Home Construction Loans

FINANCING THE CONSTRUCTION OF A NEW HOME

SJ Capital Mortgage Services provides competitive rates on two types of construction loans; Completion Construction Mortgages and Progress Draw Construction Loans.

Are you purchasing a home from a Residential Home Builder at a fixed price upon completion?

Then you need a Completion Construction Mortgage – in which case:

• The builder owns the lot
• You make a down payment when the offer is submitted for the house, which can be paid in several installments
• Money is only required when the home is complete

Are you planning to build a home acting as your own general contractor, or hire a builder to construct a home for you?

Then you need a Progress Draw Construction Loan – in which case:

• You have purchased or own the lot
• You need a short-term loan (6 months – 1 year) that sees you through the building process and is distributed in stages during completion, which need inspection approval before the next distribution of funds
• A Completion Mortgage is required once the build is complete, to pay off the Progress Draw Construction Loan in full

we can help you to set a realistic budget for your home build, as well as get you pre-approved for a home construction loan. Based on your finalized house plans, a builder’s contract, and an appraisal of the projected value of your new home, we can authorize and approve a loan for you to get started on your dream build.