With over 30 years of diverse real estate experience, including a mortgage broker with a professional engineering background, CMI is uniquely positioned to work with borrowers considering new construction loans.
Our construction loan specialists are proficient in financing custom homes, infill (IL-COMM-Infill) building projects, and major land development or construction projects (IL-COMM-Construction).
From reconstruction to teardown and rebuilds, the CMI team has the expertise and capacity to provide you the right loan product at terms you can manage.
Canadian Mortgages Inc Specializes in Construction Loans
Before deciding on a brand new home, it is wise to learn about the special terms and considerations in construction mortgages, also known as self-build mortgages. CMI certified mortgage brokers can help you decide which option best suits your particular situation. Construction mortgages are generally of two types:
- With a progress draw construction loan, money is disbursed to you as construction progresses. There are normally three draws at different stages of construction: 35-40%, 65-70% and 100% completion. Completion is verified at each stage by a progress report from an appraiser.
- Completion mortgages apply to newly constructed homes purchased from a builder. Money is required only when the home is 100% complete. A down payment is still needed, but can often be paid in a series of installments.
What to Look For in a New Home
With your financing secured you can start to look for new home developments or plan your rebuild. We invite you to refer to our network of preferred partners for links to builders and real estate agents.
As you begin your new home project, keep these tips in mind.
- Do a thorough check on the builder or contractor you have chosen. You need to know that they offer high-quality work and warranties or guarantees on workmanship. For new homes, look into the type of support you can expect after your sale is complete.
- When buying a new house, take a close look at the model home. It is a showcase of the builder’s skill and attention to detail so make sure you examine all facets of the construction.
- Always review plans carefully. Be clear on what is and is not included and what types of changes you can make as the construction progresses.
- Always get a written warranty or guarantee and read it. You need to know what is covered and ask about things that are not.
Choose A CMI Accredited Financing Professional
Our consultants on construction mortgages offer you objective, professional advice to get your building project started right. We can provide residential and commercial construction loans as well as remodeling loans that finance up to 95% of construction costs with interest rates as competitive as traditional mortgages. Contact us today for a free consultation.