New construction financing options typically fall into 3 categories.
1. Self-Build Home
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
2. Self-Build: Builder/Contractor (turn key)
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
3. Buying from a Builder (take out)
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.