Building your dream home or undertaking a significant renovation project can be one of the most exciting ventures of your life. However, financing such a project requires a specialized loan known as a construction mortgage. At Top Diamond Mortgages, we understand the unique needs and complexities involved in constructing or renovating a property, and we’re here to guide you through every step of the process.
A construction mortgage is a short-term, interim loan used to finance the building of a new home or major renovations to an existing property. Unlike traditional mortgages, construction loans are disbursed in stages, or “draws,” as the project progresses, ensuring that funds are available precisely when needed for each phase of construction.
Application and Approval: The journey begins with an application process, where we assess your financial situation, project plans,constructions budget and construction timeline.
Disbursement of Funds: Once the construction mortgage is approved, funds are released in stages. These stages typically align with major milestones of the project, such as laying the foundation, framing, lock up, drywall and finishing.
Interest Payments: During construction, you’ll make interest-only payments on the amounts disbursed, helping to manage cash flow effectively.
Completion and Conversion: Upon completion of the construction, the loan can be converted into a traditional mortgage or paid off, depending on your preference and financial situation.
At Top Diamond Mortgages, we specialize in construction mortgages, offering competitive rates, flexible terms, and personalized service. Our team of experienced mortgage professionals will work closely with you and your builder to ensure a smooth and efficient financing process, from the initial application to the final draw.
We help with residential & commercial construction projects including:
Ready to build your dream home? Contact us today to learn more about our construction mortgage options and start your journey towards creating a home that reflects your vision and lifestyle. Let Top Diamond Mortgages be your trusted partner in turning blueprints into reality.