Construction Mortgages
Mortgages work a bit differently when you’re building your own home, or moving into one that was just built. The details can vary, depending on who’s doing the building, and who’s putting up the money.
There is financing available for three types of building plans:
You're hiring a contractor or a builder to build your home with your money
- Customer has entered into an agreement with a registered builder to build their home. The builder requires Financing Draws.
- Mortgage Options: Completion Mortgage or Progress Draw
You're Building Your Own Home
- Customer wants to act as his or her own contractor. They wish to hire sub trades to complete the work.
- Mortgage Options: Completion Mortgage or Progress Draw
You're hiring a builder to build your home with their money
- Customer requires funds when the home is 100% complete. Mortgages on newly constructed homes, town homes, condominiums.
- Mortgage Options: Completion Mortgage
Completion Mortgages
