Construction Financing
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Our guide on Construction Financing Mortgages in Canada!
Building a new home or undertaking a significant renovation can be an exciting but stressful time, especially when it comes to financing the project. That’s where construction financing mortgages come in.
What is a Construction Financing Mortgage?
A construction financing mortgage is a type of mortgage that provides funding for the construction of a new home or significant renovation project.
Unlike a traditional mortgage, where the full amount is given upfront, construction financing mortgages are released in stages as the construction progresses. The lender will typically release the funds in instalments, known as draws, after specific milestones are met.
How Does a Construction Financing Mortgage Work?
Construction financing mortgages work differently than traditional mortgages. Instead of a lump sum payment, the funds are disbursed in installments based on the project’s progress. This method of payment is called progress draws, and they are typically paid out in three to four installments:
- The first draw is issued at the start of the project to cover the initial expenses, such as purchasing land or preparing the site.
- The second draw is paid once the foundation is complete and inspected.
- The third draw is paid once the framing, wiring, and plumbing are in place and inspected.
- The final draw is paid once the project is complete and the final inspection has been passed.
It’s essential to work with a lender who has experience with construction financing mortgages. They can help guide you through the process, ensure that the draws are paid out correctly, and that the project is on track.
What Are the Benefits of a Construction Financing Mortgage?
A construction financing mortgage provides many benefits to those who are building a new home or undertaking a significant renovation project:
Flexibility
Construction financing mortgages are flexible and can be customized to suit the needs of your project. The draw schedule can be adjusted to accommodate your specific needs, and the loan amount can be tailored to fit your budget.
Lower Payments
Unlike traditional mortgages, where the full amount is given upfront, construction financing mortgages only require payments on the funds that have been disbursed.
Interest-Only Payments
During the construction period, you only have to pay interest on the funds that have been disbursed. This can help to reduce your monthly payments and free up funds to be used elsewhere.
Increased Control
With a construction financing mortgage, you have greater control over the construction process. You can ensure that the project is completed to your specifications and that the quality of the work is up to your standards.
Conclusion
Construction financing mortgages are an excellent option for those who are building a new home or undertaking a significant renovation project. They provide flexibility, lower payments, interest-only payments during the construction period, and increased control over the construction process. If you’re considering building a new home or undertaking a significant renovation project, contact us today to learn more about construction financing mortgages and how we can help you finance your project.
We Offer A Range of Solutions For All Your Second Mortgages Needs!
A home equity line of credit or HELOC is a line of credit taken out by a borrower to access the equity in their home. The amount you can access is based on the amount of available equity in your home, which is determined by subtracting the appraised value of your home relative to any existing mortgages. The more equity you have available, the larger the line of credit amount you can qualify for. Whatever the reason you have is for needing to access your equity, HELOC loans are a great solution that allow you to access equity with flexible terms and payment options.
Why Choose Burke Financial
At Burke Financial, we specialize in communicating with lenders on behalf of our clients and delivering the best techniques and resources to combat a Power of Sale in Ontario. When it comes to protecting your home and your family, we leave no stone unturned. Our Mortgage brokers are available on-hand to put a stop to this process and ensure you remain in your home.
We are a customer service leader, and we’re committed to creating a positive and stress-free experience for our clients. Your home is an essential part of your story, and you deserve to continue writing.
Don’t stress over losing your home. Let the experts help. Get in touch with Burke Financial today.
Burke Financial Mortgage Success Metrics
Mortgage success metrics show how Burke Financial delivers real results across Ontario. These figures reflect total loans funded, interest saved, and satisfied clients. By sharing these numbers, we demonstrate the measurable impact of our work for homeowners seeking flexible, fast lending solutions.
Learn more about how we help homeowners across the province on our Communities We Serve page. These results continue to grow as we help clients access the equity they need.
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Millions in Loans Funded
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Millions Dollars Saved for Clients
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Happy and Satisfied Customers
These figures represent more than just totals, they reflect the trust thousands of Ontario homeowners place in Burke Financial. Each approval means a family secured funding, reduced stress, or avoided unnecessary penalties from traditional lenders. Our ability to work with alternative lenders allows us to provide solutions that others may not, helping clients with urgent needs, complex applications, or non-traditional income. As the market evolves, we continue to grow our network and improve our process to serve more communities. Burke Financial remains committed to transparency, speed, and delivering consistent results.
This FAQ covers common questions Ontario homeowners have about working with a mortgage broker.
Licensed financial professionals have the tools to secure the lowest rates and customized payment plans. Working with a broker saves time and helps you access the most competitive mortgage solution.
A mortgage broker acts as the link between you and the lender; in addition, they handle paperwork, negotiate rates, and match you with the best loan for your goals.
Your broker collects key documents, checks credit, and verifies employment before submitting one complete application to multiple lenders. As a result, they handle negotiations, conditions, and coordination to ensure a smooth closing.
Fees vary depending on your unique situation and the financing solution you choose; therefore, it’s best to request a personalized estimate. Contact us today for a personalized estimate of what your costs are likely to be.
Owning a home is a major investment; as such, the right broker can make all the difference. At Burke Financial, we connect Ontario homeowners with trusted lenders and fast, tailored solutions.
We offer mortgage broker services, with a specialty in subprime mortgages, across the province of Ontario.
At Burke Financial, we offer personalized mortgage solutions tailored to each homeowner’s needs. We focus on flexible terms, fair rates, and clear guidance to help clients achieve lasting financial stability.
As an industry-leading Mortgage Brokerage, we leverage our vast network of banks, institutions, MICs, private lenders, and investors to connect our clients with some of the best lending options.
Even if your credit score is below 650, our vast lending network still enables us to secure approvals for complex applications. We negotiate on your behalf to get you the most competitive rates and terms.
With our quick turnaround times, we can put money in your pocket in as little as 48 hours.
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We proudly serve homeowners across Ontario.
Burke Financial works with homeowners in communities across Ontario, providing mortgage solutions tailored to each region’s needs. Whether you’re located in a large city or a smaller town, our team understands local real estate markets, property values, and financial challenges unique to your area. We focus on delivering fast approvals, flexible repayment options, and alternative lending access where traditional banks fall short.
- Ajax
- Cambridge
- Kitchener
- Peterborough
- Thunder Bay
- Barrie
- Greater Sudbury
- London
- Pickering
- Toronto
- Brampton
- Guelph
- North Bay
- Sault Ste. Marie
- Waterloo
- Burlington
- Hamilton
- Oshawa
- St. Catherines
- Whitby
- Caledon
- Kingston
- Ottawa
- Thorold
- Windsor
Learn more about Ontario property taxes here.
Contact Us
Today
Have questions about your mortgage options? Burke Financial is here to help. We offer fast, flexible lending solutions to homeowners across Ontario, whether you’re consolidating debt, funding a renovation, or navigating credit challenges.
Our licensed team specializes in alternative lending, with most approvals completed in just 24 hours. You’ll receive clear guidance, quick communication, and a personalized plan that fits your financial goals.
Contact us today for a free consultation and take the first step toward the right mortgage solution for you.
