Building your dream house is easier with a one (1) time construction loan
Searching existing homes for sale on the MLS doesn’t always result in finding the home you’ve been dreaming about.
Sure, you might find a kitchen you like in one home or a patio you like on another home. You’ll find great ideas and inspiration.
Listings of homes on the MLS may result in a home in the perfect location, but it may not be your dream home, Gulf Coast Bank Home Loans One (1) time construction loan enables you to purchase that home in the perfect location and renovate it to make it your dream home.
Get Your Dream Home with New Construction
Builders specialize in making your vision of the perfect home come to life. They help you customize the right floor plan and find the ideal position for the home on your lot. They can even help you choose the appliances, tile, cabinets and all the features which make your home feel like an expression of you.
That’s the beauty of our One (1) time close construction loan!
The Construction Loan Process
Construction loans are a bit different from traditional mortgages.
You repay a standard mortgage over 10 - 30 years. Not so with a stand alone construction loan, which only lasts as long as it takes to complete construction - typically one year or less.
Building a new home means taking into account how the lot is paid for, how the builder receives funding for the project as construction progresses as well as a final, long-term home loan.
During the construction loan, the builder receives funds in stages called draws when the project reaches specific stages of construction.
Typical draw phases include:
Draw 1 - Foundation
Draw 2 - Framing, roof, exterior doors and windows
Draw 3 - Plumbing, HVAC, electrical, insulation, and drywall
Draw 4 - Interior doors, cabinets, and countertops
Draw 5 - Flooring, finishes, and Certificate of Occupancy (COO)
Then, once construction is complete, your construction loan is replaced with a traditional mortgage.
Standalone & 1 Time Close Options
We offer both standalone construction loans as well as 1-time close options (also called construction - permanent loans).
A standalone construction loan requires you to get a long-term mortgage after construction is complete.
However, this means you’ll have 2 sets of closing costs and may have to deal with changing rates or guidelines 6 months to a year down the road once your home is ready.
You can make the process much easier (and more affordable) by closing just once!
Our 1-time close option combines the construction loan and permanent mortgage into 1 easy closing which is done at the beginning! This way, you save on closing costs and don’t have to go through another closing process when your home is ready.
We’re Here to Make Your Custom Home Dreams Come True
Click here to learn more about our construction loan options.
When you’re ready, talk to one of our home loan experts near you to find out which kind of construction loan program may be best for you. We’ll show you all of your options and help you find the right financing options for your needs.
It’s construction lending made easy from the bank that cares about you!