Build Your Property Your Way
Have you always dreamt about building your new home or office from the ground up? If so, then you should get ready to go through a longer application process than that of a traditional mortgage or loan. When securing the finances for building your dream project, you must apply for a construction loan, which can be a long and confusing process. But fear not! The experts at Green Life Mortgage are here to help you better understand construction loans and get through the process in the most proficient manner.
Green Life Mortgage helps you get the money you need to build your dream project from scratch. We offer flexible construction financing deals that can be tailored to provide timely draws, assisting you in completing your project on time and on budget. Partner up with our mortgage specialists to get through the process and negotiate the best possible terms and rates from our construction financing lenders.
TYPES OF CONSTRUCTION MORTGAGES
Progress-draw Mortgage – This type is used to fund the construction, allowing builders to draw money throughout the building process. It’s a short-term mortgage that ranges from 4 to 12 months, depending on the lender.
Completion Mortgage – This type of mortgage is used once the project is complete and possession is handed over to you. The progress draw is required to be paid out and combined with the new completion mortgage for the negotiated term for up to 5 years.
Granted that getting approved for a construction mortgage is quite more complex than a typical home mortgage, we believe you should not give up on your dream project. For the rest, Green Life Mortgage is here to help you understand the process and will position the deal with key information that lenders look for.