Don’t just dream it, Build it with a Construction Mortgage!

Construction Mortgage Loan

Construction Mortgage

It can be empowering and satisfying to build your own custom home. A construction mortgage will enable you to create, design and build your dream home, vacation home or second home, providing your family with the opportunity to live life on your terms. If you love your home and see its potential to be even better, a construction mortgage can help you achieve this. Have control over where you live, manage costs, and spend where you want, no constraints. Imagine living in a home built just for you? Building a custom home, or making major structural changes are no small feat, so having the right mortgage lending partner is key to making your dreams come true. Square Capital mortgage brokers will work with you to ensure you have access to flexible, fast construction finance options.   

Square Capital works to offer innovative mortgage solutions working with prime and private lenders to provide borrowers with fast 24-hour mortgage funding options (subject to terms and conditions).

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Mortgage Solutions in Toronto, GTA and across Ontario

Fast and Flexible, regardless of Credit

Construction Mortgage

When you can’t find your dream home, a construction mortgage provides the ability to build your own home or make significant structural renovations to make your existing home complete. A construction mortgage, also called a Builders mortgage, is a loan that is advanced in draws. What this means is that you receive the mortgage loan amounts in batches based on the completion of your home. This includes financing for pre-construction properties where homebuyers do not own the land.

A construction mortgage can be towards the purchase of land and would be considered the first draw.  Construction mortgage draws will be determined based on the lender but usually fall into a sequential order. If the home buyer owns land, then the land can be leveraged for new construction mortgage loan. Lenders will consider this the first draw, which will be secured against the land value. The next draw could be to finance the home’s foundation, the third draw for the roof and walls and so on. Draws are usually disbursed after confirmation from the appropriate professionals that the construction has been completed and to code. There are additional costs that home buyers and home builders need to be aware of including the costs for inspections and appraisals. These costs could be added to the mortgage and will be discussed with the mortgage lender at the time of application. As construction mortgages tend to be more complicated as there are many financing options, it is advisable to speak with an experienced mortgage professional such as a mortgage broker or mortgage agent.

Square Capital also provides commercial construction loans and financing options. We work with self-employed business to provide construction financing options, including new build and rebuild opportunities.

The lender providing the construction mortgage is taking a bigger risk and that may cause the interest rate to be higher in addition to fees.

Before engaging in home building contact a Square Capital mortgage broker to start the construction mortgage process. Working with borrowers, our experts will help to assess if you qualify and what you need to think about including:

  • Designing a home
  • Working with architects and engineers
  • Identifying building permits
  • Retaining contractors
  • Arranging the construction (builder) mortgage

Contact a Square Capital mortgage broker and architect your future with a construction mortgage.

Questions about Construction Mortgage

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Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

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Private Mortgage

For different life situations, private lenders help with access to short-term, interest-only mortgage loans.

Vacation and Second Home Mortgage

Make your Vacation or Second Home a Reality

Quick Closing, Fast Mortgage

Mortgages Funded quickly usually within 24 hours.

Our Mission

Why People Choose Us

Fast/Quick Mortgage

Have your mortgage within 24 hrs, subject to terms and conditions

Best Rates, Flex Terms

Competitive mortgage loan rates with flexible 3 to 12-month terms

Rebuild Credit

Boost your credit within 90 to 120 days

Custom Payment Plan

Partial or zero payments for up to 12 months

Related Services Offered

Other Mortgage Options

Home Equity Line of Credit (HELOC)

Access your home’s equity to use as much as you need and only pay the interest.

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Private Mortgage

For different life situations, private lenders help with access to short-term, interest-only mortgage loans.

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Reverse Mortgage

Canadian homeowners 55 and older can access up to 55% of their home’s value.

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Second Mortgage

An alternative option for homeowners to access their home’s value to consolidate high-interest debt, without paying penalties.

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Other mortgage options

Homeowners have choices and can consider options to leverage their home equity. Depending on the product, these options may have slightly higher interest rates.

Private Mortgage

When homeowners cannot qualify for a mortgage to refinance through a bank mortgage debt consolidation or a home equity line of credit (HELOC), private mortgages may be an alternative. Since private mortgage lenders will secure a mortgage debt consolidation against a home, the interest is usually lower than high-interest debts like credit cards.

Private lenders usually charge a higher interest rate and fees than a bank, given the higher level of risk, however, this option still reduces interest costs over time. This is because these lenders understand that situations exist such as quick turnaround for financing, bad credit, stated income, and non-conventional properties.

Typically, private mortgages are shorter-term products and only require the interest portion to be repaid. Private lenders evaluate risk differently than traditional lenders and will consider the borrower’s ability to repay which is beneficial to self-employed and people with bad credit. Private lenders can also provide debt consolidation options through second mortgages.

Reverse Mortgage

An option available to homeowners 55 and older is reverse mortgages that provide access to the home’s equity without having to sell. Reverse mortgages allow homeowners to borrow up to 55% of the value of the home. The concept of this mortgage is essentially a reverse loan that means there are no payments required. Payments will be made either in monthly payments or in a lump sum payment to homeowners. Homeowners will pay the reverse mortgage loan when they move, sell or the last borrower dies. Typically, the interest rate is higher, and there are fees additional associated with reverse mortgages.

Debt Consolidation Mortgage

To understand if a debt consolidation mortgage or a HELOC could be suitable options to consolidate debts, and help get your life back on track, contact Square Capital Mortgage Brokerage. We understand each case is unique and there are many factors to consider including homeowners with bad credit or low income. Unlike traditional lenders like banks and financial institutions, with very strict lending terms, Square Capital works with over 50 lenders, including private lenders, to find the right solution for our clients. Our expert mortgage brokers and agents will help to find solutions to lower your monthly payment and reduce or stop the interest on your debt. Lower monthly payments every month reduces the chances of financial default while improving your credit and managing your money wisely.

Learn more about leveraging home equity for products such as mortgage refinance, home equity lines of credit (HELOC), and second mortgages.

Budget Planning and Expense Tracking

While products like debt consolidation mortgages, HELOCs, and private mortgages are tools to financial freedom, managing debt is the key to success. Practicing better money management in daily life like budgeting, monitoring spending, and saving. There are many free online apps that can support homeowners to achieve financial freedom and get better at managing money.

Get Started with your Construction MortgageToday

Getting a construction mortgage can be challenging and overwhelming at times. Square Capital can help you get a construction mortgage to start your next project. We can help you determine exactly how much you can afford. Start your construction mortgage online.

Questions? We’ll Put You On A Right Path!

Contact us today to get a free quote. We will help you understand the current market conditions affecting the mortgage market! Prequalify without affecting your credit!

Mortgage Application

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