?
Skyridge Lending is a trusted and reputable lender with a strong track record in providing tailored financing solutions for real estate projects. With a focus on customer satisfaction, they work closely with borrowers to understand their needs and offer competitive loan options.
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The Bottom Line:
Starting your construction project doesn't have to be a complicated financial process. Skyridge Lending's One-Time Close Construction Loans simplify the journey, offering convenience, cost savings, and the expertise of a local lender. If you're ready to turn your vision into a reality, explore the financing options available from Skyridge Lending and take the first step toward making your dream project come to life.
Don't let financing concerns stand in the way of your construction project. Contact Skyridge Lending today to learn more about their One-Time Close Construction Loans and how they can help you achieve your goals.