Westerra Credit Union Introduces One-Time Close Construction-to-Permanent Loan

Jeff White

Westerra Credit Union has launched a groundbreaking financing program that streamlines loans for new home construction or renovation projects. The “One-Time Close Construction-to-Permanent Loan” is a hassle-free solution for homeowners who, traditionally, faced the daunting task of securing separate loans for construction and permanent financing. With this unique loan program, members benefit from a simple, efficient and cost-effective financing experience.

During the construction period, which typically lasts between 12 to 18 months, the One-Time Close Construction-to-Permanent Loan operates on an interest-only structure. This allows homeowners to save money by only paying interest on the amount used during construction. After completion, the loan smoothly converts to permanent financing (subject to Westerra's underwriting requirements).

“Our One-Time Close Construction-to-Permanent Loan is a testament to helping our members’ dream homes come to life,” said Jeff White, Westerra's Director of Mortgage Development and Sales. “We take pride in being a local credit union, which gives us an understanding of the market, and the needs of our members compared to larger banks that process loans out of other regions." 

Key benefits of Westerra's One-Time Close Construction-to-Permanent Loan include:

• A streamlined process that saves both time and money. 
• A secured permanent loan rate during the construction period of the loan, which protects homeowners from potential interest rate increases during the construction loan period. It also gives them the potential opportunity to take advantage of lower interest rates should rates improve during the construction period.
• Interest-only payments during the construction phase minimizes financial strain.
• Flexible terms to suit individual needs and preferences.
• Enhanced financial security and confidence for members as they embark on their home construction or renovation projects. 

For more information about Westerra Credit Union's One-Time Close Construction-to-Permanent Loan, schedule an appointment with a mortgage loan officer or visit westerracu.com/borrowing/homes to learn more. ​

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