Construction Mortgage, Builder’s Mortgage

Consider a Construction Mortgage to fund the build of your custom home!

Have you been thinking about building your dream home, but need to understand the funding options to pay for it? Construction mortgages are a great option and cover the purchase of land for the construction of a residence, or where land is already owned, the construction costs.

There are three kinds of construction financing options available:

  • Self-Build Home – you act as the contractor (project manager), and hire sub-contractors for the build
    Use a Progress-Draw Mortgage or Completion Mortgage
  • Contractor / Turn-Key Home – you enter into an agreement with a contractor to build your home, requesting financing draws where needed
    Use a Progress-Draw Mortgage or Completion Mortgage
  • Builder Home – you purchase a newly constructed home, townhouse, or condominium upon its completion
    Use a Completion Mortgage

But qualifying for a construction mortgage to build a new home is a lot different than qualifying for a mortgage for an existing home. Applying for a construction mortgage requires more information about you (the builder) and it can require larger down payments and more upfront capital, due to the greater risks associated with building costs.

If you’re in the initial stages of planning your custom home, talk to our skilled mortgage brokers about financing your construction project:

  • We can help you set your budget, and help you get prequalified or approved for a builder’s mortgage
  • And if you already own the land, we can help you leverage the equity in the land to get approved for the construction mortgage to build your dream home

Contact us today to setup an appointment with one of our mortgage brokers to access financing options and rates that fit your lifestyle, even if you have impaired credit history.

Contact us today to setup an appointment

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