Compare lenders across the country and see who can help you with your next project.
Compare lenders across the country and see who can help you with your next project.
There are hundreds and thousands of mortgage lenders in the US and we compared eight of them.
We believe that here at On Q Financial, we offer a builder experience that is second to none. Through our research, we’ve also confirmed that we have one of the most extensive product lineups, including builder and construction loan options. Our mobile tech and quality of service are best of class when compared to even the nation’s largest competitors, Quicken Loans, Rocket Mortgage, and Wells Fargo.
There is no shortage of lenders wanting to help builders and their clients with their homes. As soon as lenders know you’re looking for them, they’ll find you. So how do you differentiate all these lenders? It can definitely be difficult. The upside is that you absolutely do not have to settle for anything less than the most perfect fit.
Many larger lenders may not offer new home construction loans for builders whereas smaller, local lenders tend to have more flexibility in their options. We’ve taken the time to compare popular lenders on the construction loan options they offer. Take a look at what we’ve found. You’ll want to be well informed before partnering with a lender.
On Q Financial does indeed offer construction loans! With On Q, you have access to a One-Time Close Construction Loan. If you’re looking to build the home of your dreams, you can start here. On Q Financial’s One-Time Close Construction Program combines your construction and permanent financing into one loan to simplify the process for you!
On Q Financial offers the following one-time close construction program loan types: FHA, USDA, Conventional, and VA. The benefits of On Q’s One-Time Close Construction Close include:
What makes this program different? Without a one-time close loan, you will need two separate loans: one for construction, and another to pay for the home mortgage itself.
Why use On Q instead of another lender? Our Mortgage Consultants and staff at On Q Financial truly strive to make your mortgage process as simple and efficient as possible!
Quicken Loans and Rocket Mortgage do not offer construction loans. Stated on the Quicken Loans website: “At Quicken Loans, we do not provide construction loans. We can provide the financing for the home once it’s built and we can refinance your construction loan into a standard mortgage once your home is completed.” Stated on the Rocket Mortgage website: “You can’t use Rocket Mortgage® to get a construction loan (i.e., a loan used to build a new home). However, you can use Rocket Mortgage® to get a loan for a newly built house.”
Guaranteed Rate does offer a construction loan program. Their program allows you to purchase property and finance the development with a convenient one-time close that rolls the construction financing into a permanent mortgage product. Guaranteed Rate offers options to tear down an existing house or build on a vacant lot. This program enables you to: Tie up property purchase and construction financing with a one-time close; Lock your mortgage rate for 6, 9 or 12 months—protect yourself from rate hikes during the construction phase; Put less down with options as low as 10%; Choose between a 15 or 30-year fixed term—conforming and high-balance options available. To be qualified, you need: Minimum 700 FICO score; Lender-approved contractor required. Survey fees may be included in certain geographic locations. Additional draws outside of 12 months come with a fee. Extensions available with fee. Contractor can request a draw at closing worth 10% of purchase price or $50,000. During construction, borrowers pay monthly interest payments on the amount of construction funds used to date, plus escrow payment for taxes and insurance, if required. After the construction phase, the loan converts to permanent phase and the borrower makes traditional principal and interest payments and escrow payments.
Better.com does not offer construction mortgages. According to their website: “Do you offer construction or commercial loans? No, we do not offer construction or commercial loans at this time.”
Sofi does not offer construction loans. Sofi does however offer personal loans for home improvement.
Chase does not offer personal residential construction loans. Chase however does offer commercial business construction loans.
Loan Depot does not offer construction loans
Wells Fargo does offer home loans for newly constructed homes. Their website states: “You’ll also have the support of a strong builder home financing team with a nationwide network, along with products and programs specifically designed to meet your needs when you’re purchasing a new construction home. There may be several months after you sign a purchase agreement before your home is move-in ready. To keep your information current, we might ask you to submit it more than once.”
Wells Fargo offers a Builder Best Extended Rate Lock program that protects the home buyer against interest rate changes while their home is being built, regardless of market fluctuations. A non-refundable extended rate lock fee is required. Buyers can lock in an interest rate range from 6 to 24 months depending on the type of loan you select. Buyers have options and may be qualified for a one-time float down option to a lower rate or a different loan program.
On Q Financial is a mortgage lender that consistently stays ahead of the curve with the latest loan products and technology, competitive rates, and smooth closings always. Rebuilding the mortgage process from the ground up, we stay motivated to provide builders with the tools and service they truly need. We’re proud to continually make the loan process smarter, faster, and simpler for everyone involved.
We separate ourselves from other banks and lenders by not only making our mortgage process as quick and transparent as possible, but we also deliver above and beyond with our Simplicity App. Additionally, we have our On Q Financial’s automated verification system. On Q means simpler transactions, and when it comes to you and your clients, Simplicity means everything.
With so many lenders out there vying for your business, it’s important to be sure you’re partnering with a first-rate team and have access to the most perfect fit loans. From first time homebuyers, to seasoned veterans, many lenders have products for every kind of borrower. On Q Financial strives to offer a variety of home loan and mortgage options to satisfy even the most niche situation.
At On Q Financial, we have built an exceptional reputation in the industry by working with builders. For over 15 years, we’ve been partnering with builders. We can’t wait to make your life simpler.
A key differentiator between lenders are the mobile apps and technologies they offer to streamline the loan process. We’re going to help make sense of all the mobile app options so that you can be sure you’re choosing the right lender for your business.
With our Simplicity mobile app, connecting with your Mortgage Consultant has never been easier. In moments, you can apply for your loan and upload documents via our encrypted and secure network.
Download Simplicity on your iOS or Android mobile device today to get started.
A builder and lender joint venture with a lender like On Q Financial will provide builders with top notch support and indispensable resources to help you reach your goals and achieve success faster and more efficiently. When you join with On Q, you’ll experience:
Buyers have access to an extensive selection of mortgage products to fit almost any situation during the building process including the One Time Close Construction and MH Advantage programs.
On Q Financial’s Mortgages Simplified approach is based on teamwork, integrity, accountability, and results.
On Q believes the Dream is Inclusive™. We offer our website, critical loan documents, and more in multiple languages!
Helps assist builders and buyers to be confident in loan approvals on this high-demand, but often challenged home type.
We’re here to support our Builder Partners to help you connect with more potential buyers and streamline their home purchase experience.
We strive to provide timely loan commitments for pre-sale homes and smooth closings for inventory homes.
You can count on us to be available and responsive to you and your buyer’s needs during their home loan process. Communication is key to our success.