Building a home is a complex process; your mortgage shouldn’t be.
Before deciding on a brand new home, let a Sandhu & Sran specialist help you understand the special terms and considerations in construction mortgages, also known as self-build mortgages.
Our mortgage specialists can help you decide which option best suits your particular situation
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.
Sandhu & Sran Mortgage 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.