Our process

financing your home

STEP ONE

Getting a home loan is easy!

The first step in getting a home loan is loan approval. Getting pre-approved gives you the peace of mind to house hunt with confidence. Once you complete the online application, We will review your credit report and financial documents for pre-approval.

STEP TWO

House hunting is fun!

The second step is finding your dream home. Now that you are pre-approved, the loan process has started and the fun of searching for your new home can begin. Relax and enjoy looking for your new home!

STEP THREE

We're here every step of the way!

The third step is the loan approval. Once you have found your dream home and the seller has accepted your offer, the loan process begins. An appraisal will be ordered and the loan will be submitted to underwriting. Once everything is approved, the loan will be prepped for closing.

STEP FOUR

Closing on your new home!

The fourth and final step is closing on your home. On the closing date, you will go to the title company and sign documents to finalize your home purchase. The celebration begins!

One-Time Close Construction Loans

One Closing. Unlimited Growth Opportunities.
One-Time Close New Construction loans give you a unique opportunity to wrap your lot and building financing into ONE.
 
And the best part? One closing!
Which means one interest rate (with the option to modify down if the market improves), one down payment, one full credit report to order and one approval. 
Available on conventional loans, including ARMs and high balance, and VA loans.
Contact US

Why OTC Construction-to-Perm?

BETTER FOR BORROWERS

  • Save time and money. One closing means only having to cover one set of closing costs.
  • No settling. With new construction, you really can have the home of your dreams.
  • Low down payment. Down payments as low as 5% down for conventional and 0% down for VA make new construction loans accessible for more borrowers.
  • One approval. No need for a second approval.
  • Modify down option. Once the loan is complete, borrowers can modify down to secure a lower interest rate if the market changes or stay locked in no matter how the market moves.
  • Build-period payments. Conventional borrowers can enjoy lower, interest-only payments while VA borrowers have no payments during the build period.
  • Less out-of-pocket expense. The borrower doesn’t have to pay for the build and then get a mortgage. The mortgage pays for the build!
 

BETTER FOR BUILDERS AND CONTRACTORS

  • Levels the playing field. Gives general contractors more freedom to build unique dream homes for their clients, rather than cookie-cutter developments.
  • Get paid faster. Once the loan is closed, the cash is ready for labor and materials. It also saves the expense of having to pay for the build up front and then find a buyer.
 

Reach out to us to learn more!

More info