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|New Construction Loans Let You Build Your Dream
When your home financing needs include new construction, either from the ground up or as a major renovation to an existing home, The Hanna Team can greatly simplify the process with a new construction loan. These are primary and second home loans structured to specifically work with your builder, providing the needed cash throughout the process.
In one neat package, you can:
- Finance a lot
- Fund construction
- Modify everything to one permanent, long-term mortgage when construction is finished.
What could normally take three transactions to accomplish can now be covered in one closing. No duplication of closing costs.
We are flexible with renovation and construction periods as we provide cash to your builder. You can even lock in your interest rate for up to 365 days. If you already own the property, you can also apply your equity to the down payment.
--One-Time Close New Construction Loan
You can set your interest rate and loan terms at the time of closing, before construction starts. When your home is complete, we will modify your investment into one mortgage loan in a simple process, with no second closing.
--Traditional Prime-Based New Construction Loan
This plan uses two closings to allow you flexibility while your home is under construction. After your first closing your interest rate moves with the prime rate during the construction phase. When construction is finished, we will modify your loan to a permanent mortgage. With this option, you have flexibility to modify your loan amount and program prior to closing on the permanent loan.
Use this type of loan to purchase a lot upon which you are not immediately ready to build.
Top 10 Reasons Why You May Save Money with a The Hanna Team New Construction Loan.
- One loan to purchase a lot, fund construction and modify to a permanent loan when construction is finished.
- With the One-Time Close program, you have one closing with one set of closing costs.
- With Prime-Based program, you can modify your loan amount and loan program prior to closing your permanent loan.
- You can lock your interest rate up front. Extended rate lock features, up to 365 days, are available on all loan programs.
- No need to re-qualify as long as your home is finished within 12 months of initial closing.
- Save on the difference between your Hanna Team interest rate and your builder's higher interest costs.
- Your interest payment may be written off on your taxes. (Consult your tax advisor.)
- You can pay on interest only during the construction phase of your project.
- Lower your monthly interest costs/payments by applying the equity from the sale of your current residence.
- Pay no prepayment penalty as long as you modify to a permanent loan with Directors.
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