Ready to build the home of your dreams?
We can make it easy. Like a lot of people, you've probably thought about building your dream home. But you might be concerned about the potential hassles: choosing a quality builder, counting on good weather and bracing yourself for those little surprises that could delay your schedule for days, or even weeks. Or the constant worry about coming in on budget. With all the things that could go wrong, why would anyone ever want to build in the first place?
The best way to get exactly what you want.
There's nothing like building your home, your way. With every detail in place, just the way you imagined. We'll make the entire process as easy as possible for you, starting with the mortgage. So you can spend more time thinking about what you want to do.
One loan does it all.
Some lenders require that you have two separate loans for construction and your "permanent" financing. In our opinion, that's one loan too many. We offer a Single-Close Construction loan that provides all the financing you need, all in one loan. So you apply once-and close once.
Not only is our single-close loan simpler, it also will save you a lot of time, money and paperwork, as your about to see.
How our single-loan works
It's one loan in two phases: the Construction Phase and the Permanent Phase. While you're building, you draw money as you need to pay expenses. After your home is built, the Permanent Phase takes over and you begin making regular monthly payments of principal and interest for the life of the loan.
Pay just the interest during construction
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. Plus, you may get a bigger tax deduction for interest-only payments.
A cash reserve-account
When you're building a home, it's always a good idea to plan ahead for the unexpected. Our optional contingency cash reserve is a built-in safeguard that will ensure you have enough money to complete the work-or make a few last-minute upgrades or other changes.
Concerned about qualifying?
It's easier than you might think. So you might be able to qualify for a larger loan.
Our builder and Project Review makes things even easier
This in-depth process helps ensure everything goes smoothly from day one. So both you and your builder have a good relationship. And the outcome is the dream home you've always wanted.
More reasons to build your dream with Carmel Mortgage:
- Choose either a Fixed or Fixed to Adjustable Rate Mortgage
- Choose your construction term: 6, 9, or 12 months (extensions may be available)
- Competitively-low interest rate during construction AND during the permanent loan
- Low construction administration fees
- Loan includes all construction costs including permits, fees, etc.
- For new construction or renovation
- Construction loans for builders available
