Auto-Construction Financing Mortgage
An auto-construction mortgage allows you to finance the building of your own home. The process involves several key steps, ensuring that your vision comes to life while staying within budget and timeline.
Auto-Construction Financing Process in Montreal
1. Establish a Budget & Get Pre-Approval
Start by setting a clear budget and obtaining pre-approval from a lender to understand your borrowing capacity.
2. Gather Quotes and Materials List
Obtain quotes from contractors and suppliers and prepare a detailed list of materials needed for construction.
3. Obtain a Site Plan
You’ll need a plan of implantation that shows the location and orientation of the house on the land.
4. Apply for the Construction Mortgage
Apply for a construction mortgage with a lender who offers this type of loan.
5. Fund Disbursements in Stages
Once approved, funds are released in stages throughout the construction process, typically after inspections and appraisals.
6. Completion and Mortgage Conversion
Once construction is completed, the auto-construction mortgage is converted into a regular mortgage.
Benefits of an Auto-Construction Mortgage
Customization: You have the freedom to design your home exactly as you wish, based on your unique preferences and needs.
Cost Savings: Save money by handling some aspects of construction yourself or hiring your own contractors.
Peace of Mind: Stay involved throughout the construction process, ensuring the work is done to your standards and specifications.
Mortgage for Building a Home in Montreal
Contact us today to learn more about how an auto-construction mortgage for buying a home can help bring your vision to life.