Process Draw Mortgage For Custom Built Homes
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?
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.