Many people who think of construction loans automatically assume that these types of home construction financing are only available to big home builders. But in reality almost anyone can get construction loans to finance the purchase and construction of their new custom home. Of course you will need to meet the criteria set by the lenders in order to qualify for a home construction loan, but it is readily available.
Some people buy homes with the idea of completely tearing them down, and rebuilding a brand new one. Others already own a home usually an older home, and decide they would like to use the great lot they have to build a custom home. This is where home construction loan financing comes into play. Lenders have a criteria that they look for before they will approve anyone for home construction financing, and it’s important to know what these are.
If you’re looking for this type of mortgage financing or construction loan, a good mortgage broker can usually guide you in the right direction. They can have access to many different types of construction loans through major lending institutions, or private lenders. And the rates on a construction loan can also vary from each lender so a good mortgage broker will know exactly what you need, and how to get you the best interest rate.
Watch this episode with mississauga real estate agent Joe Terceira and mortgage broker Tracey Brock of Dominion Lending Centres where she will talk about home construction loans, home construction financing, and more on Real Estate 101
For more information on financing or if you need a mortgage broker, contact Tracey Brock of Dominion Lending Centres.
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