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Almost 15 years of diverse real estate experience, including a mortgage broker with a professional engineering background, 3M Mortgage Services is uniquely positioned to work with borrowers considering new construction loans.

Our construction loan experts are proficient in financing custom homes, infill (IL-COMM-Infill) building projects, and major land development or construction projects (IL-COMM-Construction).

From reconstruction to demolition and rehabilitation, the 3M Mortgage Sevices team has the experience and capabilities to provide you with the right construction loan product on the right conditions for you.


Before you decide to buy a new home, it's a good idea to learn about the special terms and considerations for a construction mortgage, also known as a self-build mortgage. Mortgage brokers licensed by 3M Mortgage Services can help you decide which option is best for your individual situation. Construction mortgages generally appear to be of two types:

  • With a progressive payout construction loan, money is paid to you as construction progresses. There are usually three draws at different stages of construction: 35-40%, 65-70% 100% completion. The completion of construction is verified at each stage with a progress report from an assessor.
  • Completion mortgage applies to newly built homes bought from the constructor. Money is only required when the house is 100% built. A down payment is still required but can often be paid in several stages.