Refinancing and permanent loans
Most of what we do is one-time close construction. But when you need a permanent loan after a two-time close, want a better rate, or are ready to move a manufactured home off a chattel loan, the same team can help.
or call (423) 406-1567 · 20 minutes · no application required
Three common reasons
After a two-time close, with us or another lender, your construction loan needs to be replaced with a permanent mortgage, sometimes called the takeout loan. We can provide it as a conventional, FHA, or VA loan, as long as you and the home qualify.
If rates have come down since you built or bought, a refinance may lower your rate or your monthly payment. We'll show you whether the savings are worth the cost.
Some buyers use a chattel loan to get a manufactured home deal done quickly. Those loans often have higher rates and shorter terms. Refinancing into a mortgage can mean real savings.
Timing matters
A construction loan has an end date, and a refinance is a new loan, so you'll qualify again for your permanent financing. If your income, credit, or rates change during the build, it helps to know early.
Talk with us well before your construction loan ends, or as soon as you're curious whether a refinance could help. There's no cost to find out.
Manufactured homes
A chattel loan finances a manufactured home as personal property, a bit like a vehicle loan. A mortgage finances the home and land together as real property, often with a lower rate and a longer term. To refinance into a mortgage, a few things usually need to be true:
Not sure if your home qualifies? Bring us what you know, and we'll help you find out.
The plan
A free 20-minute consultation about your home, your current loan, and your goals.
Your estimated new payment, your closing costs, and how long it takes for the savings to cover them.
If it makes sense, we handle the loan from application to closing, with the same small team.
Your guide
NewBuild is a construction lending program of Preferred Rate, a DBA of American Pacific Mortgage. The same team that helps with your construction loan can handle your refinance, whether you built with us, built with another lender, or bought your home.
FAQ
Yes. If your construction loan is with another lender, we can help with your permanent loan when your home is finished, whether conventional, FHA, or VA, as long as you and the home qualify. Call us before construction wraps up.
Yes. A refinance is a new loan, so your income, credit, and the home's value are reviewed again. That's why we recommend starting the conversation early, well before your construction loan ends.
Often, yes, when the home sits on a permanent foundation on land you own and can be titled together with the land as real property. Refinancing into a mortgage can mean a lower rate, a longer term, or both. We'll look at your home and land on your first call.
No. A refinance has closing costs, so it makes sense only when the savings outweigh them over the time you plan to stay. We'll show you the numbers honestly, including when it isn't worth doing yet.
Depending on your equity and loan program, a cash-out refinance may be an option. Ask us, and we'll walk through what's possible for your situation.
Refinancing may result in finance charges that may be higher over the life of the loan. Savings are not guaranteed and depend on your loan terms, rate, and how long you keep the loan. All loans are subject to credit approval and underwriting. Equal Housing Opportunity.
A free consultation is 20 minutes. We cover your land, your eligibility, and the right loan structure. No application required.
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NewBuild is led by the Arrowood Team at Preferred Rate. 260+ five-star Google reviews.
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