BUILDING YOUR HOME
Mortgages for Building
With our office you have some choices. Are you working with a builder who owns the land or do you own the land? Would you like a draw mortgage or a completion mortgage? If you have the option, when working with the builder who owns his land, the completion mortgage is always more beneficial for you - rates as part of the factor.
If you are building your own home on your property then we structure things differently. We would start with having the blue prints and the land appraised as though the project was completed as a whole unit. This will immediately determine the equity you will have once completed. As the equity is generally much higher one usually does not have to put any further dollars down. This process requires further conversations to gather all the facts and provide you with a clear path as to how to proceed. This process often leads to very quick wealth building.
We are very familiar with this process and the interaction with home warranty. Please give us a call to discuss.