I have the privilege of talking to Karen Matthey from Mortgage Professionals in Kingston Ontario (link to her website and email below) who is an EXPERT in Construction Loans and she handles A LOT of them in our local market. The information in the video is for Ontario Canada and the process may be different in your location.
Construction or build loans are a bit of a different animal than your standard, buy a house, get a mortgage, move in and start paying it down. There are many more steps and you need to make sure you are well informed at the outset.
Information is key and understanding the process and how it is all going to work make take some time and repetition and someone like Karen who is experienced and excellent at explaining the process (and holding your hand through it all).
As some of you may know I am in the middle of this process right now and hope soon that we will have the shovel in the ground and in not too long be ready to take our first draw on our construction loan.
If you are thinking about buying a lot and building (because, many of you are frustrated with this seller's market and buying a lot and building can seem like an attractive option), get in touch with Karen to talk about the process and then connect with me to find that perfect piece of property to build on...like I did.
