Construction-to-Permanent Loan is a one-time close loan designed to finance the construction of a primary residence or second home and obtain permanent financing. One-time close means one loan-start to finish. You sign one set of loan documents to cover both the interim construction phase and the permanent loan phase. This eliminates the need for multiple loans, and duplicate fees to get into your new home. When the construction has been completed, the loan automatically converts to a permanent mortgage loan without another application or additional closing fees.
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