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Building Your Home / Construction Financing

Build what you love and love what you build. We can help you do that!

Building Your Home / Construction Financing

Building a home can be a great way to get the house you want and if you are able to do some of the work yourself it's a great way to build equity by saving on labour costs.

Construction mortgages allow you to obtain draws during the construction in order to pay your contractors and keep the project moving along. There is a quite a bit more planning and paperwork needed than in a regular purchase or in the case of a purchase from a builder. In addition to standard income and down payment documents we will also require a copy of the deed or offer to purchase for the lot, copies of plans or blueprints, a detailed summary of your construction costs ( often supported by quotes from contractors) as well as your building permit, and a copy of your builders risk insurance policy. Once the plans and estimates are received an appraisal to determine the final value will be required. If you already own the land it is considered part of your equity and we can access typically 50% of the value of this for start up costs. You will  also require some additional savings, or access to funds, to get you to the first draw stage.

If you are purchasing a home directly from a builder or contractor then you won't require a construction mortgage as the funds are not required until the house is complete. If you buy the land yourself and then hire a general contractor or plan to contract out the build yourself this will be considered a self-build.  In this case you will require multiple draws to complete the build.

There are many different options for this type of financing and it's important to understand the process and the options.

Have some peace of mind knowing your broker will be there every step of the way to help finance your new build or help with construction financing on your new home. Outlining draws of funds to help pay your contractor or builder, helping to arrange inspections and appraisals and making cash flow available each step of the way, is what your Wolfpack Mortgage Solutions Mortgage Agent/Broker is here to do.

Contact us today to learn more about the following services:

  • Building from scratch on your own vacant land
  • Completion mortgages
  • Draw/Progress- draw mortgages
Don't Forget These Important Documents!
Top 10 Reasons to Use a Mortgage Broker

Let us help build the mortgage that best suits your needs.

We have a toolbox full of options for your new build. Put us to work for you!

Contact Us Today
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Trust Wolfpack Mortgage Solutions to work hard on your behalf to find the best mortgage option and rate solution for your new home, debt consolidation/refinance, renewing mortgage, commercial mortgage or whatever your mortgage need is.

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WMST_mortgages avatar; Wolfpack Mortgage Solutions Team @WMST_mortgages ·
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🏠 Planning to buy a home? Down payments matter! It shows commitment to lenders for mortgage loans. Less than 20% needs insurance, while 20%+ is conventional. Understand the impact on eligibility and make an informed decision. #HomeBuying #DownPayments

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9 Jun 1667092722002595841

🌟 #Planning a home upgrade for your growing family? Look no further! As a trusted mortgage broker, I'll make your dream home a reality. Assess finances, secure competitive rates, and guide you throughout the home-buying process. Don't let financing concerns hold you back! 🏡

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📣 Exciting Announcement! Join us for the next power-packed training session in our "Productivity Series"! Get ready to elevate your CRM game with our session on "CRM SUCCESS." Mark your calendars for Friday, June 09, 2023, from 10:00 AM to 11:00 AM.

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Wolfpack Mortgage Solutions
(Westport Office Location)

33 Church Street
Westport, ON K0G 1X0

(Kingston Office Location)
221 Queen Street
Sanctuary Co-Working Office #WMS1
Kingston, ON K7K 1N8

613.900.WOLF (9653)

info@wolfpackmortgagesolutions.com

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