Interfinance Mortgage Corporation offers competitive rates for two distinct types of construction loans: Completion Construction Mortgages and Progress Draw Construction Loans. Our aim is to simplify the process of financing the construction of your new home.

If you’re buying a home from a Residential Home Builder at a fixed price upon completion, a Completion Construction Mortgage is the ideal choice for you. With this option:

• The builder owns the lot.
• You make a down payment when the offer is submitted for the house, which can be paid in several installments.
• Money is only required when the home is complete.

On the other hand, if you plan to act as your own general contractor or hire a builder to construct your new home, a Progress Draw Construction Loan is the solution. With this loan:

• • You have already purchased or own the lot.
  • You need a short-term loan, typically lasting from 6 months to 1 year, to facilitate the construction process, with funds distributed in stages, subject to inspection approval before the next disbursement.
  • A Completion Mortgage is subsequently required once the construction is complete to pay off the Progress Draw Construction Loan in full.

Interfinance Mortgage Corporation is committed to helping you set a realistic budget for your home build and obtaining pre-approval for your construction loan. Leveraging your finalized house plans, a builder’s contract, and an appraisal of your new home’s projected value, we can authorize and approve a loan to kickstart your dream construction project.

For a comprehensive understanding of the construction loan process and how we can assist you, reach out to one of our experienced mortgage brokers for a free consultation. Building your dream home can be simpler than you think with Interfinance Mortgage Corporation.