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photon · 02-26-2005, 06:56 PM

Check with your builder on how they do it, there's a few different ways I've seen.

Some builders just want your 5% down. That 5% becomes the 5% down on the mortgage, you don't have to pay your 5% twice.

Other builders want 30% (or some other big $) and do it as three cash draws over the building process. That means you'd have to get financing for the other 25% and make monthly payments on that until you took posession of your house. In the end you still only pay your 5% but some builders want more cash flow through the building process.

I would HIGHLY recommend getting a mortgage broker involved, I find they do a much better job of explaining the process than the banks (and sometimes even better than some builders) plus they can shop around through hundreds of mortgage vendors to find the right one for you. If you want I can give you the # of the person we're dealing with right now, I've found her to be very good.

02-26-2005, 06:56 PM	#3
photon The new goggles also do nothing. Join Date: Oct 2001 Location: Calgary Exp:	Check with your builder on how they do it, there's a few different ways I've seen. Some builders just want your 5% down. That 5% becomes the 5% down on the mortgage, you don't have to pay your 5% twice. Other builders want 30% (or some other big $) and do it as three cash draws over the building process. That means you'd have to get financing for the other 25% and make monthly payments on that until you took posession of your house. In the end you still only pay your 5% but some builders want more cash flow through the building process. I would HIGHLY recommend getting a mortgage broker involved, I find they do a much better job of explaining the process than the banks (and sometimes even better than some builders) plus they can shop around through hundreds of mortgage vendors to find the right one for you. If you want I can give you the # of the person we're dealing with right now, I've found her to be very good. __________________ Uncertainty is an uncomfortable position. But certainty is an absurd one.