When you fund a one-time close construction loan with OneAZ, the construction period of your loan is generally 12 months where you pay interest-only payments. Then your construction loan is rolled into a conventional mortgage where you pay traditional principal and interest payments for the remainder of the loan. This mostly differs from a traditional mortgage due to the construction period and interest-only payments. With a one-time close construction loan, you still get to lock-in your interest rate from the start.