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Construction Financing

A construction financing loan is a loan you utilize to pay for the construction of a new build home. Like any loan or mortgage, you want to ensure your monthly payments fit your budget. This is particular true with a construction loan as you may be paying to live somewhere else while your home is being built. The beauty of construction financing is you get to build your home exactly how you want it. 

Once the loan has been paid off you can convert it to a standard mortgage. Unlike standard mortgages, constructions loans are considered unsecured loans that lack collateral. This makes these types of loans higher risk for lender and tend to have a higher interest rate attached to them.

Benefits Of A Construction Loan

Having access to a construction loan means some, if not all,of your construction expenses will be covered on time and will help avoid costly delays in the completion of your home.

Type Of Construction Loans

Although there are many types of construction loans we can generally divide these loans into two categories:

  1. Owner-User Loans – Which allows the lender the full right to utilize the land according to their needs
  2. Construction Only Loans – the construction aspect of the loan and does not allow the owner any rights of possession over the property. These types of loans often have lower interest rates because only the approval of construction materials are required
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Proudly Serving All Areas Of Ontario

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Get Smarter Financially For Your Construction Mortgage With Just a Call

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