One-time close construction loans are a type of mortgage that allows borrowers to finance both the construction of a new home and the permanent mortgage all in one loan. In a video explaining these loans, the speaker notes that they are beneficial for borrowers who want to simplify the construction loan process and potentially save money on closing costs. The loan combines the construction loan and permanent mortgage into one, meaning there is only one closing and one set of closing costs. Additionally, borrowers typically only need to pay interest during the construction phase of the loan, which can help with cash flow. However, the speaker cautions that one-time close construction loans may have higher interest rates and stricter requirements than traditional mortgages, and not all lenders offer them. Borrowers considering this type of loan should do their research and work with a trusted lender to ensure they fully understand the terms and requirements.--
