One-Time Close Construction Loans: A Smart Option for Building Your Dream Home

Meredith Amon Ono Island Realtor

Building a home on the Gulf Coast, whether it’s a luxurious retreat on Ono Island or a charming beachside bungalow in Orange Beach, is an exciting and deeply personal journey. Financing the construction, however, can feel like a daunting task without the right tools and guidance. One-time close construction loans are a fantastic solution, offering a streamlined and efficient way to finance your dream home.

As a homeowner on Ono Island and a real estate advisor specializing in new construction, I’ve helped many clients navigate this process. Let me share some insights, personal tips, and experiences to help you decide if this loan option is the right fit for you.


What Is a One-Time Close Construction Loan?

A one-time close construction loan, or single-close loan, combines construction financing and permanent mortgage into one seamless process. Instead of dealing with two separate loans, approvals, and closing costs, this type of loan allows you to close just once, simplifying the process and saving money.


Key Features of a One-Time Close Construction Loan

1. Simplified Process
I always remind my clients, "When you simplify, you minimize stress." With a one-time close, there’s no need to reapply for a permanent loan after construction is complete, saving you time and hassle.

2. Locked-in Rates
One of the most appealing aspects of this loan is that you can lock in your interest rate upfront. This ensures protection from market fluctuations during the construction phase—a benefit many of my clients have appreciated in today’s dynamic market.

3. Builder Timelines Are Crucial
A significant requirement for these loans is that the builder must complete the home within 12 months, with a goal of 11 months to allow for any unexpected delays. Staying on schedule is critical to avoid potential complications with the loan. Choosing an experienced and reliable builder who understands these timelines is essential.

4. Cost Savings
With just one closing, you’ll save on closing costs and fees. One of my friends, who recently built a boater-friendly home in Orange Beach, shared, “We couldn’t believe how much easier and more affordable this loan was compared to traditional financing.”


Personal Tips for Navigating a One-Time Close Loan

Choose the Right Builder
Selecting a builder who can adhere to the required timelines is vital. I work closely with trusted builders on the Gulf Coast who specialize in coastal construction and understand the importance of completing projects on schedule.

Work with an Experienced Lender
Partnering with a lender familiar with one-time close loans is crucial. I’ve had excellent experiences with local experts like Chad Hampton from Movement Mortgage, who ensures a smooth and efficient process for my clients.

Finalize Your Budget Early
Because one-time close loans require detailed cost planning upfront, it’s important to work closely with your builder and lender to finalize expenses. As I often tell clients, “A clear budget is your best tool for avoiding surprises and staying on track.”


My Experience as a Homeowner and Advisor

When my family and I were exploring building on Ono Island, we considered several financing options. The one-time close construction loan stood out for its simplicity and cost-effectiveness. Having been through the process myself, I understand the importance of choosing the right builder who can complete the project within the loan’s timeline.

I always advise clients to ask questions throughout the process. One neighbor building a home with a stunning outdoor entertaining area and pool told me, “Your advice about understanding the loan’s timeline requirements saved us from unnecessary stress.” Hearing feedback like this is one of the most rewarding parts of my job.


Final Thoughts

Building a home on the Gulf Coast is about more than just creating a structure—it’s about building a lifestyle. A one-time close construction loan can make the process simpler, more efficient, and less stressful.

If you’re considering building in Orange Beach, Ono Island, or anywhere along the Gulf Coast, I’d love to guide you through the process. 


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