Permanent Loans A Construction-to-Permanent mortgage (CP loan) is a three-stage mortgage that allows you to finance the construction of your new home. A Regions CP loan allows you to lock in your interest rate and close your loan before construction begins. Plus, there is only one closing with no need to re-qualify for the permanent phase of.
A construction-to-perm loan allows you to get the same low rate during your construction phase but at interest only. Your one-time closing costs will translate into big savings. This option can also be used for a renovation of your existing home.
Construction loans can fund the purchase of land and structures (like homes, garages, and more). Borrow to build or renovate, depending on your needs.
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· These loans are also referred to as construction-to-permanent loans. Two-close construction loans require that you get approved for two loans. The construction loan will fund your project, and then you’ll need to apply for (and get approved for) a permanent loan separately-after construction is completed.
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Also called "all-in-one loans" or "construction-to-permanent loans", these wrap the construction loan and the mortgage on the completed project into a single loan. These loans are best when you have a clear handle on the design, costs, and schedule as the terms are not easy to modify.
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Construction-to-permanent: You borrow to pay for construction. When you move in, the lender converts the loan balance into a permanent mortgage. When you move in, the lender converts the loan.
The buyer can get the construction loan for 1 point provided he also takes the permanent loan, or for 2 points while retaining his freedom of action to shop for the best deal on a permanent loan. Which is the better deal depends on how the combination lender prices the permanent loan relative to the competition.
Construction and Construction-to-Permanent Loans If you’re planning to build and finance your new residence, South State Bank offers construction-to-permanent loans 1 that may be right for you. We’ll take care of the construction loan and convert it to a permanent loan.