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Construction

Endless possibilities await when constructing a new build.

Though you can build your dream home and can reduce costs through sweat equity, construction financing is much more involved than traditional financing.

In addition to the documents required when securing a traditional mortgage, construction financing requires a building permit, architectural plans, a detailed list of costs to complete, and an appraisal confirming both the “as is” and “as complete” property values.

As construction progresses, the appraiser confirms your progress and assigns a percentage complete.

Funds are then released in the form of draws based on the percentage complete and the “as complete” value. Each draw is subject to the Construction Lien Act where your lawyer is required to hold back funds until 60 days after substantial completion, so you will not have access to all funds immediately.

It is important that you have the means to cover construction costs both in between draws and until the construction lien hold back is released.

Since construction can come with surprises along the way, our goal is to arrange flexible financing that meets your needs through the duration of your build.

Purchasing a turn-key property from a builder does not require construction financing.

Since the property will be 100% complete at closing, traditional financing can be arranged for the purchase.

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★★★★★

Corinna and Lisa are the best in the biz. As first time home buyers there's a veritable mountain we didn't know going into this process, Corinna and Lisa took that massive unknown and walked us step-by-step through everything we'd need to know while going above and beyond and answering our every question promptly and incredibly thoroughly. Going with a broker is always the right call, and you won't find better than this office.

R. Cowl, January 2025

★★★★★

The service we received was exceptional from start to finish!! Communication was detailed, prompt, and easy to understand. An added bonus was being able to do everything online. It was simply the best experience and would highly recommend to anyone!

 

S. Parker, September 2024

★★★★★

Without any exaggeration, Lisa and Corrina at The Mortgage Advisors provided us with the best customer service I likely have experienced in my life. As my point of contact, Lisa was extremely responsive, organized, detailed, and a clear communicator, which made buying our first home simple. We would have not been able to navigate this process and secure our great mortgage rate without Lisa and Corrina. We can not recommend them enough - 6 out of 5 stars.

 

M. Brown, July 2024

★★★★★

I would highly recommend The Mortgage Advisors as a broker for the two following reasons:
1) I secured the best rate possible
2) Lisa. She is exceptionally knowledgeable and a great communicator. She provided me with more information than any of the large lenders ever did and as a first time home buyer this was highly appreciated. Her responsiveness to questions helped me quickly understand the process and make good decisions.

Even without the lower rate I believe I still would have chosen to do business with The Mortgage Advisors purely based on my experience dealing with Lisa. 

 

J. Sine, May 2024