Capital Home Mortgage Spokane

Spokane One Time Close Home Loans

One Time Close Mortgage Lender Spokane

One-Time Close Construction Loans In Spokane

What is a Construction Loan?

A construction loan is a short-term loan used to fund the construction of a house or other real estate project. Builders or homebuyers who custom-build their own homes will likely employ it.

These loans can be used to cover expenses such as the purchase of land, the creation of blueprints, the acquisition of permits, and the payment of labor and materials. Furthermore, construction loan monies may be paid directly to the contractor in installments rather than to the borrower.

Following the completion of construction, the borrower can either refinance the construction loan into a permanent mortgage or obtain a new loan to pay off the construction loan. This new loan is referred to as the “end loan” by many people. In other situations, the borrower may only be needed to make interest payments during the construction period, with the balance due to be paid off entirely by the time the project is completed.

There are two varieties of construction loans: construction-only and construction-to-permanent. The Construction-Only Loan is intended to cover only the construction period, typically one year, and is a higher-risk loan. The Construction-To-Permanent Loan is an additional financing option available to custom home contractors. It becomes a permanent mortgage once construction is finished.

Single-Close vs. Two-Time Close Loan

A construction loan is a type of loan used to pay the cost of building or substantially upgrading a property. Construction loans are classified into two types: one-time close (also known as single-close) loans and two-time close (also known as two-close) loans. The primary distinctions between the two types of loans are the loan closing process, interest rates, and the level of risk involved.

  • One-Time Close Construction Loan

A one-time close construction loan is a loan arrangement that covers both the construction and permanent finance (mortgage) phases of a new home construction or extensive renovation. A one-time close loan requires the borrower to complete only one application, has only one closing date, and pays only one set of closing expenses. The building phase and the permanent loan parameters are set from the outset, including the construction time, the permanent loan period, and payments for both. The loan’s interest rate is usually determined before construction and remains fixed for the duration of the loan.

  • Two-Time Close Construction Loan

A two-time close construction loan consists of two loans: one for the construction phase and another for permanent financing. This requires two application processes, two closing dates, and two sets of closing costs. Typically, the construction phase is financed by a short-term loan or line of credit with an adjustable interest rate. The permanent mortgage is offered with a fixed interest rate.

The key benefit of a one-time close construction loan is its ease of use and security. There is less chance that changes in the borrower’s financial status will influence the borrower’s ability to qualify for the permanent loan, and the interest rate is locked in from the start, protecting against prospective rate rises. A two-time close construction loan, on the other hand, may offer lower rates and greater flexibility. It does, however, need two loan closings, which may result in higher costs and the danger of changing financial conditions or rising interest rates influencing the terms of the permanent loan.

When deciding between a one-time close construction loan and a two-time close construction loan, borrowers should carefully consider their financial situation, risk tolerance, and ability to deal with potential complications or changes during construction.

Types of One-Time Close Construction Loans

There are three major types of one-time close construction loans. The advantages of these loans include lower interest rates during the construction phase, fixed interest rates for the permanent mortgage, and a single closing procedure that reduces closing costs. However, they have disadvantages, such as stricter eligibility requirements and increased documentation.

This loan type is available for one-unit, stick-built primary residences, new manufactured housing for primary residences (excluding single-wide mobile homes), and modular homes. It enables buyers to finance the construction, lot purchase (if required), and permanent loan in one mortgage. The program provides a single loan with a single closing date and a set of parameters governing the loan’s progression during the construction phase and beyond.

  • VA One-Time Close Construction Loan

These loans are comparable to FHA One-Time Close Construction Loans but are restricted to eligible veterans, active-duty service members, and surviving spouses. Like FHA One-Time Close Loans, VA One-Time Close Loans provide financing for construction, lot purchase, and permanent loan in a single mortgage.

  • Conventional One-Time Close Construction Loan

The government does not insure these loans and may be conforming or jumbo loans. They offer financing for the construction of both primary and secondary residences. The loan converts to a wholly amortized principal and interest payment upon maturity.

Apply for a Spokane One-Time Close Construction Loan

Capital Home Mortgage is an attractive alternative for Spokane home buyers looking for a one-time closing construction financing. We offer a comprehensive loan program created explicitly for manufactured home buyers, making it an excellent choice for people wishing to build their dream house in Spokane. Capital Home Mortgage’s one-time close (OTP) program combines the costs of land and dwelling into a single transaction, eliminating the administrative burden and cost generally associated with numerous loan closings. The program provides 30-year fixed-rate financing with competitive interest rates equivalent to single-family home loans. Capital Home Mortgage’s commitment to flexible funding, faster lending processes, and competitive rates will benefit Spokane home purchasers.

Call (253) 528-4417 today to speak with one of our Spokane Construction Loan Specialists.

Why Spokane HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates and Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

Spokane Washington 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

Spokane 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
SPOKANE Mortgage Programs

Spokane Home Purchase

Thinking of Buying an Spokane 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

Spokane renovation home loans

Looking to Rehab an Spokane 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

Spokane FHA Home Loans

Great for 1st Time Spokane 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

Spokane VA Home Loans

100% Financing for Spokane 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

Spokane Conventional Home Loans

Flexibility for Spokane 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

Spokane Jumbo Home Loans

Spokane 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

Spokane USDA Home Loans

100% Spokane Rural 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

Spokane Native American Home Loans

Spokane 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

Spokane Manufactured Home Loans

Great Alternative Spokane Housing

Manufactured Home Loans offer options to purchase an existing residence or build your dream home on your own land. Call today to speak to a Loan Officer.

  • Existing Purchase or Refinance
  • OTC Land/ Home Combo
  • Lock Rate Before Completion
  • FHA, VA, USDA, & Native Loans

Spokane reverse mortgages

Your Spokane 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

Spokane Non QM Home Loans

Making Spokane 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

Spokane One Time Close mortgages

Build Your Spokane 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

Spokane Refinance Mortgage Loans

Spokane 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

Spokane Cash-out Home mortgages

Spokane 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

Spokane Washington Mortgage Team

Jordan Mowrey

Sr Loan Officer
NMLS 1604319

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

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