{"id":6790,"date":"2024-10-15T12:05:14","date_gmt":"2024-10-15T16:05:14","guid":{"rendered":"https:\/\/mortgageequitypartners.com\/maryland\/?page_id=6790"},"modified":"2026-03-11T10:35:46","modified_gmt":"2026-03-11T14:35:46","slug":"construction-and-renovation-loans","status":"publish","type":"page","link":"https:\/\/mortgageequitypartners.com\/maryland\/loan-programs\/construction-loans\/","title":{"rendered":"Construction Loans"},"content":{"rendered":"

Already own a house and looking for a Renovation Loan<\/a>?<\/strong><\/p>\n

One-Time Close Construction Loan<\/h2>\n

Building a custom home takes hundreds of decisions, but paying for it is easy with a one-close construction loan. Instead of getting separate loans for building and for the end loan, you can get one convenient loan to cover both. There\u2019s just one application and one closing, saving you time and money. And now, this all-in-one loan includes higher limits, so you may be able to dream even bigger. This One-Time Close (OTC) loan program is available for conforming and high-balance loan amounts.<\/p>\n

Top features of this loan program include the ability to lock in your rate at loan approval or anytime thereafter, along with the convenience of a single closing, which means only one set of closing costs and fees. Another advantage is the interest-only payment option during the construction phase, providing flexibility for homeowners and builders. Your locked rate ensures it will never increase, but if rates drop by 0.25% or more, you\u2019ll have a one-time float-down option at the completion of construction, allowing you to secure a lower rate.<\/div>