What Separates Our One-Time Close Construction Loan Lenders?
May 12, 2023
Building a new home from the ground up involves a significant amount of time, resources, and decision-making, as well as excellent loan solutions to turn your idea into a reality. A one-time close construction loan can streamline the home construction and mortgage loan process to simplify financing for homebuyers and individual investors in the Gulf Coast region.
Learn why you should consider a one-time close construction loan for funding your custom home. Also, discover the difference it makes having experienced one-time close construction loan lenders from Texas Gulf Bank on your side.
Why Choose One-Time Close Construction Loans?
When borrowers have separate loans for their construction costs and mini-permanent mortgage*, they must attend two different closings on different dates and pay two sets of closing costs, appraisal fees, and other related expenses.
*NOTE: Some creditors may offer one-time-close construction loans that include a permanent mortgage, but Texas Gulf Bank’s one-time close construction loans only include a mini-permanent mortgage.
Rather than dealing with two different loans, a one-time or single close construction loan can offer a smooth and seamless process for securing the funds to build a new home. This type of residential loan enables borrowers to finance their lot purchase, home construction, and mini-permanent mortgage loan all in a single loan.
A one-time close construction loan normally provides several distinct advantages, including:
- A single closing date for both the construction loan and mini-permanent mortgage
- One set of closing costs and fees
- Fixed interest rates for construction and initial mini-permanent mortgage loan
- Funding for all construction phases
In addition to the potential significant cost savings that come with a one-time close construction loan, you only need a single qualification from construction to a mini-permanent mortgage. This arrangement ensures you can easily transition to your mortgage after construction is complete.
With a one-time close loan, you may save valuable time, money, and resources through an easier loan process constructing the new home.
A Loan Solution for All Homeowner Needs
One-time close construction loans are a popular lending option because they meet a wide range of borrower needs while also typically offering favorable loan terms and affordable monthly payments. These loans can be used for a wide range of single-family financing needs, including:
- Homebuyers constructing a new house to be their permanent residence.
- Current homeowners building a second home as a rental investment property.
- Investors with multiple properties planning to add to their investment property portfolio.
With the right lending partner, you can use a single close construction loan to create the home you’ve always wanted to live in or turn into an investment property. We understand that each borrower is unique, so we tailor our financing solutions to fit your unique situation.
What Sets Texas Gulf Bank Apart From Other Lenders
Constructing a new home is a major investment of time and money. You need a lender in your corner that can help you navigate every aspect of your loan process. Without the right banking partner, your new custom home could face financing challenges and costly delays.
With over 100 years of experience helping people across the Gulf Coast achieve their goals of building a new home, Texas Gulf Bank understands the regional market and will ensure you have a positive lending experience from start to finish.
We are strongly committed to developing strong relationships with each client. We emphasize personalized service, regular communication, and helpful guidance.
Personal Service
Our personalized service means you have consistent access to a loan officer ready to help you through each phase of your construction loan and mini-permanent financing.
We take the time to thoroughly understand your future goals and then identify lending solutions that meet those specific needs.
Timely Communication
We also strive to provide regular communication so clients remain well-informed throughout the loan process. Our loan officers will stay in regular contact with you to ensure we have all the required documents and records needed to complete the loan application process.
Expert Guidance
At Texas Gulf Bank, our loan officers use their extensive lending experience and in-depth knowledge of the regional market to provide helpful guidance to clients. We take the time to explain the mortgage and construction loan requirements as well as what to expect during the loan review and loan closing processes.
We firmly believe in the importance of educating our clients about all aspects of their loans. We will also look for opportunities to provide additional guidance on complementary personal banking services and loan options that may benefit you.
How to Apply For A One-Time Close Construction Loan
Applying for a one-time close construction loan with Texas Gulf Bank begins with an initial assessment to determine loan viability. We will discuss your project goals and financial situation to craft a loan that best fits your construction loan and mini-permanent mortgage needs.
To start with, borrowers interested in a single close construction loan will need to submit several key pieces of information, including:
- Completed loan application
- 3 years of personal tax returns
- Current pay statements
- 3 months of personal bank statements
- Copy of lot deed
- Builder’s contract
- Full construction budget
- Building plans and specs with timelines for construction draws
Once we receive all required documentation, our loan officers will guide you through every step of the application process to ensure a smooth and efficient experience. Because we are a local bank, our in-house loan review team will promptly review your loan application once we receive your completed loan package. Thanks to our in-house service, you may experience expedited service and approval.
One-Time Close Construction Loan Lenders Here For You
Contact us today to learn what sets Texas Gulf Bank apart from other one-time close construction loan lenders and how we can help you achieve your residential construction goals.
Visit one of our neighborhood banking locations, give us a call, or complete our contact form to get in touch with a local lender. We look forward to supporting you and your family!
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