One of the primary benefits of dealing with a mortgage lender such as ASCEND MIC is that we specialize in offering unique mortgage financing solutions to meet your specific needs. We’re not overly restrictive in our lending practices, as traditional banks and lenders tend to be, because we work with you to come up with specific financing alternatives that work — for you.
What is a construction mortgage?
An ASCEND MIC construction mortgage does exactly that because it is designed to help you both construct a new home (or engage in a major renovation in some cases) as well as own and live in the home once construction is completed. It’s a comprehensive all-in-one financing solution that might be best-suited for those individuals interested in building their own new home. It’s just another part of the ASCEND MIC difference.
The way a construction mortgage works is that it is essentially comprised of two major components, even though it’s only one mortgage requiring one process that involves only one approval. There’s no endless paper process or bureaucratic red tape. At ASCEND MIC, we’re experts at handling all levels of mortgage administration so that the experience is as streamlined as possible for our clients — each and every time.
How it works
The first part of a construction mortgage involves financing for the construction of the home, which can come in stages, if necessary. The second part of a construction mortgage kicks in once the construction phase is completed, at which point the regular mortgage kicks in and acts just like any other mortgage, except that the additional approval is no longer needed. With a construction mortgage, it’s already been done.
It should be noted that a construction mortgage is not a builder mortgage one might get through a developer building a home in a subdivision, for example. Construction mortgages can help those that are interested in building a home themselves and receiving the financing designed to do exactly that.
There are various regulations in place surrounding the construction and mortgage procedures needed to successfully execute a construction mortgage, and that’s why ASCEND MIC is here: to navigate the waters for you in order to make the dream of building your own home become a reality.
Contact us today to learn about the construction mortgage options available to you. We look forward to hearing from you.