Home Construction Mortgages
Looking to build your dream house or maybe an amazing get away vacation home? We can help.
Home Construction Mortgages made easy!
A construction mortgage is generally an all encompassing construction loan. If you want to build a custom home or vacation property, our experienced mortgage professionals from across Canada can help you out.
A construction mortgage, also known as a builder’s mortgage, allows you to draw down on the full amount of the mortgage at predetermined stages of the home construction. Construction mortgages are given on a progress advance basis. The full amount that you need to borrow in order to complete your construction is given to you in stages, as you complete various levels of construction.
A few examples of home construction mortgages…
- A builder who owns a lot and is looking to build it on spec
- A land owner who wants to build a property to sell OR keep for personal use
- A builder who builds for end users and requires construction financing
- An investor who utilizes a builder to build on land you own OR have purchased to sell or keep for personal use
- A property owner who would like to utilize existing real estate equity to acquire and build another property
- A builder, end user or investor who is looking for a bridge loan to advance construction to the next stage OR complete construction
- A builder, end user or investor who wants to purchase a property and requires financing to build it