Construction Financing
One-Time Close Construction Loans
Build your custom dream home with confidence. A One-Time Close (OTC) loan allows you to combine your construction financing and your permanent mortgage into a single loan with just one closing process.
1
Single Closing
Save time and money by closing only once before construction begins. You avoid paying for duplicate closing costs and appraisals.
2
Interest-Only During Construction
While your home is being built, you'll typically only pay interest on the funds that have been drawn, keeping your payments low during the building phase.
3
Locked-In Rate
Your permanent mortgage rate is established before construction begins, protecting you against rate increases while your home is being built.
Is an OTC Loan Right for You?
- You are purchasing land and building a new home.
- You want to streamline the process with a single closing.
- You want protection from rising interest rates during the build.