LENDER
SELECTION

Construction projects can be complex, and each one is unique. When you find the lot you love and are ready to move forward, we're here to guide you through your financing options.

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Your Trusted Resource

At the Ram Real Estate Group, our relationships with trusted lenders help you secure the best financing package for your new home. Our referral program connects you with mortgage partners and products that keep your rates and closing costs low.

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Custom Referrals

We refer lenders who you'll feel comfortable with based on criteria that includes: 

• Local knowledge and experience

• Local servicing (Will the lender maintain servicing of your loan or sell it on the secondary market?)

• A proven track record of success

• Honest and transparent rates and fees

• Integrity

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Construction Loans Overview

• A land loan, sometimes referred to as a lot loan, is used to finance the purchase of a plot of land. You can take out a land loan if you’re interested in buying a piece of land to build a home.

• A construction-to-permanent loan converts to a permanent mortgage when building is complete. Also known as a single- or one-time close construction loan, it's a convenient option because you apply and pay closing costs only once. The interest rate is locked in at closing. Lenders may also offer a "float-down option," which would let you get a lower rate at closing if mortgage rates improved during construction.  

• A construction-only loan, also known as a "two-close" construction loan, must be paid off when the building is complete. The loans require the borrower to qualify, get approved and go through closing twice — once for the construction loan and once for the permanent mortgage. Construction-only loans offer more flexibility because you can compare lenders to find the best deal on a construction loan and on a mortgage separately. The downside: You pay for two loan closings.