Home Construction Loans
Planning on building a new home, or a major renovation and need a construction loan? Yes Plan Financial in Edmonton offers fast, low rate Alberta construction mortgages. Completion and construction draw options plus flexible terms are available with a YES Plan Financial Alberta construction mortgage.
Yes Plan Financial provides private mortgages and we know home construction. We have an in house master builder to answer any construction questions and speed up the approval and funding process. Our expertise in construction is included when you apply for a Yes Plan construction mortgage.
Construction Mortgage Financing
The type of mortgage you may need depends on whether you are hiring a contractor, building yourself, or if you are purchasing a brand new home. These two ways of financing construction mortgages can also be utilized if building your own home.
If hiring a contractor, you will need a completion mortgage or progress draw mortgage. Completion mortgages pay for a home once it is finished. If purchasing a newly constructed home from a developer then the solution is a completion mortgage. A progress draw mortgage finances the construction of your home at specified intervals or construction milestones.
Costs and interest rates vary for each type of construction mortgage. There are more variables with a construction mortgage than a standard mortgage. A Yes Plan Financial mortgage expert can walk you through the options, costs and other details when you apply for a Yes Plan mortgage.
What to expect with a Construction Mortgage
With a construction mortgage you will need more documentation than a standard mortgage. In some cases a signed contract with the builder is required along with copies of all quotes. In some instances a full appraisal of the property may be required. At Yes Plan Financial every construction mortgage is unique just like home owners.
A Yes Plan mortgage expert will guide you through the entire mortgage process. At Yes Plan we cut down the paperwork as much as possible on our loans. We design mortgage loans that fit your finances and life style.
Your New Home is just a Phone Call Away
Instead of dreaming about your new home let Yes Plan turn that dream into reality. We also have mortgage broker partners that offer private mortgages with a lot more flexibility than most traditional mortgages.
We value long term relationships and we can finance your next mortgage. Give us a call or start the ball rolling with our fast and simple application for a construction mortgage.