Construction Mortgage in Lower Mainland, BC

Are you eagerly anticipating the construction of your dream home?

A construction loan is a short-term loan that only covers the price of building a custom home. This isn’t the same as a mortgage, and it’s referred to as specialised financing. Once created, the prospective occupant must apply for a mortgage to pay for the completed home.

However, when it comes to home construction, there are various options accessible, ranging from new construction to a complete remodel. Whether you’re beginning from zero with a land loan or entirely refurbishing a property, there’s probably an appropriate loan.

Construction Mortgage


Before settling on a brand new home, it’s good to understand the particular terms and implications of construction mortgages, also known as self-build mortgages. Toor Jas is a licensed mortgage broker who can assist you in determining which choice is best for you. There are two types of construction mortgages:
  • Money is disbursed to you as building advances with a progress draw construction loan. There are usually three draws at different stages of construction: 35-40 per cent, 65-70 per cent, and 100 percent completion. A progress report from an appraiser verifies completion at each level.
  • Completion mortgages are used to finance the purchase of newly constructed residences from a builder. Only when the house is finished does money become necessary. Although a down payment is still required, it is frequently possible to pay in instalments.


You can begin looking for new home developments or plan your rebuild once your finance is in place. 

  • We welcome you to consult our network of trusted partners for links to builders and real estate agents.
  • When you start your new home renovation, keep these pointers in mind and look for a construction loan.
  • Always double-check your plans. Make sure you understand what is and is not included and what adjustments you can make as the project continues.
  • Always obtain and read a written warranty or guarantee. You must understand what is covered and inquire about what is not.
Construction Mortgage
Construction Mortgage