Consider building your home versus buying with a Single Closing Construction Loan — a great one-stop loan option.
At Savings Bank of Walpole, we offer creative and flexible financial solutions to meet many real estate needs of our customers — including our Single Closing Construction Loan. Given the low inventory of available houses on the market these days, a Single Closing Construction Loan is a great option to consider if you’re thinking about building your home versus purchasing an existing home. Because the process of financing the construction of a new home has two phases – construction and mortgage, with a Single Closing Construction Loan, you can secure a loan for building as well as a traditional principal and interest loan — all with one convenient closing. Some key benefits of a Single Closing Construction Loan include:
- One convenient closing for both construction and mortgage – you only need to qualify for one loan, one time.
- Interest-only payments while the house is being built over the life of the construction loan, with a lump sum due at the end.
- When the construction term is complete, the loan switches to a traditional principal and interest loan with the same rate and term you originally closed on.
We’d like to remind you that as a truly local bank, all lending decisions are made right here — and you’ll always enjoy the best customer service in town. Want to learn more? Talk to one of our local home loan specialists (603) 352-1822.