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Personal Banking > Residential Real Estate > One-Time-Close Loans
One-Time-Close Loans
Building or remodeling a home? The One-Time-Close Loan makes it easy and worry free. One application, one approval, one closing, one interest rate and no worry! The "One-Time-Close" Loan eliminates rate risk, saves you loan costs and time when you are building or remodeling your home.
- One application, one approval, one closing
- Construction and remodels eligible
- Construction period up to 18 months, with guaranteed interest rates for the entire period
- Interest during the construction phase can be financed, so you have no payments during the construction phase
- Save on closing costs (No second loan approval, no second closing; no additional costs of escrow and title fees)
- Loans available up to $4,000,000
- Loan amount based on appraised value versus cost
- Lock in the current market rate for permanent mortgage at time of approval *
- Take advantage of a one-time float down if rates decline during construction period
- No permanent mortgage insurance required during the construction phase
- Down payments as low as 5% on your primary residence
- As little as 10% down on your second home
- Roll into another loan program with no charge or penalty
- No income verification per investor guidelines
- Various adjustable-rate mortgages available
- Local servicing
- Local underwriting
- Reduced documentation loans available
Apply online today
*Lock-in periods available up to 18 months. All loans subject to credit approval and property evaluation. Certain restrictions apply.
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