Building Your Dream Home with Lendmire: The Ultimate One Time Close Construction Loan

Building a home from the ground up is an exciting journey, but it can also be a daunting one, especially when it comes to financing. That’s where Lendmire steps in with our One Time Close Construction Loan, designed to simplify the process and give you peace of mind as you turn your dream home into reality.

What is a One Time Close Construction Loan?

A One Time Close Construction Loan (OTC) is a unique financing solution that combines the construction loan and the permanent mortgage into a single loan. Instead of going through multiple closing processes and dealing with the stress of re-qualifying for a mortgage after construction is completed, Lendmire’s OTC loan allows you to handle everything in one seamless transaction.

How Does the One Time Close Construction Loan Work?

1. Pre-Approval: Before you begin construction, we’ll help you get pre-approved for a loan amount based on your financial profile and the estimated cost of the project.
2. Single Closing: Once approved, you’ll go through one closing process. This means fewer closing costs and less paperwork compared to traditional construction loans.
3. Construction Phase: During construction, funds are disbursed in stages, also known as “draws,” to pay for the work as it progresses. Lendmire works closely with your builder to ensure funds are released efficiently.
4. Conversion to Permanent Mortgage: Upon completion of construction, the loan automatically converts into a permanent mortgage. There’s no need for a second closing, and your interest rate is locked in from the start, protecting you from potential rate increases.

Program Options to Fit Your Needs

Lendmire offers a variety of program options under our One Time Close Construction Loan, making it accessible for a wide range of borrowers:

• Conventional Program: With as little as 5% down, our conventional OTC program is perfect for those who want to build their dream home without a large initial investment. This program provides flexibility while maintaining affordable monthly payments.
• VA Program: For eligible veterans and active-duty military members, our VA One Time Close Construction Loan offers the incredible benefit of 0% down payment. We honor your service by making it easier for you to build your dream home without the burden of a large down payment.

Benefits of a One Time Close Construction Loan with Lendmire

• Simplicity and Convenience: With one application, one approval process, and one closing, you save time, money, and reduce the hassle of managing multiple loans.
• Cost Savings: By combining construction and permanent financing, you avoid the additional closing costs and fees associated with traditional construction loans.
• Interest Rate Protection: Lock in your interest rate at the beginning, ensuring stability throughout the entire process. This means no surprises when your home is complete.
• Streamlined Process: Lendmire’s team of experts will guide you through every step of the process, from pre-approval to the final disbursement. We take the complexity out of construction financing, so you can focus on what matters most—building your dream home.

Who is Eligible for a One Time Close Construction Loan?

Lendmire’s One Time Close Construction Loan is available for a wide range of borrowers, including those looking to build a primary residence, a vacation home, or an investment property. Whether you’re a first-time homebuilder or an experienced real estate investor, our loan programs are tailored to meet your specific needs.

Why Choose Lendmire?

At Lendmire, we pride ourselves on being more than just a mortgage lender—we’re your partner in building your future. Our commitment to personalized service, competitive rates, and a deep understanding of the construction process makes us the ideal choice for your construction financing needs.

With our One Time Close Construction Loan, you’ll experience the perfect blend of flexibility, affordability, and peace of mind. We admire your vision, and we’re here to help you bring it to life.

Get Started Today

Ready to take the first step towards building your dream home? Contact Lendmire today to learn more about our One Time Close Construction Loan and how we can support you through every stage of your home-building journey. Let’s turn your dream into a reality—together.