5 Year Fixed 3.34%

5 Year Variable 2.70%

CTV Morning Live: Mortgage Minute - June 6 2017

CTV Morning Live: Mortgage Minute - June 6 2017

Date Posted: June 6, 2017

The dream of homeownership is one that many Canadians aspire to achieve. While choosing from dozens of builders and specific model homes can be tough, some Canadians prefer to go the route of purchasing their own lot, and building their home from their own custom designed plans.

Frank Napolitano goes over the requirements in order to obtain a mortgage on a lot and the steps taken afterwards to get your dream home built.

One of the main differences that lenders willing to provide financing on a lot require is that prospective buyers must put down anywhere from 20% to 35% down payment, versus the traditional 5% minimum down payment on a home.

The next step, after purchasing a lot, would be to begin building your home! However, obtaining a construction mortgage does require homeowners to have some money available to help start the construction process. The construction mortgage lender will begin to release funds as the home progresses through its construction.

Building your own home from scratch can be a stressful. There is a ton of planning required to ensure everything runs smoothly. Speaking with one of our mortgage brokers will help ensure you receive the professional advice you need, so that your construction process won't be stalled due to financial issues.

Click here to watch the full segment on CTV Morning Live.

Visit our website to learn more about various mortgage products available, the latest rate and for a list of our Mortgage Brokers.

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