New Home Construction Loans
Building a new home
is stressful enough.
Our construction loan makes financing easy with one loan, one set of closing costs.
Call us to get more info: 1-800-822-6761
What you need to know |
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What do I look for in a construction loan? |
Like any mortgage, you want to ensure your monthly payments fit within your budget. This is particularly true with a construction loan – because you may be paying to live somewhere else while your new home is being built. During the construction phase, you want to keep expenses manageable and not incur any extra costs that might come with delayed construction. Managing expenses is easier when you choose a construction loan from TD Bank.
PLUS: You can use a TD Bank construction loan to renovate your current home. |
Expand How do I get a construction loan? |
Your first step in securing a construction loan should be to talk to your TD Bank mortgage advisor. The amount you may borrow will be an important part of your discussions with your builder in deciding what to include in your new home. An advisor can also answer your questions about how construction loans are structured.
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Expand What does a construction loan include? |
A construction loan can include:
If your new home construction is being financed by the developer or builder, then you will purchase your home from them and will not need a construction loan. You will follow the same process for buying your next home or buying your first home. |
Expand When do I sell my current home? |
You may plan to use the proceeds from the sale of your current home to help finance the construction of your new home. Construction loans at TD Bank are structured to meet your specific needs, and a mortgage advisor can help you understand your best options when you discuss your loan qualifications and mortgage application. Making the transition financially and physically into a new home can require some juggling. When it comes to moving from your current house to your newly built home, you can either: Wait to sell Sell now and rent Your TD Bank mortgage advisor can help you make the choice that is right for you. |
Have questions? Ready to apply? We're here.