Building a Custom Home with Mission Mortgage

Building a new home can be a complicated, detailed financial process. From finding loans for the lot purchase to construction financing to the permanent mortgage itself, several steps must be taken before a new home is completed.

Mission Mortgage is pleased to offer our customers a unique, simple solution to this financing process. Through our One-Time Close program, we can combine the three steps it takes to finance the building of a house into a single, ore-step loan with only one lender and one set of closing costs. This program is not only convenient for you and your builder, but also, more importantly, it will save you time and money.

We’re continually looking for ways to offer services that are, like our One-Time Close loan, smarter and simpler.  It’s just another way that Mission Mortgage works to provide you with the best and most beneficial financial programs for you and your family.
  

A Simplier Idea: One Loan, One Lender

 · The One-Time Close Program combines the three steps of financing the building of a home, creating one loan with only one lender.

· One-time qualification, with no credit updates necessary.

· One-time closing with one set of closing costs.

· Extended rate locks up to 1 year available during construction.

How It Works

· Apply for your One Time Close loan with only one application.

· Construction and permanent loans will be approved at the same time, usually in just days.

· Your closing will take place within two weeks of loan approval.

· At each stage of the construction, we approve the work in place and advance funds to pay your builder quickly and efficiently.

· Upon completion of construction and a final inspection a simple loan modification is signed, converting your loan to a fully amortizing permanent mortgage.  

Understanding the Costs Involved

· As you begin the process of building a new home, you’ll want to understand the costs associated with your construction and permanent loans.  You’ll also need to know when the expenses occur so that you can prepare an accurate budget

· You can begin construction with as little as a 10% down payment or 10% equity in the total cost to acquire your lot and build your new home. If you don’t own your lot, the first draw of your construction loan may be used to pay off your lot.
 
· The interest rate on your construction loan is typically tied to the Prime Rate. You will be billed monthly for interest only, and your payments will be based on the current balance of your construction loan at the current interest rate for the previous 30 days.

· When you finish building your new home, we will modify your construction loan to a permanent loan of your choice.  Various options for locking in your rate are available depending on the product selected.