How Our Custom Home Financing Works
When you build a custom home with Lithium One, you have the option to go through our custom home financing program. It differs from the traditional financing model in several ways. First, you’ll sit down with our builder and designer to plan out the type of custom home you want. We’ll then provide you with a price for your anticipated project.
Next, you’ll arrange a visit with one of our recommended brokers. Just as with a traditional lender, they’ll discuss your finances, equity, and borrowing abilities before approving your loan. At this point, Lithium One will take a 20% deposit then begin construction on your custom home right away. There are no additional draws throughout the building process.
While construction progresses on your custom home, you’ll have the opportunity to sell your existing home. When your new home is complete, you can allocate the 20% deposit you provided to Lithium One as part of your down payment. At the end of the process, you have a new home and one mortgage.