As the real estate market continues to evolve, investors are constantly seeking innovative ways to…
If you’re thinking of building your dream home from the ground up, a one-time close new construction loan from Citizens Financial can help make your vision a reality. These loans offer many benefits for eligible borrowers and make the construction process smoother and more manageable.
What is a one-time close new construction loan?
A one-time close new construction loan is a mortgage that covers both the construction process and the permanent financing of a new home. With this loan, you only need to go through the loan process once and can avoid the hassle of securing multiple loans for different stages of the construction process. Once the construction is complete, the loan is converted into a permanent mortgage.
How does it work?
The process starts with the borrower choosing a builder and selecting a lot for construction. Citizens Financial will then assess the borrower’s eligibility for a loan and provide pre-approval. Once pre-approved, the borrower and builder will work together to design and plan the home. The loan will cover the cost of the construction and can be customized to fit the borrower’s needs.
The loan is structured in a way that the funds are disbursed to the builder in stages as the construction progresses. This ensures that the builder has the necessary funds to complete each phase of the construction process.
What are the benefits of a one-time close new construction loan from Citizens Financial?
- Simplified loan process: With a one-time close new construction loan, borrowers can avoid the hassle of securing multiple loans for different stages of the construction process.
- Flexible loan terms: Citizens Financial offers a variety of loan terms and options to fit the needs of eligible borrowers.
- Competitive interest rates: Borrowers can take advantage of competitive interest rates that are in line with industry standards.
- Personalized service: Citizens Financial provides personalized service and support throughout the loan process, from pre-approval to the conversion of the loan into a permanent mortgage.
- Streamlined disbursement process: The loan disbursement process is streamlined and ensures that the builder has the necessary funds to complete each phase of the construction process.
Citizens Financial’s one-time close new construction loans offer eligible borrowers a simplified loan process, flexible loan terms, competitive interest rates, personalized service, and a streamlined disbursement process. If you’re thinking of building your dream home, this type of loan can help make the process smoother and more manageable.
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