Process Draw Mortgage For Custom Built Homes

Blue Arc Homes is a state-of-the-art home development firm that also specializes in mortgage services to buy your dream home. Our team provides you with everything you need to take advantage of our custom-built home program. We will help you buy a home that will offer you a higher quality of life for many years starting with easy financing.

Why Process Draw Mortgage?

Typically, Draw mortgage is used for the house that is going to be built for you. The draw mortgage allows the builder to ‘Draw’ funds from the mortgage at designated intervals during the construction phase. Generally, one-third of the money at the beginning, then in the middle and the rest at the end. This gives you the freedom to make any necessary modifications while your new home is being built.

With a process draw mortgage, you will only need a 5% deposit and we will finance the balance of your home. You can include all closing costs, options and upgrades in this loan amount, making it very easy to afford a better-quality home than you may have been able to otherwise.

Comparatively, ‘Completion Mortgages’ are used for the homes that are already built or will be completed in a month or two.

How Process Mortgage Works?

Blue Arc Homes will make a pre-construction agreement with you and we start to build your custom-built home. You can contact us at any time for an update on the progress of your new home, and it is our goal to keep all lines of communication open during this process. When it comes time to finance your new home, Blue Arc Homes will provide you with a process mortgage draw schedule. You can choose to receive draws in accordance with the terms of your contract, usually on a regular basis throughout construction. The type of financing you choose will determine how many draws are allowed during this phase. When your home is completed, Blue Arc Homes will contact your bank for the final settlement and an inspection will be scheduled. Upon completion of this process, you can take possession of your home and make it your own.

Benefits of Process Draw Mortgage

There are many benefits to choosing a process draw mortgage over other common types of financing. Our program offers the following advantages:

Blue Arc Homes is ready to help you find the right mortgage solution for your needs. Our goal is to provide high quality, custom-built homes in a fast and efficient manner.