There’s a lot that goes into building the custom home of your dreams. From the floor plan to the kitchen backsplash, important decisions must be made throughout every step of the process. That’s why it’s crucial to make your financing as stress-free as possible.
Traditionally when financing a custom-built home, you would be required to get two different loans: one for the construction phase and then another for your mortgage on the completed home. However, with a Construction-Permanent (CP) Loan, you have only one loan for the entirety of the process, meaning only one set of documents and one trip to the closing table.
A CP loan is designed to eliminate the guesswork of tackling two different loans while also overseeing construction on your custom home. With this program, the construction phase of your loan converts to the permanent phase once the build is completed (and other conversion requirements are met). During the construction phase, you will make interest-only payments for up to twelve months while the home is being built.
Director of Construction Lending at Silverton Mortgage, Rick Scott, explains, “Building a home can be a very confusing and intricate undertaking. Our Construction Specialists are trained to guide you through the process and to make sure that you and your builder are kept in the loop the whole way.”
Get started on your one-of-a-kind construction with a financing option that works for you. Want to learn more? Visit silvertonmortgage.com/cp-haven.
