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CONSTRUCTION (BUILD) MORTGAGES

Are you looking for some financing options to purchase some land and build your dream home? The type of financing that you will require is typically broken down into three separate stages:

  • Land Acquisition Financing which provides you with the funds to purchase the land and continue on to the planning stage.
  • Construction Financing which is typically in a number of individual “draws” so you can start to build and finish your dream home.
  • Take Out Financing, which is the final mortgage that you have that, replaces all the Land Acquisition and Construction Financing already obtained. This leaves you with one traditional mortgage on only the amount that you need at that time…. then you can plan your mortgage burning party!

At ThePlaceToMortgage we are very familiar with the nuances and pre-work required in order to start your planning and work towards seeing your dream home become a reality. This type of financing is unique and does require some additional paperwork and pre-planning, all of which I am more than happy to assist you with. I work with many lenders across Canada that truly understand what you want to accomplish with your new home build and as experts in this area of financing, we look forward to assisting you.

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