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"Two Time Close" Construction Loan

The Two-Close allows for flexibility to make changes while you build. With the Two Time Close, you get construction financing up front and close on your permanent mortgage after the home is completed. Because the permanent loan amount is determined after construction, you can make changes and add enhancements throughout the building process. The term is 6 to 24 months and interest rate is determined by prime plus or minus a margin. The margin is determined by your risk, which is: credit scores, loan amount, equity in project and other factors.

Troy Schuricht

7575 E Redfield Rd Suite 235

Scottsdale, AZ 85260

480-305-8905 - office

480-393-8801 - fax

http://www.communityfirstfinancial.com/

http://www.yourlendertroy.blogspot.com/

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Posted by Troy Schuricht on 12/27/2007 08:32 PM

Comments (2)

troy schuricht, community first financial, construction loan specialist, arizona construction loans, one time close construction loan

2 Comments on "Two Time Close" Construction Loan

DEC

2007

When you close twice, don't you have double the closing fees? Or are the fees waived on the second close? I think many people do the one time close to avoid the extra thousands in closing fees.

DEC

2007

You are correct. Two closing which require two sets of closing costs. Fees are sometimes reduced, but rarely waived. These are two completely separate transactions.

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