{"id":229,"date":"2023-03-28T07:36:33","date_gmt":"2023-03-28T07:36:33","guid":{"rendered":"https:\/\/budgetrates.ca\/?post_type=service&p=229"},"modified":"2023-04-13T10:08:33","modified_gmt":"2023-04-13T10:08:33","slug":"new-construction-loans","status":"publish","type":"service","link":"https:\/\/budgetrates.ca\/fr\/service\/new-construction-loans\/","title":{"rendered":"New Construction Loans"},"content":{"rendered":"
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What is a New Construction Loan?<\/h2><\/div>\n
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A new construction loan, also called ‘construction mortgage, ‘home construction mortgage’, ‘self-build’ mortgage, ‘home builder\u2019s mortgage’, or a ‘progress draw mortgage\u2019 is a loan where the money borrowed is utilized to help pay for the building of a new house or property.
\nAs work advances, the money will be released to you in installments, sometimes known as draws. The draw schedule is based on construction progress. The initial appraiser will conduct a progress inspection to confirm the construction’s status.<\/p>\n

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