Residential Construction Mortgages

Residential Construction LendingRESIDENTIAL CONSTRUCTION LOANS – NEW CONSTRUCTION & RENOVATIONS

The traditional route of financing the construction of a home is to obtain a construction loan and once the property is completed refinance the construction into a permanent mortgage.

The problem with doing it this way it two-fold, one you incur two sets of closing costs such as two appraisals, two title policies, two underwriting fees, etc. the second problem is interest-rate risk. Rates may be much higher once the home is complete and you have to refinance the construction loan.

Flagstone Financial’s One-Time Close Construction Loan solves both problems. With this program you incur only one set of closing costs – just one up-front appraisal based on value after construction, one title-policy, one underwriting fee, etc.

In addition, you mitigate any interest-rate risk during construction because your loan is locked up-front at the time of closing and construction.

We offer this program on for both conforming and jumbo mortgages. It can also be used when you want to remodel or renovate your existing home.

Call us today and we’ll help guide you through the construction process to build your dream home or renovate your current one.