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Old 02-01-2013, 12:50 PM   #34 (permalink)
poutanen
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Join Date: Dec 2011
Location: Calgary, AB
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Originally Posted by Casual View Post
Right click properties haha... ya thats the toughest thing I think. In my case Landmark is on title until posession so I'm only in for 5% right now and I don't pay any mortgage payments until then. I don't know how people manage with two mortgages while building, most builders are taking this new approach now. When the house is done we meet with our broker and pick our mortgage and put the rest of our downpayment on it.
Oh god, yeah I didn't even notice the hotlink from landmark, I google image searched it. When you notice a picture of a beautiful... set of mountains... on the internet you can GIS it to find the biggest available picture of that beautiful... set of mountains.

I was looking at construction mortgages. You put down your DP right away, they front you the money for the land, and usually around 35% to get the building started, then the next 35% when it's a "lock up" shell with doors, windows, etc. and then the final amount when it's 97% done except for seasonal deficiencies.

You only pay interest on the amount of money they've already advanced, so considering about half of the money I'd need would be for land, I'd probably pay an extra $600 /month or so until the last couple months when it was a lockable structure, and then when it's done I'd be moving out of my existing house anyway.

The scarey thing would be if rates went through the roof while I had $500k out against my name!
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