I hope you enjoyed your Long Weekend!
The unofficial end to summer is here
Did you know................ I know people who can arrange construction financing for people like you who plan to build a home or cottage?
- Progress or Draw Mortgaging is the best way to finance a residential building project
- Unlike a standard mortgage, a Progress Mortgage is advanced in stages to fund the construction as it proceeds. Since the money is advanced as required, interest is only paid on the amount outstanding.
- Some great features:
- No set up, appraisal or inspection fees (most other lenders charge these fees);
- Client can use own solicitor;
- Free Mortgage Life Insurance during construction;
- Interest only payments during construction - interest at Prime plus 2%;
- Guaranteed mortgage rate offered at time construction financing is approved.
Please let me know if you have any questions regarding construction financing and I can put you in touch with lenders who specialize in this type of financing.
FYI: The next Bank of Canada rate announcement is scheduled for Wednesday Sept 3rd.