What is a Construction-to-Permanent (CTP) Loan?
Often, getting approved for a construction loan at most banks can be tricky. In many cases, two loans are required–one for construction and one for permanent financing. Usually you will have to pay closing costs on both loans, not to mention the extra paperwork, time and hassle involved. But at Alpine Mortgage, we offer a single-close Construction-to-Permanent Loan that combines both construction and permanent financing into one loan. A Construction-to-Permanent Loan allows for a construction period of 6 to 12 months sometimes more. Other options are also available. When your project is complete, the loan simply converts to a permanent mortgage – no extra costs! You only need to qualify one time which means only having to chase down documentation once compared to the typical process where the customer is qualified, the builder builds the home, then the lender requests documentation all over again to make sure the customer still qualifies. With the CTP loan, having qualified at the beg
