Building a home is a complex process; your mortgage shouldn’t be.

Before deciding on a brand new home, let a Mountainview Mortgage 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 Mountainview Mortgage specialist today for a quick assessment and recommendations.

Your Mountainview 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.