1-Step Construction

The Holyoke Credit Union 1-Step Construction Loan is a construction-to-permanent loan offering our members the flexibility of a double-close loan with the ease and benefits of a single-close loan. Traditionally, construction financing involves two loans – one interim construction loan for the building of the home and one permanent loan for the completed home. Our 1-Step Construction Loan, however, streamlines the mortgage process and saves you both time and money.

Benefits:

• Simplicity – one application, one approval process, and one set of closing costs
• Convenience – you can buy the land, close your construction loan, and secure permanent financing all in one day
• Lock Options – you can lock in your rate during new home construction for up to nine months, thus protecting you from financial market fluctuations*
• Flexibility – available in fixed-rate and jumbo mortgage options

Best for people who:

• Build new homes and need construction financing
• First-time homebuyers looking to save time and money when buying new construction

Other considerations:

• Borrowers can lock-in the interest rate for the full term of the mortgage before construction begins
• Borrowers will save money by paying only one set of closing costs
• Eligible borrowers can finance soft costs and interest reserves

 
*Locking in an interest rate does not guarantee what specific rate will apply at closing. That will depend on specific loan characteristics and the borrower's credit profile.