Interfinance Mortgage Corporation provides competitive rates on two types of construction loans; Completion Construction Mortgages and Progress Draw Construction Loans.
Are you purchasing a home from a Residential Home Builder at a fixed price upon completion?
Then you need a Completion Construction Mortgage – in which case:
- The builder owns the lot
- You make a downpayment when the offer is submitted for the house, which can be paid in several installments
- Money is only required when the home is complete
Are you planning to build a home acting as your own general contractor, or hire a builder to construct a home for you?
Then you need a Progress Draw Construction Loan – in which case:
- You have purchased or own the lot
- You need a short term loan (6 months – 1 year) that sees you through the building process and is distributed in stages during completion, which need inspection approval before the next distribution of funds
- A Completion Mortgage is required once the build is complete, to pay off the Progress Draw Construction Loan in full
At Interfinance Mortgage, we can help you to set a realistic budget for your home build, as well as get you pre-approved for a home construction loan. Based on your finalized house plans, a builder’s contract, and an appraisal of the projected value of your new home, we can authorize and approve a loan for you to get started on your dream build.
Contact one of our mortgage brokers for a free consultation on the process of acquiring a construction loan.