Building a custom home or vacation property is an exciting endeavour that many Canadians dream about. Before deciding on the fun stuff like layout, colours or finishing touches – there’s one important detail that you need to hammer out: financing.
Specializing in all types of construction mortgages throughout all stages of the process, from the land acquisition through to construction, we’re here to help. In fact, we have experience in all areas of construction financing, including:
- Construction and rebuild programs
- Self-employed construction financing
- Mortgage conversion when the property reaches 97% completion
When building a new home, there are a number of considerations and special terms to consider with financing. A construction mortgage is essentially an “all-in-one” construction loan. Qualified borrowers can access Conventional and CMHC/Genworth insured mortgage financing up to 95% of final completion. When you qualify, you can secure financing for acquisition, construction and a term mortgage all at once. From the building process through the term, a construction mortgage rate carries top interest rates and interest-only payments.
Don’t let financial challenges prevent you from making your dream become reality. With a variety of flexible construction mortgage options, we’ll be able to guide you through the process, ensuring that your valuable time and energy is spent where it’s needed most: your new build.