Thinking about building your dream home? Whether you’re looking to build new construction or purchase a home to remodel, there can be a lot of financial considerations: what’s the best way to secure a construction loan? What do you do if you’re looking to sell the property you currently live in before moving into the new home being built? What happens with your construction loan once the new home is built and you’re ready to move in? Fortunately, our One-Time Close Construction Loan can simplify it all.
As returning podcast guest Greg Geis explains, our One-Time Close Contruction Loan allows you to lock in today’s interest rates, even though the home may not be completed for another one to two years. After construction is complete, the loan is then converted to a permanent home loan. And if you’re concerned about potentially having two loans at once – the home you’re building or remodeling and the home you currently own – we can accommodate that, too, since it’s likely you’ll be selling your current home at the end of construction.
“But it’s not just the client who can benefit from this type of construction loan – the builder and realtor do, too.”
- Greg Geis
With our local construction servicing group located in Phoenix, builders can get funds in as few as 3-5 business days from the time they submit a draw request. For realtors, they can refer clients who may not have identified a property, allowing the client to get started in the process earlier, get their financials in order so they can identify which type of home loan works best for them.
Financial Cents is hosted by Brent Cannon, executive vice president and director of community banking at National Bank of Arizona, and features bankers from around National Bank of Arizona who offer their financial insights and strategies.
( 1 ) Subject to credit approval and property evaluation. Terms and conditions apply. Contact a banker for details. NMLS #467014