Building a home – Specialized Construction mortgage to help you realize your dream
Building your home, specific to your requirement and usage is an exciting and desirable option, but also possess some financial challenges, which can be easily met with particular construction mortgage.
Construction Mortgage Categories
- Self-build home
Completion mortgage or Progress draw mortgage options for people, who want to build their home by self.
- Financing for getting home built by contractor/builder
The construction process where the builder constructs the home with full financing from the customer. The customer draws finance and pays builder to construct home. The mortgage plans are completion mortgage or progress draw.
- Buying a newly constructed house
The constructor builds the house with their own money and the client pays the builder at the end of the completion through completion mortgage option.
Constructor Financing Options
Financing for your construction process falls into two categories:
- Completion Mortgage
It’s a simple all-in-one mortgage where you get 100% finance after the completion of the construction process. You may have to pay a small amount to the builder at the start.
- Progress Draw
The financing is provided in intervals during the course of building, usually with 3 draws, at 35%, 65%, and 100% completion. Before the financing at intervals, the completion verification is carried out by an appraiser. For progress draw, you will need a solicitor. A land draw can also be required if you are purchasing the land too.
Specialized and Efficient Construction Mortgage support from Golden Financial
Our financial experts are highly knowledgeable and provide detailed and expert guidance to people who are looking for construction mortgage. From start to the finish, we explain and provide thorough information to the client, regarding designing plans with architect, construction costs, builder hiring & building permit procurement.
Whether you own a land and looking to build your dream home, or want a new property and build your home on it, Golden Financial will assist you thoroughly and help you secure lowest rate financing from a large pool of lenders; beneficial and cost-effective to your need.