House & Home

NB|AZ offers unique residential loan products

If you or someone you know is thinking of building a custom home or renovating your current home, you may have a lot of reservations—especially when it comes to how the loan process works when construction is involved.

National Bank of Arizona has created a loan product that simplifies both for new ground-up custom and renovation construction. The One‑Time Close Construction Home Loan* from NB|AZ is efficient and straightforward. The OTC loan offers funds for a longer construction period if necessary than most of NB|AZ’s competitors and incorporates a single simplified loan closing with the ability to lock in at today’s low rates.

“We combine your construction and permanent financing into a single closing (instead of a separate construction loan and a separate permanent loan), which reduces your fees, lessens paperwork and diminishes processing time,” explains Greg Geis, Senior Vice President with NB|AZ in charge of the bank’s Residential Mortgage Department, adding that about 40 percent of all the home loans his department finalizes are One-Time Close (OTC) loans that rely on a six-step approach to assist borrowers during every phase of creating their dream home.

It’s a significant advantage, Geis points out, that the licensed general contractor doesn’t have to secure a loan for the client before construction can begin. The homeowner carries the loan, so construction may begin sooner. Whether a borrower chooses an OTC loan or a more conventional home loan from the suite of mortgage products that NB|AZ offers, they can count on a speedy response.

“We are a local lender, with local processing, underwriting, closing and construction servicing right at our Phoenix location,” Geis says. “With local decision-making and direct phone numbers to their loan officer, the customer can get an answer right away.”

NB|AZ can also look at various elements of the client’s financial profile to help identify the best program to fit their needs, Geis says. “We have specialty programs, depending on the client’s income profile, that reduce documentation and allow the client to more easily qualify for a home loan.”

For example, according to Geis, Asset Dissipation is a program that allows individuals to finance a home based on liquid assets they possess, such as money in bank accounts, stock or even retirement accounts. NB|AZ also has programs for young professionals, whose income currently is lower than it likely will be five or 10 years from now.

“We also do a significant number of loans for self-employed clients,” Geis says. “Income streams come in different forms for this type of borrower. Income may not be present or verifiable on a current pay stub so our loan officers are very knowledgeable on what to request to help get them qualified for a home loan.”

*Subject to credit approval and property evaluation. Loan amounts over $484,350 qualify as jumbo loans. Terms and conditions apply. Contact a banker for details. NMLS# 467014

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