Construction Mortgage Service
Building a home is complex, but your mortgage shouldn’t be.
Before deciding on a brand new home, let The Mortgage Professionals help you understand the complexities, special terms, warnings, and things to watch out for in construction mortgages, which are also known as self-build mortgages. Construction mortgage financing typically falls into 3 categories:
1. Self-Build Home Mortgage Financing
Self-Build Home is when you build your own home as the head contractor and you hire subcontractors to complete the work together. You have two mortgage options: Progress Draw Mortgage and Completion Mortgage. Schedule a call with us and we’ll help explain these options.
2. Self-Build: Builder/Contractor (Turn Key) Mortgage Financing
Self-Build: Builder/Contractor is sometimes referred to as Turn Key Mortgage Financing. This is when you enter into an agreement with a contractor to build your home. Typically the builder will request Financing Draws. Your mortgage options are: Progress Draw Mortgage and Completion Mortgage. Again, if you are confused about these terms, give us a call and we’ll gladly help you choose the best option for your situation.
3. Buying from a Builder (Take Out) Mortgage Financing
These are mortgages for newly constructed homes, townhomes, and condominiums. You will require funds when the home is 100% complete. Your only mortgage option is: Completion Mortgage.
If you currently require a commercial mortgage or are simply planning ahead, contact The Mortgage Professionals today. We will fully understand your situation and create a plan that fits your goals. We work with Dominion Lending Centres, Canada’s largest broker network, to help you find the right plan and connections.
The Mortgage Professionals are readily available to review the details of your new construction mortgage financing. We encourage you to ask questions and get the professional guidance you need to make an informed decision.
Contact us today for your free, no-obligation mortgage assessment.