So everything is great!! All monies received and paid out.
We want to thank you again for all your help. You came through at a time when the banks said they couldn't (wouldn't is more like it), help us. Even with our good credit. You worked hard and got us a great mortgage rate, and the money we gained by remortgaging allowed us to consolidate almost all of our debts. We both wondered how hard the whole refinancing process would be without actually meeting and doing everything over the phone and by email, but you made the whole experience easy and worry free.
We will definitely recommend your services to any and all our friends!!
Your professionalism and knowledge was a Godsend!
Thanks VERY much!
Construction Loans in East Gwillimbury, ON
If you're thinking about building your dream home in East Gwillimbury, ON, or if you’re a home builder looking for a construction loan, we can help. In this article, we'll cover everything you need to know about construction loans in East Gwillimbury, including how they work, what you need to qualify, and where to find the best deals.
What is a Construction Loan?
A construction loan is a type of loan that is specifically designed to finance the construction of a new home or the renovation of an existing one. Unlike traditional mortgages, construction loans are not paid out in a lump sum. Instead, they are disbursed in installments as the construction project progresses.
The disbursement schedule 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.
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.
Why choose our mortgage company for your construction loan?
Our mortgage office specializes in construction financing for home builders in East Gwillimbury, ON. Feel free to visit our construction loan website which shows in more details our private construction lender solutions for home builders and developers in East Gwillimbury ON. The website is: www.ezconstructioncapital.com
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 East Gwillimbury, ON are competitive and they support many home builders and developers looking for reasonable construction financing. 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. Our lenders are equity based lenders.
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 money to start your construction or development project as soon as possible. If you have money problems for your profitable projects, we have solutions.
Our mortgage office specializes in providing bad credit construction loans in East Gwillimbury, 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:
How Do Construction Loans Work?
A construction draw mortgage is structured to release funds to the borrower in stages, as construction progresses. Here's a brief explanation on how a construction draw mortgage typically works in Canada using 3 draws:
In general, the borrower will only pay interest on the funds that have been drawn from the construction draw mortgage, rather than on the entire loan amount. This can help to keep monthly payments lower during the construction period. However, it's important to note that the interest rate on a construction draw mortgage is typically higher than on a standard mortgage loan, due to the increased risk associated with construction projects. The lender may also require periodic inspections of the construction site to verify that the work has been completed before releasing each draw.
What Do You Need to Qualify for a Construction Loan?
To qualify for a construction loan with our office you don’t necessarily need good credit or provable income because we specialize in alternative construction loans. The lender will want to see detailed plans and specifications for your construction project, including a timeline. An appraisal will be required and the lenders will want to know how you intend to pay off the construction loan in 1 or 2 years which could be done by refinancing or selling the properties.
Our team of experts can help you navigate the construction loan process and find the right loan for your project. We can also provide you with advice on how to manage your construction project and stay on budget.
If you’re an individual looking to build your first home and not quite familiar with the process or terms, below is a list of words that are associated with getting a construction loan. We are providing you the list along with their definitions: