Unlike traditional mortgage products where you pre-qualify, apply for your loan, shop for your new home, and your lender approves the application and pays out a lump sum at the completion of the purchase, construction mortgages are designed to help homebuyers finance a bigger real estate goal. The goal is building a new construction dwelling and the challenge is securing financing that you can access throughout the various stages of the building process. Construction mortgages require a short-term solution (finance the project) and a long-term strategy (maintain your financial health with a manageable debt load and repayment plan). There are options for construction financing. Let KUBIK MORTGAGE GROUP connect you with the ideal lending partner to help you realize your construction vision.
Construction mortgages for single-family homes are structured to help the mortgagee finance the building process.
The first option is a Progressive Draw Mortgage. This type of mortgage is paid in installments throughout the various stages of home construction. The lender will monitor construction progress and grant funds accordingly at each phase. If construction is not progressing as expected, the lender could cease funding.
The second option is a Completion Mortgage. This type of mortgage is ideal when you are working with a builder who does not expect to close the purchase until the home is completed. When the buyer takes possession of the property upon completion of construction, the lender will finalize the mortgage.
Whether you are constructing a new home as an occupant or as an investor, let KUBIK MORTGAGE GROUP guide you with insight and knowledge and connect you with lenders who can support your vision for a new construction home.
Multi-family homes in Calgary can include high-rise apartments, low-rise walk ups, townhouses, triplexes, fourplexes, semi-detached homes, and more. Multi-family assets are a favored real estate investment for their consistency of occupancy and projected revenue streams. Developing a multi-family dwelling from the ground up is a great way to design a residential investment that maximizes profit. If you are interested in growing your residential real estate investment portfolio with the construction of a multi-family dwelling, KUBIK MORTGAGE GROUP can connect you with mortgage products that support your multi-family assets. With options for conventional mortgages, private lending, short-term financing, and even secondary financing, we can custom design a mortgage solution that works with your construction timetable.