CONSTRUCTION LOAN EXPERIENCE???

Hi- I know nothing about this but my wife has been in new home construction for 25 years. So my wife will reply-----
OK, so you want to do a one time close. This will save you money in closing cost. Also it will lock you interest rate upfront, who knows what the interest rate will be 9-12 months from now. All forecast look like interest rates are on the rise.
You will pay interest only on what is drawn out, then at the end it will convert to your 15 or 30 yr mortgage.
Depending on your down payment the mortgage company will use the appraisal value as equity towards your down payment. The construction loan will wrap your land, improvements and home all together in one mortgage.
A two time close has more closing cost and on the second closing you will be subject to what the rates are at that point in time. Most lenders have converted to a one time close.

Thanks Wifey