Financing the construction of your home can be complex — here’s how to get started.
Many Canadians are choosing to build custom homes with special features to suit their lifestyles and tastes. A home construction mortgage can provide the financing you need to create the custom home you want.
Construction mortgages get advanced in draw stages that co-ordinate with the percentage of the completion of your home construction and the contractor’s preferred payment schedule. You will need to work out a payment schedule with your contractor that supports these funding requirements. Most contractors require payments in stages, typically after the foundation is in, once the framing is up, after the interior is finished and at completion of the entire project.
This is only available for conventional transactions where you have a minimum 20-per-cent down payment. While your home is being built, you will pay interest only on the total mortgage amount drawn to date. The appraiser’s final inspection report must say that your house is 100-per-cent complete and ready for occupancy. At this point you will begin to make mortgage payments of both principal and interest.
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