CTV Morning Live: Mortgage Minute - March 10
Watch Frank Napolitano on CTV Morning Live discussing construction mortgages.
On this week's episode of the Mortgage Minute, Frank Napolitano discusses construction mortgages. Not to be confused with purchasing a new built home off of some of the bigger, more known companies in Ottawa. Construction mortgages are for clients who wish to build their own home, or have a smaller contractor do it for them. Funds are typically disbursed to the client throughout different stages of the home's construction. These types of mortgages require patience and a substantial cash flow. Dealing with contractors can often cause delays, and being able to initially finance some portion fo the construction is to be expected, like owning the lot in which you plan to build the home on.
There are various lenders who will work with you on a construction mortgage, thus it is important to discuss all details of your mortgage with a professional. Contact one of our Mortgage Brokers for advice.