Building Your Home & Construction Financing

What Does a Construction Mortgage Require?

Copies of Plans or Blueprints

Detailed architectural plans outlining the construction.

Building Permit

A necessary document for construction approval.

Upon receiving the plans and estimates, an appraisal is conducted to determine the final value. If you already own the land, it is considered part of your equity, allowing access to typically 50% of its value for startup costs. Additional savings or accessible funds are also required to reach the first draw stage.

For those purchasing a home directly from a builder, a construction mortgage may not be necessary, as funds are only required upon completion. However, if you buy the land and then hire a general contractor or plan to manage the construction yourself, it is considered a self-build. In this case, multiple draws are required throughout the building process.

Navigating the various financing options and understanding the process is crucial for those considering construction financing. Through our Mortgage Agents/Brokers, we provide support every step of the way, offering assistance in outlining fund disbursements, arranging inspections and appraisals, and ensuring cash flow at each stage of construction. This commitment aims to provide peace of mind throughout the new build or construction financing process.