Certified Mortgage Consultant (CMC®)

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A client is planning to build a new primary residence and wants to finance both the construction phase and the subsequent permanent mortgage with a single application and closing process. What type of financing would best achieve this goal?

A second mortgage combined with a construction line of credit. A single-close construction-to-permanent loan. A hard money loan for construction followed by a separate refinance. A blanket mortgage covering the lot and future construction.

Correct Answer:

A single-close construction-to-permanent loan.

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