Construction Mortgage in Toronto
Are you building your dream home, and acting as your own general contractor? Mortgage broker at Lifeline Financial can help by arranging the most competitive builder’s mortgage products in the marketplace with up to 3 to 5 construction draws over the construction phase of your project depending on its complexity. Call or go online and apply today.
Mortgage broker at Lifeline Financial also provides debt consolidation, credit repair services across North York, Scarborough, Mississauga, Brampton, Vaughan, Markham and Toronto.
Builders mortgage is also known as construction mortgage. Builders mortgage is for individuals who want to build their own homes from scratch , rather than buying an existing home or even a new one built by a home construction company. People who like this kind of home have special preferences such as location, lot size, special home style and design. They pay particular attention to design their home and they take pride in the entire process from beginning to end. The amount of funds required to complete the construction is determined by experts such as architects, appraisers and quantity surveyors based on the value of land, drawings and specifications , labour and technicians.
A construction mortgage allows you to draw on the full amount of the mortgage as the construction progresses. The funds are given out based on progress advance. The full amount of the money you need is first approved, but the funds are advanced to you as you reach various stages of the building process. Such payments are called draws.
In the case where the builder owns the land, the first advance is available as equity-take out on the value of the land. If the builder has not as yet purchased the land, the first advance is given for the purpose of purchasing the land. If you are planning on building your own home from scratch, contact Lifeline Financial for assistance in finding your builders mortgage.
Use mortgage calculator provided online by Lifeline Financial.