Getting a mortgage to build your dream home can and should be a fun and exciting journey. Though construction mortgages can be a bit more complicated than purchase mortgages, the reward of getting exactly what you’ve always dreamed of is well worth it. Plus, with me taking care of all the details, your experience will be as comfortable as possible.
Let me handle the details, shoulder the stress, and worry about the specifics. I’ve done this hundreds of times. I’ll put your construction mortgage on my mind. You can focus on building your dream home.
Unlike mortgage renewals that can be used for large-scale renovations or secondary properties, a construction mortgage is intended for those who intend to design and create a brand-new dream home from the ground up. If you have big dreams, you’ll obviously have a bigger mortgage, but I’m here to ensure it doesn’t become a bloated one. In advance, I’ll walk you through the whole process and identify any areas we need to focus on. You’ll never be left guessing what to do next – besides, I’m happy to do the work!
Many don’t know that financing a new build is a unique process, and not in the simplest way. I’ll keep it brief here, but know that there are two terms to your mortgage: the draw term and the end or completion term. Draw terms consist of scheduled, preauthorized payments to cover construction costs, but you won’t be receiving funds in advance (a separate mortgage or loan would be needed to buy the lot itself, for instance). The end term is the delivery of remaining funds that occurs once the home is complete.
While there are many complexities and subprocesses to these terms, don’t let them stress you; I’ll be with you every step of the way to explain in layman’s terms and move things along. You’ll enjoy peace of mind in understanding the exact terms and conditions of your construction mortgage, painting a clearer picture than ever, and the day those shovels dig into the ground will come sooner than you might expect.
I’ve been fortunate enough to help many homeowners secure construction mortgages over the years, covering all types of builds including DIY jobs, general contracting, and even prebuilds. Understanding everything you need to do, without feeling overwhelmed and while I shoulder the stress, is key. That way, you benefit from a more comfortable, simplified experience. At the same time, my lender connections can be your saving grace – I’m proud to have established and maintained many warm relationships with over 40 of them including major financial institutions, securing you the best rates in the quickest possible timeframe.