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Construction Mortgage in Toronto
How can you Get Mortgage for Home Construction
New home construction is a very common and exciting task and a form of investment all across Ontario. it is exciting to build a home based on your customization, style and taste as oppose to a home that was built based on someone else taste. .
What options and requirements do you have when looking to apply for a mortgage that you need for home construction in Toronto and Ontario? At Fast Private Lending we provide our clients with different options when it comes down to construction mortgage. There are many unique solutions readily available for individuals who are looking to start a construction project Whether the goal is to build yourself, employ a general contractor or a company for building, or simply purchase a brand new home. Custom home building has become a very popular form of trend across Canada and Ontario in particular. This has allowed many people to add their own designs to their homes and projects which shows their own personal taste. To execute such a projects it is necessary for the individual must ensure the financing is secured and there is a sufficient and professional management put in place.
What documents do i need to to Apply for Construction Mortgage?
The process to get approved for construction financing in Ontario is quick if is done right. When looking to build there are several number of documentation that are needed to be provided and obtained. Some of these documents include : Building plans, proof of down payment, specifications and fire certificate . By contacting our private mortgage specialist , you ensure these steps are done correctly and the results you have a peace of mind that your project is done properly and in a timely fashion. We ensure you save time and money in the process.
how do i qualify for a Construction Mortgage in Toronto?
Self- Build mortgage is also another name for construction mortgage in Ontario which is has different qualification criteria than getting approved for a mortgage on your existing home. The lender and the institution that is providing you the mortgage requires more documentation and information from individuals who apply. There is a larger down payment requirement that is upward of 25%-30% and this is much higher than financing your existing home.
A professional contractor will need to assist you and provide you with the right drawings of the project ,cost budgeting and cost involved as well as timeline so you can start approaching the lender to start the application process for construction financing in Ontario.
All lenders who provide you the financing require the project to be completed within a certain time frame, and that is the reason they need to ensure the builder is fully certified and has a existing portfolio of formerly well built projects and homes.
Lenders consider financing the construction projects and their mortgages to be much riskier than financing a existing property. That is the reason the lenders will always fund the project in various stages of the project and and won’t part with full funding of the project until it is full completed.
The lenders normally require the following:
- Credit history of the applicants
- Proof of Income
- Building plans and estimates including the time lines
Types of Construction Mortgage
There are 2 main types of construction mortgage available in Canada.
1) Progress draw mortgage : It is paid out while the construction project is progressing. the payments are made when you reach 35% ,65& and finally 100% of the project completion. Lenders consider progress draw mortgages as a much riskier type.This is due to the fact that incomplete building is the collateral for the financing and in case of default the lender will be left with a incomplete building which will not cover the entire amount of the financing.
2) Completion mortgage: The money is transfer to borrower only when the project is fully complete and or when the occupation takes place. Since the funds are transferred upon completion the borrower can make certain changes to the mortgage as needed up to 30 days prior to take possession of the property. This will help the borrower to request additional funds in case of overruns in the project. There is down side to this which has to do with your life circumstances, if there are any changes to your life circumstances it may affect your qualification scenario and you may not be able to get qualified,
Types of Construction
There are 3 main types of construction :
- Self-built construction
- Contractor built construction
- Purchase of a brand new constructed property – This is a best choice for home buyers who desire a brand new property but have no desire to go through the planning stage of construction and construction itself.
The first two choices will be qualified for progress draws mortgage as well as completion mortgage. The last option will only qualify for a completion mortgage. Duo to complexity of this type mortgage , we suggest you to consult your situation with a mortgage specialist prior to applying for a construction mortgage. We are confident we can save you time and money and help you go through the process of getting your mortgage fast with the lowest rate and the most desirable terms according to your unique situation.
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