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A few years ago, I got a mortgage with Jesse Brun. I was very pleased and thankful for all the help he offered. Jesse was very good at explaining everything I needed to know. I want to thank him for his help and his hard work. I will definitely keep recommending him and hope to be doing business with him again.

Andre Vienneau

JESSE BRUN

Mortgage Intelligence
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Construction Financing Mississauga ON

Construction Financing in Mississauga, ON

If you're thinking about building your dream home in Mississauga, ON, or if you’re a home builder looking for construction financing, we can help. In this guide, we'll cover everything you need to know about construction loans in Mississauga, including how they work, what you need to qualify, and where to find the best deals.

What is a Construction Financing?

A construction financing is a type of loan that is specifically designed to finance the construction for home builders and developers. Unlike traditional mortgages, construction financing are not paid out in a lump sum. Instead, they are disbursed in installments as the construction project progresses.

The disbursement schedule for construction financing is typically based on specific milestones, such as the completion of the foundation, framing, or roofing. The lender will inspect the construction site at each milestone to ensure that the work has been completed according to the plans and specifications. Sometimes the lender will be ok with simply receiving photos of the work when it’s complete or have an appraiser do a quick inspection to confirm that the improvements have been done

Construction loans usually have higher interest rates than traditional mortgages because they are considered riskier by lenders. The risk comes from the fact that construction projects can be delayed or go over budget, which can lead to the lender being stuck with an unfinished or unsellable property.

Our mortgage office specializes in helping home builders and developers in Mississauga ON obtain the financing they need for their construction projects. We work with a network of alternative construction lenders to find the best construction financing for their projects.

 

Why choose our mortgage office for your construction projects in Mississauga ON?

If you are tired of dealing with banks and not getting the financing support you need, we can offer you the best construction Loans. Our construction lenders in Mississauga, ON are competitive and they support many home builders and developers. Our lenders also have advanced methods to quickly fast-track the approval process. As a bonus, our lenders do not have any credit score, income, or presale requirements.

If your project is denied financial support by the bank or if you want to complete more projects faster, we are at your service to help you. Call (888)878-4660 and chat with us for an expert opinion about your project.

We are confident that when you connect with us, we can help to remove all headaches and hassles to get you the financing to start your project as soon as possible. If you have money problems for your profitable projects, we have solutions.

Feel free to visit our construction loan website which shows in more details our private construction lender solutions for home builders and developers in Mississauga ON. The website is: www.ezconstructioncapital.com

Our mortgage office specializes in providing construction financing in Mississauga, ON. We have years of experience working with individuals who have bad credit, and we understand the challenges that you may be facing.

When you choose our mortgage office for your bad credit construction loan, you can expect:

  • No income requirements
  • No presale requirements
  • No credit requirements
  • Flexible eligibility requirements
  • Personalized service
  • Experience construction mortgage agent
  • Fast construction approvals
  • Expert advice & guidance

 

To get started, simply contact us at (888)878-4660 or fill out the short form on the top left-hand side of our website. One of our experienced mortgage agents will be in touch with you shortly to discuss your options and answer any questions you may have. The website is: www.ezconstructioncapital.com

 

Below is a list of words that are associated with getting a construction loan. We are providing you the list along with their definitions to help you in your construction journey:

  1. Contingency fund: a reserve of money set aside to cover unexpected expenses that may arise during the construction process.
  2. Construction loan: a short-term loan used to finance the construction of a new home or other real estate project. 
  3. Mortgage: a loan secured by real estate, usually used to purchase a home or other property.
  4. Equity: the difference between the value of a property and the amount of money owed on any outstanding loans.
  5. Draw schedule: a timeline of when and how much money will be disbursed during the construction process, usually based on certain milestones being met.
  6. Builder's risk insurance: insurance that protects against damage or loss during the construction process.
  7. Certificate of occupancy: a document issued by a local government agency that certifies that a newly constructed building meets all local building codes and is safe for occupancy.
  8. Construction contract: a legal agreement between a property owner and a contractor that outlines the terms and conditions of a construction project.
  9. Disbursement: the process of releasing funds from a construction loan to pay for materials, labor, and other expenses.
  10. Mortgage broker: a middleman who helps borrowers find and apply for mortgages, typically by working with a network of lenders.
  11. Appraisal: an estimate of the value of a property, typically done by a professional appraiser.
  12. Title insurance: insurance that protects the lender and/or the homeowner against any title defects or disputes that may arise.
  13. Closing costs: the fees associated with finalizing a mortgage or real estate transaction, including things like appraisal fees, title insurance, and attorney fees.
  14. Lien: a legal claim against a property, usually filed by a creditor who is owed money by the property owner.
  15. Closing disclosure: a document that outlines the final terms of a mortgage loan, including the interest rate, closing costs, and other fees.
  16. Loan-to-value ratio: a comparison of the amount of money borrowed to the value of the property being purchased.
  17. Interest-only loan: a type of loan in which the borrower only pays interest for a set period of time, with the principal due at the end of the loan term.
  18. Construction lien waiver: a document signed by a contractor or subcontractor that waives their right to file a lien against a property in exchange for payment for their services.
  19. Construction-to-permanent loan: a type of mortgage that allows borrowers to finance both the construction and the long-term financing of a new home or other real estate project.
  20. Building permit: a document issued by a local government agency that authorizes the construction of a new building or renovation of an existing structure.
  21. Zoning laws: regulations that dictate how land can be used in a given area, typically set by local governments.
  22. Change order: a written document that outlines any changes to the original scope of a construction project, typically used to update project plans and budgets.
  23. Surety bond: a type of insurance that guarantees that a construction project will be completed according to the terms of a contract.
  24. Balloon payment: a large, one-time payment due at the end of a loan term, typically used in conjunction with interest-only loans or other non-traditional mortgage products.
  25. Construction contingency: a reserve of funds set aside in case of unexpected expenses that may arise during the construction process.
  26. Inspection: a process in which a professional inspector examines a property to ensure that it meets all relevant safety codes and standards.
  27. Architect: a professional who designs buildings and oversees their construction.
  28. Punch list: a list of final tasks that need to be completed before a construction project can be considered fully finished.
  29. Mechanics lien: a legal claim filed by a contractor or subcontractor against a property owner who has not paid for their services.
  30. Retainage: a portion of a construction payment that is withheld until the project is complete, typically used as a form of security against any potential defects or delays.
  31. Title search: a process in which a title company reviews public records to ensure that there are no outstanding liens or other claims against a property
  32. Subcontractor: a professional hired by a contractor to perform specific tasks, such as electrical or plumbing work.
  33. Certificate of substantial completion: a document issued by a project manager or inspector that certifies that a construction project has been completed to a certain degree.
  34. Blueprints: detailed plans for a construction project, typically drawn up by an architect or engineer.
  35. Loan servicing: the process of collecting loan payments, managing escrow accounts, and other administrative tasks related to mortgage loans
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