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NEW CONSTRUCTION MORTGAGES – LOWEST RATES GUARANTEED

Constructing a new home in Canada can be overwhelming for a lot of people and with many kinds of financing choices available, it can make things a lot more complicated. A new Construction Mortgage BC facilitates the financing of the construction of a new property. Considering that these kinds of loans are dependent on the properties which haven’t been constructed yet, they are quite different when compared to conventional mortgage loans.

Should you be working with a builder, usually they are going to manage the financing part for you and you only require a completion mortgage as soon as the construction is complete. In case the builder doesn’t agree to manage the financing on your behalf, you may have to seek a progress draw mortgage. With regards to a progress draw mortgage, you would get the money in intervals as the construction is being carried out.

Mortgage Options for New Constructions:

Constructing a house is intricate; your mortgage shouldn’t be. There are many kinds of new construction mortgages on the Canadian market; however, they fundamentally are categorized into three groups.

  • You can engage a contractor (builder) to construct your home

Customer has entered into a contract with a licensed contractor to construct their house. The contractor needs Financing Draws.

Mortgage Choices: Completion Mortgage or Progress Draw

  • You can construct your home yourself (self-built home)

Customer chooses to be his or her own builder. They prefer to engage sub traders to carry out the work.

Mortgage Choices: Completion Mortgage or Progress Draw

  • You can purchase a newly-built property

Customer needs funds at the time of the 100% home completion. Mortgage loans on newly constructed properties, townhouses or condominiums.

Mortgage Choices: Completion Mortgage

Completion Mortgage:

You have bought/constructed your house with the help of a Residential Home Builder and simply need funds when the construction is 100% complete (occasionally you might need a small advance payment to get started with). This is basically a standard mortgage.

Paperwork Requirements:

  • The signed and authorized copy of building agreement
  • One complete set of house blueprints as well as working illustrations/blueprints
  • Site plan exhibiting legal interpretation, specifications of property in greater detail
  • A sanction that contractor is a “New Home Warranty” builder
  • An Appraisal of post-construction final valuation on the house

Progress Draw Mortgage:

A Progress Draw is a kind of financing that is advanced in regular time intervals as the property is getting constructed.

There are commonly 3 draws at:

  • Roof stage – Construction about 35% complete. A survey is needed by 1st draw.
  • Lock up – Construction about 65% complete (before the drywall installation). In case of acreage real estate, the well and septic are needed during this stage.
  • Completion – Most of the loan providers are not going to provide final advance until the house is completely constructed, 100%. For seasonal holdbacks, there is a 3% allowance. Seasonal holdbacks are usually weather dependent, exterior to assets and minor. It is essential to keep in mind that draws are granted exclusively on the Appraiser’s Percentage Complete Assessment Report.

Paperwork Requirements:

  • Copy of land agreement if the land is getting acquired or the copy of Title of land already acquired
  • Resume verifying sound understanding of the home constructing process
  • A total set of construction plans and working illustrations/blueprints
  • Site plan exhibiting legal information, measurements of property in greater detail
  • Copy of all sub-contracts, which establish home construction expenses
  • An estimation stating post-construction final valuation on the house

How Can We Help You?

Get in touch with ATP Mortgage to consult with one of our experienced mortgage experts regarding your plans for either building a new house or buying a newly-built home. Depending on your financial situation in addition to your timeframe for the undertaking, our specialists are going to assist you in finding the best Canadian mortgage to suit your requirements.

STRATA RESIDENTIAL PROPERTY MORTGAGE SOLUTIONS

Investing in multi-residential properties in Canada is one of the best ways to attain financial success along with financial freedom. However, the most apparent benefit of buying an income property is having other people pay off the mortgage loan on your property. Till the time you are holding a loan on the property, it is gradually being paid-off by your tenant. Furthermore, with the rates of interest being low at this time, now is the perfect moment to invest in multi-residential properties.

Things to Consider When Buying Multiple Properties:

There are a lot of decisions to that one needs to make concerning investing in multiple residential properties. From managing the properties to occupancy rates, becoming an owner calls for a great deal of commitment and responsibility. It’s recommended that you talk about your choices with a financial consultant, an attorney as well as an accounting professional prior to starting the process.

Mortgage loans for multiple residential properties in Canada are dependent upon legal guidelines by the government. Today, mortgage loan providers are way more mindful with regards to the means through which they package their mortgage loans. Furthermore, they are particularly vigilant about the people to whom they provide loans. Loan providers in Canada may additionally have specific conditions for financing a mortgage of this kind.

How Can We at ATP Mortgage Help You?

At ATP Mortgage, we have a team that is experienced in handling multiple residential mortgages in Canada. We’ll provide you with guidance on funding as well as shop around the market to make sure you obtain the best possible rate to fulfill your unique requirements. Being well-acquainted with the fact that every mortgage is unique, we are first going to analyze your case and thereafter look for options perfectly tailored to your requirements.

