When it comes to building your dream home, there are three primary construction financing choices:
- Self-Build Home: Take the reins as the project manager, hiring sub-contractors as needed.
- Contractor / Turn-Key Home: Partner with a contractor to oversee your home’s construction, obtaining financing draws when required.
- Builder Home: Purchase a newly constructed home, townhouse, or condominium upon its completion.
However, securing a construction mortgage differs significantly from obtaining one for an existing home. It involves more extensive documentation, potentially larger down payments, and a greater upfront capital commitment due to the higher associated risks with construction costs.
If you’re in the early planning stages of your custom home, our experienced mortgage brokers are here to assist you:
- We can assist you in setting a realistic budget and obtaining prequalification or approval for a builder’s mortgage.
- If you already own the land, we can help you leverage its equity to secure the construction mortgage for your dream home.
Contact us today to schedule a consultation with one of our mortgage brokers. We’ll provide financing options and rates tailored to your needs, even if you have a less-than-perfect credit history.
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