Our mortgage specialists can help you decide which option best suits your particular situation.
Self-Build Home is when you act as your own contractor; hiring subcontractors to complete the work. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Self-Build: Builder/Contractor is sometimes referred to as Turn Key. This is when you enter into an agreement with a contractor to build your home. Typically the builder will request Financing Draws. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Mortgages on newly constructed homes, town homes, condominiums. Client requires funds when the home is 100% complete. Your mortgage options are: Completion Mortgage.
If you need a commercial mortgage or are simply planning ahead, contact a Mortgage Centre specialist today for a quick assessment and recommendations.
Your Mortgage Centre specialist is readily available to review the details of new construction financing. We encourage you to ask any questions you have and get the professional guidance you need to make an informed decision.
Building your dream home could be one of the most rewarding experiences you ever undertake. So how can you finance building your own home?
A self-build mortgage is exactly what it says, a loan you secure to finance building your own house. With a self-build mortgage the money is released in instalments, typically with an initial loan to buy the land. Payments are then made at different stages of the build.
The key to a successful build is to understand the steps involved, and to follow through with the many details involved in building a home. From the first idea to the finished project, planning ensures you have your bases covered.
If you have any questions, contact your Mortgage Centre specialist.
If you're looking for a brand new home without planning everything yourself, consider buying from a new home builder. This can give you the flexibility of defining the look and style of your home without being as involved in the self-build process. There are still many elements to consider, such as picking your lot, choosing your upgrades, and moving in, all of which can add up to a number of months, if not longer, to complete.
Contact your Mortgage Centre specialist to discuss your options, and take the first step in financing your brand new dream home.
A Progress Draw Mortgage means that funds are advanced in intervals as your house is being built. There are usually 3 draws at 35%, 65% and 100% completion. A Land Draw (conventional only) may be required if you're also purchasing the land.
Please note - This feature is not available in Quebec.
A Completion Mortgage means that you've purchased or built your home through a Residential Home Builder and only require funds when the house is 100% complete.
Payments are due as follows:
In the event that home completion takes more than 90 days, rate caps are available for up to 12 months depending on mortgage type and location. A rate cap locks in the maximum interest rate a client will receive for their mortgage, based on the rates at time of application. Rate caps are available on both Progress Draw and Completion Mortgages. All mortgages are subject to eligibility requirements and will vary by lender.
Self-Build Home is when you act as your own contractor; hiring subcontractors to complete the work. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Self-Build: Builder/Contractor is sometimes referred to as Turn Key. This is when you enter into an agreement with a contractor to build your home. Typically the builder will request Financing Draws. Your mortgage options are: Progress Draw Mortgage, Completion Mortgage
Mortgages on newly constructed homes, town homes, condominiums. Client requires funds when the home is 100% complete. Your mortgage options are: Completion Mortgage.
If you need a commercial mortgage or are simply planning ahead, contact a Mortgage Centre specialist today for a quick assessment and recommendations.
Your Mortgage Centre specialist is readily available to review the details of new construction financing. We encourage you to ask any questions you have and get the professional guidance you need to make an informed decision.
Building your dream home could be one of the most rewarding experiences you ever undertake. So how can you finance building your own home?
A self-build mortgage is exactly what it says, a loan you secure to finance building your own house. With a self-build mortgage the money is released in instalments, typically with an initial loan to buy the land. Payments are then made at different stages of the build.
The key to a successful build is to understand the steps involved, and to follow through with the many details involved in building a home. From the first idea to the finished project, planning ensures you have your bases covered.
If you have any questions, contact your Mortgage Centre specialist.
If you\'re looking for a brand new home without planning everything yourself, consider buying from a new home builder. This can give you the flexibility of defining the look and style of your home without being as involved in the self-build process. There are still many elements to consider, such as picking your lot, choosing your upgrades, and moving in, all of which can add up to a number of months, if not longer, to complete.
Contact your Mortgage Centre specialist to discuss your options, and take the first step in financing your brand new dream home.
A Progress Draw Mortgage means that funds are advanced in intervals as your house is being built. There are usually 3 draws at 35%, 65% and 100% completion. A Land Draw (conventional only) may be required if you\'re also purchasing the land.
Please note: This feature is not available in Quebec.
A Completion Mortgage means that you\'ve purchased or built your home through a Residential Home Builder and only require funds when the house is 100% complete.
Payments are due as follows:
In the event that home completion takes more than 90 days, rate caps are available for up to 12 months depending on mortgage type and location. A rate cap locks in the maximum interest rate a client will receive for their mortgage, based on the rates at time of application. Rate caps are available on both Progress Draw and Completion Mortgages. All mortgages are subject to eligibility requirements and will vary by lender.
Talk with us today!