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Calgary Mortgage Agent revealsHow to finance and custom-built home..

9 Views· 09 Jul 2024
Ken Faminoff
Ken Faminoff
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⁣Ok, today we are going to talk about how to convert a construction loan into a traditional mortgage… If you’re planning to build a house or do a major renovation, you usually can’t qualify for a traditional mortgage because there’s no existing home to use as collateral. What you need is a construction loan, which is based on the projected future value of the completed property. Generally, construction loans are interest-only while the house is being built. Then when construction is complete, you refinance into a regular mortgage. Here’s how the process works…⁣If you are looking for a top-notch mortgage agent in Calgary call us at, 403-991-5363

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