Types of Construction Loan

Here are 3 scenarios applicants:

1. Residential Home Buidler: documents required to apply for loan include, offer to purchase contract; schedule of construction and price; approved plans.

2. General Contractor: documents required to apply for loan include, approved plans and contracts between general contractor and borrower.

3. Self-Build: documents required to apply for loan include, offer to purchase contract; approved plans; land/title in borrower's name(s); copy of building permits; construction costs breakdown; contracts with all subcontractors; borrower's resume

First step: Apply and create necessary documents

Second step: Consult with your mortgage broker for your available mortgages

Christine Chien 604-603-6189 (mon-sat 10 am - 9pm)
cchien@mortgagegrp.com

Third step: Understand the stages & percentages of "money draws" during construction.