Capital Home Mortgage Aurora

Aurora One Time Close Home Loans

One Time Close Mortgage Lender Aurora Colorado

Aurora One-Time Close Construction Loan

A construction loan is often a short-term loan that provides funding to cover the cost of constructing or renovating a property.

Construction loans typically offer higher interest rates than longer-term mortgage loans used to purchase a property. The money borrowed through a construction loan is often provided in a series of advances as the construction continues.

How Does A Construction Loan Work?

Construction loans are obtained by builders or homebuyers who custom-build homes. These are short-term loans, typically lasting only one year. When the house is finished, the borrower can refinance the construction loan into a permanent mortgage or receive a new loan to pay off the construction loan. While the project is still in progress, the borrower may only be obliged to make interest payments. Certain construction loans may require the balance to be paid in full by the end of the project.

If a borrower takes out a construction loan to build a home, the lender may pay the funds directly to the contractor instead of the borrower. The payments may be made in installments as the project advances through its development phases. In addition to financing the construction of new residences, construction loans can be used to fund rehabilitation and restoration projects.

One-Time Close vs. Two-Time Close Construction Loan

A one-time close construction loan and a regular two-time close construction loan have different terms and payment schedules.

  • A one-time close construction loan combines the construction loan and the permanent mortgage into a single loan that is closed before the start of construction. A single-close construction loan is another name for this sort of financing. A one-time close construction loan allows the borrower to acquire permanent loan approval and close both the interim and permanent loan transactions simultaneously. The loan terms, such as the length of the construction phase, the period of the permanent loan, and payments for both, are set for the interim loan, but the permanent loan amount is not set because the project still needs to be finished.
  • A conventional two-time close construction loan, on the other hand, is a loan that separates the construction loan and the permanent mortgage into two independent loans with separate closing costs. The construction loan is used to finance the house’s costs, and the permanent mortgage is used to repay the construction loan once the house is finished. Each loan’s terms and rates may vary, and the borrower may need to re-qualify for the permanent mortgage at the end of the building phase.

Advantages of a One-Time Close Construction Loan

A one-time close construction loan has several advantages. Here are some of the benefits of a one-time close construction loan:

  • Less Fees

Unlike traditional construction loans, which require two closings, one for the construction and one for the permanent mortgage, a one-time close construction loan simply requires one closing. Borrowers can save money on additional closing fees as a result.

  • Convenience

Borrowers who wish to save the inconvenience and expense of obtaining two separate loans might choose a one-time closing construction loan. Combining the loans also simplifies the application and underwriting process.

  • Time Saving

Borrowers can save substantial time with a one-time close construction loan since they do not need to submit the required paperwork twice or wait for the lender to review them again.

  • Qualification

The qualification process for a one-time close construction loan is necessary only before the construction period. It can be advantageous for borrowers because they do not have to re-qualify for the permanent mortgage at the end of the building phase.

  • Pre-Approval

Borrowers can obtain pre-approved for the construction and permanent mortgage loans at the start of the process with a one-time close construction loan. This means that even if their credit situation changes after the loan is finalized, their house loan will still be approved.

Apply For A One-Time Close Construction Loan

Building an entirely new house is a major undertaking. Capital Home Mortgage Colorado can assist with a One-Time Close Construction Loan to expedite this process. Our Loan Professionals will work with you and your home builder to ensure everything goes smoothly.

Call (303) 226-1177 to speak with one of our Construction Loan Experts.

One-Time Close Construction Loan Alaska

A one-time close construction loan is a type of mortgage that enables the borrower to obtain both construction and long-term finance at the same time. With this financing option, the borrower receives authorization for the permanent loan prior to the start of construction, and the interim and permanent loan transactions are combined into a single transaction. This loan is usually applied for to fund the building of a primary residence, such as a site-built single-family home, a newly built prefabricated home, or a modular home.

Features of a Construction Loan with a One-Time Close

The interest rate and closing date for the One-Time Close Construction Loan are fixed. Because they only have to pay for one closing and may be able to lock in their permanent interest rate, borrowers may find this sort of loan to be a more inexpensive option. A One-Time Close Construction Loan requires a number of steps to be taken, such as the lender’s approval of the loan, builder registration, the delivery of necessary paperwork, and the creation of plans and specifications.

It’s important to keep in mind that a USDA Single Close Construction Loan, sometimes referred to as a rural development loan, is accessible in some rural and suburban areas and provides a 30-year fixed-rate mortgage loan with no down payment necessary.

Benefits of Construction Loans with One-Time Close

A one-time close construction loan combines the permanent mortgage and construction loans for a new house into a single loan. The following are some benefits of a one-time close construction loan:

Only one application is required, saving the borrower time and effort from having to submit two separate applications.
By doing away with the need for two separate closings, the borrower saves thousands of dollars in closing expenses.
Since only one appraisal is required for the loan, a single appraisal valuation removes the risk of appraisal surprises.
Minimum down payment: Just 3.5% is required as a minimum down payment (up to the FHA county lending limit).
The One-Time Close Construction Loan uses a single set of closing paperwork, streamlining and speeding up the procedure.
Affordability: The transaction is more fair because the borrower just needs to pay for one closing and can lock in the ongoing interest rate.
Funding simplicity: The One-Time Close Construction Loan makes it easier to finance a new home.
Apply for a construction loan with a one-time close.

Building a new house is a big effort with a lot of things to think about. Capital Home Mortgage may help by offering a One-Time Close Construction Loan to streamline this procedure. We offer a seamless procedure from construction to move-in. To make sure everything goes smoothly, our Loan Officers will work with you and your house builder.

To speak with one of our Construction Loan Specialists, call (907) 531-5028.

Why Aurora HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Aurora Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Aurora One Time Close Construction Home Loans

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage
Aurora Mortgage Programs

Aurora Home Purchase

Thinking of Buying an Aurora Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

Aurora renovation home loans

Looking to Rehab an Aurora Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

Aurora FHA Home Loans

Great for 1st Time Aurora Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

Aurora VA Home Loans

100% Financing for Aurora Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

Aurora Conventional Home Loans

Flexibility for Aurora Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

Aurora Jumbo Home Loans

Aurora Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Aurora USDA Home Loans

100% Rural Aurora Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

Aurora Native American Loans

Aurora HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Aurora Manufactured Home Loans

Great Alternative Aurora Housing

Aurora reverse mortgages

Your Aurora Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

Aurora Non QM Home Loans

Making Aurora Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

Aurora One Time Close mortgages

Build Your Aurora Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

Aurora Refinance Mortgage Loans

Aurora Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Aurora Cash-out Home mortgages

Aurora Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

Aurora Mortgage Team

Dale Gremillion

Manager / Sr Loan Officer
NMLS 210325

Conor Hayhurst

Manager / Sr Loan Officer
NMLS 743506

Brad Rund

Director Native American Lending
Director Manufactured Housing

Aurora Mortgage Company Reviews

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