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Denver, CO – July 24, 2023 – Westerra Credit Union has launched a groundbreaking financing program that streamlines loans for new home construction or renovation projects. The “One-Time Close Construction-to-Permanent Loan” is a hassle-free solution for homeowners who, traditionally, faced the daunting task of securing separate loans for construction and permanent financing. With this unique loan program, members benefit from a simple, efficient and cost-effective financing experience.
During the construction period, which typically lasts between 12 to 18 months, the One-Time Close Construction-to-Permanent Loan operates on an interest-only structure. This allows homeowners to save money by only paying interest on the amount used during construction. After completion, the loan smoothly converts to permanent financing (subject to Westerra's underwriting requirements).
“Our One-Time Close Construction-to-Permanent Loan is a testament to helping our members’ dream homes come to life,” said Jeff White, Westerra's Director of Mortgage Development and Sales. “We take pride in being a local credit union, which gives us an understanding of the market, and the needs of our members compared to larger banks that process loans out of other regions."
Key benefits of Westerra's One-Time Close Construction-to-Permanent Loan include:
A streamlined process that saves both time and money.
A secured permanent loan rate during the construction period of the loan, which protects homeowners from potential interest rate increases during the construction loan period. It also gives them the potential opportunity to take advantage of lower interest rates should rates improve during the construction period.
Interest-only payments during the construction phase minimizes financial strain.
Flexible terms to suit individual needs and preferences.
Enhanced financial security and confidence for members as they embark on their home construction or renovation projects.
For more information about Westerra Credit Union's One-Time Close Construction-to-Permanent Loan, schedule an appointment with a mortgage loan officer or visit westerracu.com/borrowing/homes to learn more. Equal Housing Opportunity. Credit Union membership qualifications required. Credit qualifications may apply. All loans subject to final credit approval. All Credit Union loan programs, rates, terms and conditions are subject to change at any time without notice.
We are excited to announce that we will be hosting our annual all staff meeting and afternoon of service, "Volunterra" this Thursday from 12:00-5:00 P.M. MDT. During this meeting staff will work together to build kits to help support our community.
Our Belmar branch staff was happy to have joined the celebration with the Sekulich family of Army Sgt. John Sekulich, who turned 106 years young. Click “Read More” for a link to the interview.
The Board of Directors of Westerra Credit Union is pleased to announce the appointment of Steven Schmidle as its President and CEO, after serving as Acting President and CEO for the past several months.
Westerra is implementing the 2023 loan limits early allowing homebuyers to receive better loan terms for a single family home up to $715,000.
Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States government. National Credit Union Administration, a U.S. government agency. Westerra is only 1 of 3 credit unions recognized on Newsweek's "2024 Best Regional Banks and Credit Unions" annual list.
Equal Housing Opportunity.
Mailing Address:
P.O. Box 9408