Home Improvement Mortgage

Homeowners are renovating like never before and with a home improvement mortgage you can get cash for for a wide range of renovation projects, from repairs and energy updates to landscaping and luxury upgrades. This type of mortgage is available for renovations, repairs and improvement in connection with the purchase of a home, or the renovation or repair of an existing home. 

Often there are properties that people would like to purchase where the buyer would like make repairs or complete renovations right away or in the future. This mortgage provides the opportunity to meet these goals.

Interest rates on a renovation mortgage are typically lower than a second mortgage, a home equity line of credit (HELOC), personal loan or credit cards.

Construction Mortgage

What Is a One Time Close Construction Mortgage?

A single-close construction to permanent mortgage loan is a home mortgage that can be used by the borrower to close both the construction loan and permanent financing of a new home at the same time. They are sometimes referred to as “construction to perm”, “single close”, or “one time close construction loan”.

They are generally used for custom built homes where the homeowner may already own the lot or needs to finance the lot purchase into the mortgage.

How Does a One Time Close Construction Mortgage Work?

This type of construction mortgage offers both the interim construction loan and the permanent 30 year loan under one promissory note and one Deed of Trust with a single loan closing. The interim construction loan typically only requires interest to be paid during the construction phase and only on the amount that has been disbursed in accordance with a construction loan agreement, based on the stage of construction.

Benefits of a One-Time Close Construction Loan


One appraisal, one set of closing costs, one underwriting and approval process. Eliminating the redundancy of a second closing reduces all of these costs, potentially saving the borrowers time and money when it counts.



Because the interest rate is locked in prior to the single closing and before the start of building, it eliminates the concern that rates could rise during construction. Any increase in rates could make the home less affordable or even jeopardize loan approval if ratios are tight.

On most construction mortgages, only interest is required to be paid during the contraction phase and only on the amounts drawn. Principal interest payments begin once the construction is complete, and the mortgage converts to permanent mortgage financing.