What is a Builders Mortgage?
Builder’s mortgage is a specific type of mortgage that is designed for people who are building a new home. This type of mortgage can be used to finance the construction of a new home, as well as the purchase of the land that the home will be built on. Builder’s mortgage is a great option for people who are looking to build their dream home, but may not have the necessary funds to do so. With a builder’s mortgage, you can get the financing you need to build your dream home, without having to worry about the high interest rates that are typically associated with traditional mortgages.
Things to keep in mind when seeking a builder’s mortgage
- The loan amount will be based on the value of the land and the estimated value of the completed home.
- The loan will usually have a shorter term than a traditional mortgage, since the home will be completed and sold more quickly.
- The interest rate on a builder’s mortgage is typically higher than the rate on a traditional mortgage.
- Builder’s mortgages are typically available only from certain lenders, so it’s important to shop around.
- It’s also important to make sure that the builder you’re working with is reputable and has a good track record.
How Cindy Janisch Can Help With Builder’s Mortgage
Cindy Janisch is a mortgage broker in Edmonton who can help you with builder’s mortgage. Contact Cindy Janisch today to learn more about builder’s mortgage and how it can benefit you.
