Construction Loans in Bellingham WA
Borrowers will need a Bellingham construction loan if they intend to purchase a home in a new development or if they are building a custom home. Construction loans are necessary because of the longer time frame and special requirements of the building process.
One Time Close Construction Loans
Many mortgage lenders offer borrowers One Time Close construction loans. This type of construction loan will finance the construction of a primary or secondary residence and the permanent loan when construction is finished. A One Time Close construction loan requires borrowers to sign only one set of documents and allows borrowers to lock in a rate for the permanent loan at this time. This type of home loan will allow for 12 months of construction time and during the construction period, interest is charged only on the funds that have been disbursed.
