Construction Mortgage
Services In Canada
Are you building your dream home or embarking on a large construction project? Then, let your vision come into reality through construction mortgages.
The Diverse Mortgage Group specializes in construction mortgages in Canada by providing solutions based on individual builders’, homeowners’, and investors’ requirements.
What Is A Construction Mortgage?
A construction mortgage is a type of loan designed to finance the construction of a home or other construction projects.
Unlike traditional mortgages, which provide a lump sum upfront, construction mortgages release funds in stages aligned with the project’s progress.
This unique structure ensures you can access funds as needed while keeping costs manageable by paying interest only on the funds used during construction. competitive rates, saving you money Our Construction Mortgage Services
Our Construction Mortgage Services
At Diverse Mortgage Group, we offer comprehensive construction mortgage solutions:
Custom Home Financing
Building your dream home? We'll provide the financial support you need, from the initial blueprint to the final brick.
Builder and Developer Support
We can assist builders and developers by offering specific financing options that help ensure their projects go on track and stay within budget.
Renovation Mortgages
Whether upgrading your home or transforming a fixer-upper, our renovation mortgages provide the funding to bring your vision to life.
Commercial Construction Loans
We provide specialized financing solutions for commercial construction projects, from office buildings to retail spaces.
How Does A Construction Mortgage Work?
Initial Approval
You'll start by getting approved for a construction mortgage based on the total cost of your project.
Interest Payments
During construction, you'll only pay interest on the funds spent, keeping costs lower until the project is complete.
Draw Schedule
Funds are released in stages (or "draws") as construction milestones, such as laying the foundation, framing, and final inspection, are completed.
Conversion to a Standard Mortgage
Once construction is finished, the loan typically converts to a traditional mortgage, with regular payments based on the total loan amount.
Benefits Of A Construction Mortgage
Customized Funding
Funds are paid in stages, ensuring you only pay for what you use when needed.
Flexibility
Whether building a custom home, renovating a property, or taking on a commercial project, construction mortgages are designed to adapt to your needs.
Cost Management
You can lower your initial costs by paying interest only on the funds drawn during construction.
Lowest Construction Mortgage Rates
We work with a network of lenders to secure throughout your project.
Why Choose Diverse Mortgage Group?
Expert Guidance
With decades of experience, our team knows how to navigate the complexities of construction financing.
Wide Lender Network
We partner with top lenders across Canada to secure your project's lowest construction mortgage rates.
Tailored Solutions
No two projects are alike, and neither are our solutions. We create financing plans that align with your goals and budget.
Seamless Process
From application to final disbursement, we handle the details so you can focus on your project.
Expert Guidance
With decades of experience, our team knows how to navigate the complexities of construction financing.
Wide Lender Network
We partner with top lenders across Canada to secure your project's lowest construction mortgage rates.
Tailored Solutions
No two projects are alike, and neither are our solutions. We create financing plans that align with your goals and budget.
Seamless Process
From application to final disbursement, we handle the details so you can focus on your project.
What Our Clients Say
Let's Build Your Vision Together
We're here to make your construction project successful at Diverse Mortgage Group. From start to finish, our construction mortgage services in Canada provide the funding, flexibility, and support you need to bring your plans to life.
Contact us for a free consultation today, and let's start building your future!
FAQ
Frequently Asked Questions (FAQs)
What is a construction mortgage?
A construction mortgage provides funding in stages for building or renovating a property, with interest payments based on the funds drawn during construction.
Who qualifies for a construction mortgage in Canada?
Homeowners, builders, and developers with detailed project plans and budgets can qualify. Lenders also consider credit scores, income, and property details.
What documents are required for a construction mortgage?
You’ll need project plans, a detailed budget, proof of income, and, in some cases, permits and contracts with builders or contractors.
Can I use a construction mortgage for renovations?
Yes! Construction mortgages are ideal for large-scale renovations, providing funds as work progresses.
How do construction mortgage rates compare to traditional mortgages?
Construction mortgage rates are often slightly higher due to the unique nature of the loan, but we work to secure the most competitive rates for our clients.
