At Blake Mortgage, we are proud to say that we are leading the way in construction loans by providing our clients with flexible options. We want our clients to worry as little as possible about the financing aspects of their home as it is being built.
Congratulations on the decision to design and build the perfect custom home for your needs and lifestyle! At Blake Mortgage, we always recommend getting credit pre-qualified first. The prequalification process is simple yet it will give you a compass to work with. It allows you to know how much of a loan you qualify for based on your credit, collateral and capacity. Your pre-approval will give you a good idea of what your budget will look like and lay the foundation for all your next steps.
Building a custom home or making home renovations is an exciting but sometimes challenging experience. However, with some patience, understanding, and a lot of organization, it can be a worthwhile undertaking that provides you the unique features of a home you desire.
At Blake Mortgage along with our lending partners, we have decades of experience walking clients through the financial aspects of home construction and remodeling. By working with your Architect, General Contractor, Site Inspector, Title company and the local municipality, we play a key role in seeing your project through not only by providing the financing, but by vetting contractors by examining their finances and insurance bonding requirements. This gives you the opportunity to focus on other aspects of building your dream home or completing your renovation project.
With most custom construction loans, which is an “Interest only” loan; there is a two-step process. First: the construction loan, and upon completion of the construction phase, second is the “Permanent” loan, which is usually a 30-year amortized loan with principal and interest payments.
One advantage of our construction loan is that you not only secure the funding for the construction of your dream home which usually comes in six or seven phases; from foundation to framing to plumbing, electrical, drywall, flooring and roofing, but once the construction phase is complete, the loan converts into a 30 year amortized mortgage. By having a Single Close construction loan, you save money because you only have to pay closing costs once, at the beginning phase of the construction and there is only one application and one closing for both the construction loan as well as the permanent mortgage.
Construction loans usually take 12 to 18 months depending on the complexity of the project and the speed at which different phases of the construction are met. Another advantage of our ‘Single Close’ is to hedge this long period of 12 to 18 month period is that you could lock your loan now and enjoy the lower rates prevalent today for the life of your loan, including the 30 year amortized permanent loan.
Our All-In-One Custom Construction Loan takes a load off the client by allowing them to know that their rates will not change during the construction period. The All-In-One Loan or ‘Single Close’ simplifies the process and gets you on your way to building and living in the home of your dreams.
It is these advantages that we offer that continue to help us grow into one of the top mortgage loan providers in the Phoenix-Scottsdale Metro Area. Contact us to learn more about construction financing and how we can streamline for you the process from start to finish.