Jumbo One-Time Close Loan

Gateway’s One-Time Close loan option is for homebuyers looking to build their home on time and on budget. This smart solution combines the construction loan with permanent financing (your mortgage) at the beginning of the
home-building process. Once the construction phase is complete, the loan is converted to the permanent mortgage terms without another formal loan closing and closing costs.

 

Is It Right for You?

Perfect for homebuyers with good credit, stable job and income history, and are seeking to build their dream home with the flexibility of conventional financing combined with the cost savings and convenience of one loan closing.

 

Features and Benefits

  • Save time and costs associated with a second closing
  • Initial loan funds construction; pay interest only on amount drawn by builder
  • Lock in the permanent rate any time during the construction phase
  • Fixed-rate and Adjustable Rate Mortgage (ARM) options available
  • Contingency funding allowed for unforeseen construction budget

Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.