Construction Mortgage Services
Mortgage Agents & Advisors in Kingston, ON
Building your own home is a very popular and attractive option for many home buyers, however it can come with complex financial burdens. As Mortgage Agents, that’s where we come in! We are here to help make the process as simple and stress free as possible!
Typically a construction mortgage is used to finance the construction or major renovation of a building, home or commercial property. In most cases, the interest is paid while the home is being built on an interest only basis.
The most common practice is a two step process. The first step is a construction mortgage which is much more flexible although more expensive. Once the project is completed it would then switch to a conventional lender at best rates.
Did you know that there are many types of mortgages for the many types of construction builds? Each one is unique in their own right and have completely different rules. Some examples are:
- Owner built with Tarion
- Owner built without Tarion
- Contractor built though draws
- Contractor built without draws
Construction mortgages are challenging to navigate and have a great deal of complexity to them. Using a mortgage agent will help take the headache out of the whole process. We aim to make your life as easy as possible so you can obtain your dream of owning a custom built home sooner! Call us today for more information!
