Construction Mortgage
Consider a construction mortgage to fund the build of your new custom home.
Explore Your Construction
Financing Options
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.
When it comes to building your dream home
When it comes to building your dream home, there are three key primary construction financing choices that Interfinance offers:
- 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.
We create professional mortgage solutions.
Let us help you find your Ideal Mortgage Solution
In the early planning stages?
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.
Frequently asked questions
A construction mortgage is designed specifically to finance the building of a new home rather than the purchase of an existing property. Unlike a traditional mortgage, construction financing typically requires more documentation, a larger down payment, and additional upfront capital because lenders face higher risks associated with construction costs. Depending on your project, financing may be available for self-build homes, contractor-managed builds, or newly constructed homes purchased from a builder.
Yes. If you already own the land where you plan to build, you may be able to use the equity in that property to help secure a construction mortgage. This can strengthen your financing position and provide access to the funds needed to move forward with your custom home project. Interfinance also assists borrowers with budgeting, pre-qualification, and mortgage approval before construction begins.
There are several construction financing options available depending on your building plans. Homeowners can choose a self-build approach where they manage subcontractors, work with a contractor on a turn-key home project, or purchase a newly built home from a builder. For financing, options may include a Completion Construction Mortgage for builder-purchased homes or a Progress Draw Construction Loan that releases funds in stages during construction, subject to inspections.
What Our Clients Say After Working With Us.
My husband and I have had the pleasure of dealing with Kiran from Interfinance Mortgages on a couple occasions and she has exceeded our expectations. Very straight to the point, honest and helpful. Would highly recommend!
Pretty R.
Working with Kiran at Interfinance Mortgage Corporation was a fantastic experience. She helped us secure a home construction loan, and the entire process was handled with professionalism, patience, and genuine care.
Baskaran R.
Was placed in a sticky situation. Kiran and her team at Interfinance were extremely helpful. They put together a mortgage when no other lender could help. They are trustworthy and fast. They are easy to speak with and can help clear your debt.
Gagandeep K.