One-Time Close Loan

Make a new build straightforward, affordable, and easy.
Reduce stress because you're approved for the permanent loan upfront.
Avoid potential rate hikes with a long-term rate lock.
Simplify the process with one closing instead of two.

Secure both short-term construction and long-term financing at the same time.
Go through the loan process just once, plus pay only one set of closing costs.
Automatically converts to the permanent mortgage once construction is complete.

Finance up to 90% of the property value - As low as 10% down payment
Perfect credit not required - Minimum 640 credit score
Good for buying a primary residence or second home
Allows up to 10-acre properties
Lower interest-only payments during construction
Permanent mortgage has a fixed rate
One builder/general contractor - All improvements in one contract
Construction phase can last 6, 9, or 12 months

Additional restrictions, requirements and underwriting conditions may apply. Speak with your loan officer for details.

Interested in a One-Time Close Loan? Contact us today or Get Started here.

How It Works

1 Get prequalified here.
3 Your loan is underwritten
5 Closing (& the first draw) takes place
7 Draws are disbursed according to your loan terms
9 Your construction loan changes to the permanent loan

2 Complete your loan application (Cornerstone will need to approve your builder)
4 Create a draw schedule
6 Your home is built
8 Final inspection and survey take place

This information is meant as a guide to show the general steps of the financing transaction. Not every transaction may follow these steps due to the borrower's specific needs and the type of loan the borrower qualifies for.