When you’re building a home, finding the right loan package can make all the difference in your experience.
Bank of St. Francisville is pleased to offer the "one-time close" loan, a seamless lending product that removes the stress and uncertainty for borrowers who are building.
“Customers love it, because it has less red tape,” says Aimee Cook, BSF Vice President of Commercial and Mortgage Lending. “They only need to qualify once for the product to convert from a construction loan to a conventional mortgage.”
While BSF offers all the conventional loan options—from construction to home improvement loans—the one-time close loan is a great fit for many couples, families or retirees dreaming of building their own home. Many have already obtained a lot in their area of choice, and have had plans drawn for their residence. All they need next is the right lending vehicle – the one-time close loan.
“The process begins when a customer submits a loan application for pre-approval,” says Aimee. “Following approval, the bank examines the architectural plans and construction documents and orders an appraisal. Once everything checks out, the bank issues a 12-month, interest-only construction loan and the project gets off the ground.”
“The construction loan works on the draw system,” says Aimee. “Usually, this takes place at five intervals, with 20% of the total amount drawn down each time. We can also match the contractor’s draw schedule.”
Aimee says loan officers stay in close contact with their clients throughout the home building process, often accompanying them to the job site to make sure work is progressing on pace.
“We really like to provide that personal, one-on-one touch,” says Aimee. “I think our customers appreciate it, especially as they’re going through an exciting, but sometimes stressful, process.”
When the project is near completion, the construction loan rolls into a conventional 15- to 30-year mortgage, without the customer having to requalify.
“It’s really exciting to help our customers achieve what’s probably one of their biggest lifetime goals without unnecessary stress,” says Aimee. “They’ve worked hard to achieve it, and we’re pleased to offer a seamless product that makes life a little easier.”
Contact Bank of St. Francisville to learn about your best options, including a one-time close loan. Call (225) 635-6397 or make an appointment online HERE.