New Construction and Infill Financing

Building your dream home is really exciting. Whether its your first home, or you are looking to move up, building a new home involves a little more in the mortgage planning department than purchasing a preowned home. Things to consider include:

**Your down payment – will it be coming from the sale of the home you currently live in?

**Is the builder you are working with requiring a COMPLETION mortgage or a DRAW or PROGRESS mortgage?

*How long will it take your builder to complete the home and/or require a first draw (if applicable)

**Are you purchasing a lot first, then having a home built on it? Or, is the lot and build altogether?

Infill Financing is a more indepth process. The questions to answer at the beginning include:

**Do I need to demolish any structures existing on the property?

**If I currently live on the property, where will I live while the new home is being constructed? Is there a mortgage currently on this property? If I demolish the current structure, will I be in breach with my current mortgage lender?

Working closely with your builder and your mortgage professional at the beginning of the process can make the process smooth – leaving you to think about the more fun parts, like designing and decorating your new home to be!

For a little more info on the “first steps” of infill construction, check out my video

New Construction and Infill Financing

Mortgage Services Include: First Time Home Buyer Mortgage | Investment & Vacation Property Mortgage | New Construction Mortgage & Infill Financing | Refinance and Debt Consolidation Mortgage | Self-Employed Mortgage

Tower Mortgage - Indi Mortgage Solutions offers First Time Home Buyer Mortgage Services to clients across Edmonton, Sherwood Park, St. Albert, Fort Saskatchewan, Spruce Grove, Stony Plain, Devon, Leduc, and the surrounding areas.

Quick Inquiry

Form Introductory Text

✓ Valid