STEP 8: Project Completion and Loan Payment

STEP 8 – Project Completion and Loan Payment

  • Once all construction is complete, your loan interest rate may be modified to a lower rate depending on market rates at that time; however, it cannot increase from when it was locked at closing.
  • An Occupancy Permit is issues so you can now move in, and you will begin making regular monthly mortgage payments 30 days after.



 

 
 

ONE-TIME CLOSE CONSTRUCTION FINANCING

The One-Time Close Construction Loan is a home mortgage that can be used by the borrower to close both the construction loan and the permanent financing of a new home at the same time.  The loan is closed one-time, upfront, before any construction begins simplifying the process and saving money.