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Construction Mortgages

Construction Mortgages for Your Dream Project

Construction mortgages can seem intimidating.  Especially if you aren’t working with an experienced construction mortgage broker. For this reason, when you’re ready to build your dream project you go to a veteran mortgage brokerage. Whether it’s the personal residence you’ve always wanted on the perfect plot of land, or a business project where you’ve secured the perfect location – a construction loan will help you build it.

The qualified mortgage experts working in our Mortgage Brokers Network have been helping build dream construction projects for decades. Moreover, our experience in construction financing is unparalleled. In fact, we can even help fund the biggest multi-million-dollar construction projects and commercial mortgages.

Construction financing takes finesse and we have the contacts and years of experience to get you what you need. Working with a broker is the best way to get funding to bring your building dreams to life.

Finding Construction Mortgages Outside of Your Bank

We take the business of helping you live your dreams very seriously. Consequently, we have access to a wide variety of alternative lenders.  These lenders offer more than most institutional lenders. We offer a broad spectrum of mortgage products. 

Looking outside of your bank for financing can mean finding flexibility when you need it most. A good broker will have several options.  The Mortgage Brokers Network offers flexible financing solutions. As a result, we also offer a fast turnaround so that you don’t have to wait to get started.

How Does a Builder’s Mortgage Work?

A construction mortgage is also known as a builder’s mortgage. The funds for your construction loan are advanced in stages.  As you complete your project, more cash is advanced to keep things moving.  

If you begin your project with land that you already own, your first draw will be used to begin your build. If you have yet to purchase land to build on, you can arrange to take your first advance to purchase a vacant lot.

After the completion of each stage of your build an inspector will visit your property to check on your project. Once inspected you can move on to the next stage.  Once the project is complete, you can apply for traditional financing which can also be arranged by your broker.

The Mortgage Brokers Network can help walk you through all of the phases of your project and help you secure the initial financing.  We will also help arrange financing on your completed project.  Having a mortgage broker on your side who understands construction financing is critical if you want your project to run smoothly.

A Broker Can Help You Understand the Demands of Your Construction Loan

With so much at stake, a mortgage broker can play an important role in helping you understand the demands and challenges you will face with a construction financing project. We have an in-depth knowledge of what a construction mortgages entail and we know what our lenders will ask of you. We can give you pointers and explain everything you need to know including:

  • How to choose the right construction mortgage lender
  • Estimating your project construction costs so that you know how much to ask for
  • How to qualify for the amount you need
  • Choosing an architect to design your new home construction plans
  • Selecting your contractor(s) and obtaining necessary permits

If you haven’t yet considered all of the above, it’s ok – we know that you’ll need to do so – we’ll remind you during the process so that we can help get your financing approved.

Whether you’ve already started on your list of to-dos, or are still looking for the right plot of land, we can help you find the right lender to get things done.

The Mortgage Brokers Network Construction Mortgage Advantage

If you don’t have the knowledge yourself – you can’t put a price on experience in construction financing. We know what is needed to streamline the draw process and meet your capital requirements. It doesn’t matter whether you’re developing your dream home or working on a commercial project, working with us will ensure that you get the financing you need.

Even construction industry veterans can benefit from a little extra help with construction financing. Our in-depth knowledge of the process and access to our network of lenders can benefit any borrower seeking a builder’s mortgage.

Trust the Mortgage Brokers Network to Help You with Your Construction Financing Project

With many Canadians opting for a custom home build over a new home purchase, the need for solid advice is great. With a custom build you can add the special touches that will fit your personal tastes and suit your lifestyle choices. Going it alone or relying on your bank could result in being turned away or facing unnecessary complicated financial hiccups.

Let our decades of expertise providing mortgage services to Canadians work for you. If you’ve already tried to find a construction loan and been unable to secure the right financing elsewhere, we can help.

Book a free consultation with a member of our team to learn more about how we can help. Discover what 30 years of practical experience can do for you, contact us today.

Find out why Canadians choose the Mortgage Brokers Network

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Term Posted Rate Our Rate Claim This Rate
Home Equity Line of Credit Prime + .50% Prime +.50% Claim Rate
Fixed 1 Year 7.49% 6.79% Claim Rate
Fixed 2 Year 7.29% 6.39% Claim Rate
Fixed 3 Year 6.79% 6.00% Claim Rate
Fixed 4 Year 6.29 5.64 Claim Rate
Fixed 5 Year 6.19% 5.39 Claim Rate
Variable 5 Year 6.79 7.2% (prime -.90%) Net Rate 6.30% Claim Rate
Fixed 10 Year 6.89% 6.40% Claim Rate