With a construction mortgage, the mortgage funds are advanced according to the percentage of work completed at each of the construction stages below.
Prior to advancing the funds, an appraiser will inspect the property and report on the percentage of completion. An advance will then be sent to the lawyer.
Stage 1: Foundation - excavation, footings, foundation, damp-proofing, weeping tile and back fill.
Stage 2: Complete Framing – finished framing, roofing, rough plumbing (including septic tank and field if applicable) roughed-in electrical plumbing and heating, exterior doors and windows installed.
Stage 3: Complete Interior Finishing - complete drywall, finish carpentry, painting, electrical, plumbing and heating, interior doors and basement floor.
Stage 4: Final Inspection - final official inspection of the build once it is completed.