ZK Mortgage Announces 'One Time Close Construction Mortgage Loans for Financing Custom Homes

ZK Mortgage has made available a 'One Time Close mortgage loan program that provides financing for the construction of a custom home. The construction financing and permanent loan are finalized with one closing.

(PRWEB) August 5, 2005 -- ZK Mortgage, the only Texas-based mortgage broker that matches borrowers with the specific financial instruments best suited for their needs, announces the launch of their 'One Time Close construction loan program. The 'One Time Close program provides financing for the construction of a custom home allowing for the construction financing and permanent loan to be finalized with one closing.

In addition to benefits to the buyer, the 'One Time Close program provides benefits to the builder. The builder benefits by reduced carrying costs, improve cash flow due to incremental pay out of builder profit and overhead, reduction in sales concessions as closing costs are financed as project costs, and reduced punch list costs associated with post-construction repair considerations. The builder has more equity to build their business and less cash involved in the current project at hand.

The convenience and savings of going to only one closing on a custom home is very compelling," stated Lisa Kelly, president and co-founder of ZK Mortgage. This loan program means that you sign only one set of loan documents and do not have to worry about re-qualifying, re-appraisals, additional closing costs or signing additional loan documents."

The typical process for financing new residential construction is with two closings. The first loan allows for a draw schedule to pay for the construction of the home. When the home is complete the buyer secures a mortgage for final financing on the home. This translates to two closings, thus two sets of closing costs. The ZK Mortgage 'One Time Close program provides for a single loan for construction and permanent financing loans up to $2 million.

ZK Mortgage loans are tailored to finance new or existing homes throughout Texas

About ZK Mortgage

ZK Mortgage is Texas only borrower-focused mortgage broker. By working as a partner with the borrower, ZK Mortgage is able to match borrowers with the financial instrument best suited for their needs, ensuring a better borrowing experience. The professionals at ZK Mortgage collectively have more than 20 years of mortgage lending experience making and selling loans. Within the last four years, ZK Mortgage executives funded more than $250 million in loans.

For more information, visit www.ZKMortgage.com or call 512.306.1616.

# # #