OUR IN-HOUSE NEW CONSTRUCTION TEAM IS HERE FOR YOU EVERY STEP OF THE WAY BUILD WITH BELL

WHEN IT COMES TO FINANCING A CONSTRUCTION PROJECT, BELL BANK MORTGAGE HAS EVERYTHING UNDER ONE ROOF!

FIRST 3 STEPS
TO PLAN YOUR BUILD
You’ve decided it’s time to make a move. The best place to start the process is right here at Bell Bank. Our in-house new-construction team will help you determine your budget and evaluate which financing options will fit you best.
If you haven’t already selected a builder, there are some steps to take that can help with that decision. Talk to friends or family who may have built or renovated a home. Visit model homes and research the finished product of builders in your price range.
What are your plans for the future? We help you determine your budget, and you and your builder will come up with a price to make it all come together!

ONE-TIME CLOSE (OTC)
Sometimes it makes sense to simplify, and Bell Bank’s special one-time close option for new construction means you can avoid the hassle and additional costs of having to close twice.
One big benefit of an OTC loan is the ability to lock in your interest rate up front to avoid rising rates during the construction process. Another benefit is saving time on documentation and paperwork – once you close on an OTC loan, you’re free to focus on the build process without worrying about having to submit more documents along the way.

Simplicity!
TWO-TIME CLOSE
A two-time close construction loan is an alternative option for financing a construction project. One loan provides the funds to buy (if necessary) the site and to fund the improvements. The second loan pays off the construction financing by refinancing the existing debt into whatever loan option you prefer. A two-time close transaction requires two loan approval events and costs slightly more than an OTC.
Flexibility is the biggest benefit of the two-time close financing option. This option better manages the ability to cover cost overruns, changes to the scope of your project, and allows the ability to change the original choice of the permanent financing terms.