NEW CONSTRUCTION

Building a new home is an exciting life event! But, it can certainly come with its fair share of complications. Usually, you’ll either be hiring a contractor, buying a new home from a builder, or you plan on building a home yourself. Within these categories there are two types of applicable mortgages, completion or progress draw, which are available to you to finance the project. A completion mortgage implies you don’t need any of the borrowed funds until the home construction is completed, which can require a small deposit. A progress draw mortgage functions by allowing percentages of the borrowed funds to be released at intervals during the construction process. In the event of progress draw mortgage, a land draw could also be required if you’re purchasing the land and inspections will be required at the pre-set intervals of construction.

 

For more information about which mortgages will go best with your new build, give us a call.

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100, 4315 55th Ave
Red Deer, AB T4N 4N7

Main Office: 403-343-1125

Find Your Broker HERE

Email: hi@regionalmortgage.ca

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