Often, getting approved for a construction loan at most banks can be tricky. In many cases, two loans are required—one for construction and one for permanent financing. Usually you will have to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. But at Alpine Mortgage, we offer a single-close Construction-to-Permanent Loan that combines both construction and permanent financing into one loan. A Construction-to-Permanent Loan allows for a construction period of 6 to 12 months sometimes more. Other options are also available. When your project is complete, the loan simply converts to a permanent mortgage – no extra costs..!You only need to qualify one time which means only having to chase down documentation once compared to the typical process where the customer is qualified, the builder builds the home, then the lender requests documentation all over again to make sure the customer still qualifies. With the CTP loan, having qualified at the beginning of construction, the customer can shop for new furniture, buy a new car, change jobs, whatever they choose because they are already approved and do not need to be approved all over again 6 months to a year later! To help you manage your budget a little easier, you’ll pay only interest on the money you’ve drawn. That means your payments will be less than they will be if you were paying principal, as well.

Posted on 01/17/2009 at 4:14 AM

looking for a construction loan on a property located in Indian River County

Posted on 06/10/2009 at 1:49 PM

3-21-11, Times have changed. Today it seems to be more complicated and time consuming.

Posted on 03/21/2011 at 12:15 PM