One-Time Close New Construction |
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UWL offers One-Time Close New Construction for conventional loans.
Benefits
UWL is arming our partners to help more borrowers and first-time homebuyers make their first home or next home their dream home.
Builders don’t have to pay for the construction upfront, then sell the home to a borrower. They can create the borrower’s dream home and get a loan before construction even begins. Helping save time and money by only having to close once and covering one set of closing costs!
UWL’s process has a contractor approval component. Meaning we vet the contractor and obtain references to make sure they are credible. This helps give peace of mind to your borrower, that they have gone with a good option.
Other lenders require intense documentation, high-interest rates, and large down payments. UWL helps reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans, as we always do.
What is a One-Time Close New Construction loan?
A One-Time Close New Construction loan is a single-closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project. A single-closing construction mortgage can be closed as a purchase or a refinance.
What is a single closing?
A single closing construction loan is the combination of financing of the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.
Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there will be an initial draw at closing for proceeds to the contractor to begin the construction project.
Call me with any questions, we’re here to help! Scott Rojo, Rojo Mortgage Team, 916-548-3942.
Benefits
UWL is arming our partners to help more borrowers and first-time homebuyers make their first home or next home their dream home.
Builders don’t have to pay for the construction upfront, then sell the home to a borrower. They can create the borrower’s dream home and get a loan before construction even begins. Helping save time and money by only having to close once and covering one set of closing costs!
UWL’s process has a contractor approval component. Meaning we vet the contractor and obtain references to make sure they are credible. This helps give peace of mind to your borrower, that they have gone with a good option.
Other lenders require intense documentation, high-interest rates, and large down payments. UWL helps reduce the headaches, keep the project moving, create transparency and peace of mind for all parties involved, and offer the same great service on these loans, as we always do.
What is a One-Time Close New Construction loan?
A One-Time Close New Construction loan is a single-closing construction loan. The construction portion is short-term financing that is modified into permanent financing upon completion of the project. A single-closing construction mortgage can be closed as a purchase or a refinance.
What is a single closing?
A single closing construction loan is the combination of financing of the construction and the permanent mortgage. There is a single closing transaction that occurs prior to construction beginning.
Closing costs/fees that the borrower is responsible for are collected at closing. Funds are accessed through draws and there will be an initial draw at closing for proceeds to the contractor to begin the construction project.
Call me with any questions, we’re here to help! Scott Rojo, Rojo Mortgage Team, 916-548-3942.
