Having a new home built makes for an exciting time in a family’s life. Instead of having to buy a house that already has a set floor plan, color scheme, flooring, and other traits, you get to make all of those choices before the house even goes up. A lot of people buy an existing house knowing that they want to make a number of changes, such as repainting the master bedroom, ripping out the carpet and replacing it with hardwood floors, or even knocking out a wall or two to open up a living space. People who take out construction mortgages in BC are using the financing to have their homes built from scratch.
If you are dealing with a major builder in the Abbotsford area, typically they will carry the financing for you throughout construction and you simply need a completion mortgage once the home is complete. If the builder is not willing to carry the financing you may be required to acquire a progress draw mortgage. A progress draw mortgage will advance money in intervals as the house is being built.
If you want to learn more about construction mortgage, reach out to us at Sandhu and Sran Mortgages. We can connect you with construction loan providers in your area and provide you with the best deal possible.