Our team makes it simple for the buyers to select the best mortgage. Regardless of whether you intend to make a huge down payment or perhaps small, prefer a variable or a fixed rate plan, we do a comparison of buyer mortgages from an array of loan providers, so it is one less point for you to be concerned about.

INVESTMENT PROPERTY MORTGAGES

The Canadian market is great and huge when it comes to buying an investment property. If you have got some extra funds or have been saving a great deal of money over the years, it makes sense to invest the money in buying an additional property. Rather than buying a vacation home that might not be generating any revenue for you, an investment property can be an excellent choice instead.

Buying an investment property in Canada can help investors in the following ways:

  • By adding extra income for retirement
  • By building equity, thereby, increasing the net income
  • Getting tax advantage
  • Increasing the resale value by investing in the maintenance of property

Understanding Investment Property Mortgage:

An investment property mortgage is financing received for the purpose of investing in real estate. It is a customized mortgage loan and is a bit different from the conventional second loan. Before starting, you need to take into consideration what you’re planning to invest in, and then devise an investment plan revolving around the particular acquisition.

Mortgage Rates for Investment Properties:

An investment property mortgage rate is similar to a primary mortgage. With that being said, a few loan providers do not facilitate mortgages for investment properties.

Qualifying for an Investment Property Mortgage:

In order to qualify for an investment property loan, you will require making a down payment of 20%. You furthermore require a good credit rating, and have evidence of adequate income from the rental sources. You also require a non-rental income, which is enough for covering the mortgage payment.

Our Brokerage Team Can Help You Determine Your Needs and Get You the Best Rate:

Is the property that you are planning to buy a rental property, owner-occupied, or maybe a vacation home that you wish to use occasionally? Are you going to construct on the major portion of that property? Our team of capable and experienced mortgage brokers can help you in finding the right loan to suit your budget and requirements. We are experienced in investment property mortgages across Canada. We have a network of hundreds of banks and loan providers that compete for your mortgage, saving you all the hassle and time.

CLICK HERE TO GET THE BEST MORTGAGE RATE FOR YOUR INVESTMENT PROPERTY!

 

BEST MORTGAGE RATES FOR YOUR VACATION PROPERTY IN CANADA

A lot of Canadians nowadays prefer to spend quality time with their loved ones in their vacation homes. Cottages provide a bundle of family memories for a great number of residents, who are reaping the benefits of great lower prices, and innovative latest mortgage products that pave a way to these getaway properties easily.

Why Invest in a Vacation Home?

Vacation or second homes are great assets that add to your overall value, whilst also presenting you and your loves ones an ideal place to spend the vacations. Given that the vacation properties are usually situated in places that attract tourism, their prices are generally on a higher side when compared with the traditional properties. Furthermore, vacation properties can also be used as rental homes providing you a steady flow of additional income.

How Does a Vacation Home Mortgage Work?

Second homes come under the ‘Type A’ properties whereas the vacation homes fall under the ‘Type B’ proprieties. There are different types of mortgage plans available for each of these types. Although same factors are applicable on both these kinds of mortgages, such as the down payment and the duration of amortization, however, vacation home mortgages feature a couple of unique considerations.

You can buy a vacation home with a small down payment (5%) while traditional mortgage products are available at a down payment of 20%. If a borrower has less than 20% down with regards to the value of vacation property, it is a must for you to get your loan insured from an insurance corporation like CMHC.

When it comes to a vacation property mortgage, loan providers are keen about not just your financials as a borrower, nevertheless also the details of the property you are interested in buying. Most of the loan providers in Canada have strict requirements for vacation homes and are a lot more complicated when compared with a conventional mortgage.

Vacation Home Financing Options:

There are a number of financing options to choose from to fulfill your dream of buying a vacation home:

  • You can make use of the equity in your principal property for financing your vacation home purchase,
  • Or perhaps you can choose to apply for a second mortgage loan on your principal property,
  • Or you can basically finance the vacation home based on its individual value.

How Can ATP Mortgage Help You?

In search of the best interest mortgage rate for a vacation home in Canada? At ATP Mortgage, our team of mortgage advisors helps you to find your way around the complex world of loan providers and mortgage applications to get you the best-possible mortgage at the lowest price, and customize the mortgage to suit your life and your monetary goals. We collaborate with a number of the leading mortgage lenders in Canada to offer their customers with the lowest rates possible. Additionally, this provides you with the flexibility to pick the terms that perfectly meet your requirements. You can select from a variable or fixed rate mortgage, and create a payback plan that fits your lifestyle and requirements.

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TJ Grewal

TJ Grewal

Principal Broker / Owner

20 year highly experienced mortgage professional who has funded over $3.0 Billion in mortgage loans

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Pankaj Sayal

Pankaj Sayal

Manager / Mortgage Professional

High energy Mortgage Broker with 7 years of successful mortgage experience at TD Bank and DLC Mortgages

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