Sage Builders, LLC directs clients seeking to finance a package to buy a home site, and build a home on that site to three local lenders who offer a unique financing product called an all-in-one loan. The lenders are HomeStreet Bank, Umpqua Bank and Washington Federal. The all-in-one loan title means:
One loan application
One loan fee
One set of loan documents
One escrow closing
One interest rate
These all-in-one loans are generally written with a construction period of up to one year. During this period interest only is charged at the loan interest rate on just the funds dispersed. Once the home is complete the loan converts to a 30 year fully amortized loan with principal and interest payments established at the time the loan is signed and recorded.
These lenders offer different features that set them apart from one another. Most offer one interest rate set at the time the loan is recorded. Some offer loan locks that guarantee the rate before the loan is recorded. Some offer a 30 year fixed rate once the home is complete. Others offer variable rate 30-year loans with the first 7 years at the rate set at recording.
These are competitive times for lenders seeking qualified borrowers and one or more of these lenders can tailor fit a loan to meet our clients financing needs.