algary has a lot of custom-built homes, and if you’re about to undertake a construction project – whether it’s a new home or a commercial property – Mortgages By Candice will find you the very best rates and terms for your endeavour.
Mortgages By Candice can assist you with procuring your construction loan, and also help you through the entire building process.
With a construction loan, while work on your property is being completed you are only required to pay the loan’s interest. The principal of the loan comes due when the project is finished to your satisfaction. For homes, this generally means once a certificate of occupancy has been issued.
Some of the best features of construction loans include, if you already own the land on which the project will be built, that can be considered equity on the loan. If you’re a homeowner, you can also choose a program where the construction loan is converted to a mortgage loan after the home’s certificate of occupancy is issued, meaning you only need to repay one amount. Most interest rates are variable, but you can choose to lock in to a rate, too.