How do Progress Draw Mortgages Work in Toronto?
We’ve talked about construction loans, or progress draw mortgages, at great length on this blog. When you want to build a home, your construction loan will be divided into several different parts, called draws, to be released at different times during the construction period. But how exactly does the application process work? It’s no secret…
Read moreRecreational Construction Financing in Ottawa
When you need a vacation home and you want to build it yourself, getting a mortgage for that property can be very murky. Most major lenders don’t deal with these loans as typical mortgages, or often even typical construction mortgages, because they simply don’t understand them. Because these loans don’t fall into one neat category…
Read moreHow to Qualify for Self-Employed Construction Financing in Toronto
Self-employed mortgages can be difficult enough to obtain. But what are you supposed to do when you’re self-employed and need a construction loan to complete a new home that’s being built from the ground up? Truthfully, it’s no harder for self-employed individuals to get these types of loans than it is anyone else. What self-employed…
Read moreTypes of Construction Mortgages in Ontario
A construction mortgage is a mortgage that you take out when you’re building a new home and you need funding for the contractor so they can complete the project of building the home. But just like with most mortgages, there are different types of construction mortgages – a lot of them. In fact, there are…
Read moreConstruction Dips on Concern over Mortgage and Construction Loan Affordability
New home construction slows amid perceived concerns about the affordability of home mortgages and construction loans.
Read moreParents Buying Homes Near Their Children May Require Construction Loans
More parents are choosing to buy houses near the home of their children. When remodelling parents need to keep in mind that construction loans are available.
Read moreHomebuilders’ Economist Paints Positive Housing Picture; Hawkish on Rate Hikes
Canadian Homebuilders’ Association economist paints a “positive picture” for economy and housing markets into 2011, yet remains one of the few hawks forecasting further near-term increases in the Bank of Canada’s lending rate.
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