Cheryl Knowlton: Hi everybody. Cheryl Knowlton, Dynamite Productions, coming at you with my favorite sidekick, Clay Johnson from Castle & Cooke Mortgage.
Clay, growth is ridiculously crazy throughout the Wasatch Front, and building permits are actually up quite a bit in Utah County. And I’m so excited that Castle & Cooke actually has a one-time close product. Yay!
Clay Johnson: It’s something we’ve been wanting, and it’s a great product, and it’s very needed. Because people go out and they look around, and they go, “Gosh, we just can’t quite find the right thing.” And so then they want to have a new home. And there’s nothing better than having your custom home, that you designed, that you decided, “This is what we want. These are the features that are important that are within our budget.” And so instead of doing just a construction loan, and then when that construction phase finishes, doing the permanent financing, a couple of things wrong with that. Number one, you have two sets of closing costs. Number two, locking that longterm financing can get really tricky and expensive and so you’re kind of subject to what’s happening in the markets while you’re in that construction phase.
Cheryl Knowlton: And that can be a scary thing.
Clay Johnson: Very scary, especially when the rates are so low like they are right now. So it’s like, hey, how can I reduce those closing costs, close just one time, lock in right up front with my longterm interest [crosstalk 00:00:01:12].
Cheryl Knowlton: Win, win and win.
Clay Johnson: Yes. And so it kind of answers all those issues and we love it. We’re so excited to roll it out. The amazing thing about it is you’re looking at just 5% down on a conventional loan, which is amazing for a one-time close. You have your typical 3-1/2% down on an FHA. And one thing I love is it’s 100% financing on a VA loan, one-time close construction bill.
Cheryl Knowlton: And that is so fabulous that we’ve talked about this before, that VA is probably the most phenomenal loan product in the history of ever. But a lot of people don’t realize that they can use VA as a financing vehicle for new construction.
Clay Johnson: They don’t. And it’s pretty exciting. We’re excited. We’re going to be doing some other things to kind of get the word out about it. Especially, like you say, to the veterans out there, because it’s a great thank you to them.
Cheryl Knowlton: They deserve it.
Clay Johnson: They do deserve it, and we’re happy, I’m so pleased to be able to offer this to them and all the other folks who want to have that custom home that they designed.
Cheryl Knowlton: Absolutely. So if you’re thinking about new construction, because you can’t find what you’re looking for out there, you really need to consider one-time close. We are going to do a whole series on the one-time close product that Castle & Cooke offers and why this might be beneficial to you. So until next time, I’ll see you then.
Clay Johnson: We’ll see you.