Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Building a new home

Bean · 02-21-2007, 01:54 PM

So the fiancé and I are building a home, we’ve put down our deposit, picked out some upgrades and have put down our 10% to get the ball rolling. (will likely put down 15% at time of possession Sept/Oct 2007)

My problem is the financining, I’ve been browsing through the pages of CP looking at options and tips for getting a mortgage but very few of the threads deal with building a new home. I’ve called around to a few lenders and have found two themes:

Mortgage Broker: We can pre-qualify and guarantee your x% mortgage rate will not change for 90 days if you buy a used home. If you're building, (expected date in Sept/Oct), we cannot guarantee you a rate today, but we'll get the best rate for you 90 days prior to your possession date. [Thus leaving us unsure of how much $$ we'll be paying\

Mortgage Specialist from Bank: (w/ direct partner relationship w/ builder): We can give you y% mortgage rate and we can gurantee it for 11 months while you build your new home! [but what if rate goes down, are we locked in at y% mortgage rate regardless??]

Can anyone out in CP land shed some light or advice for me?

02-21-2007, 01:54 PM	#1
Bean Scoring Winger Join Date: May 2004 Exp:	Building a new home - Financing Questions So the fiancé and I are building a home, we’ve put down our deposit, picked out some upgrades and have put down our 10% to get the ball rolling. (will likely put down 15% at time of possession Sept/Oct 2007) My problem is the financining, I’ve been browsing through the pages of CP looking at options and tips for getting a mortgage but very few of the threads deal with building a new home. I’ve called around to a few lenders and have found two themes: Mortgage Broker: We can pre-qualify and guarantee your x% mortgage rate will not change for 90 days if you buy a used home. If you're building, (expected date in Sept/Oct), we cannot guarantee you a rate today, but we'll get the best rate for you 90 days prior to your possession date. [Thus leaving us unsure of how much $$ we'll be paying\ Mortgage Specialist from Bank: (w/ direct partner relationship w/ builder): We can give you y% mortgage rate and we can gurantee it for 11 months while you build your new home! [but what if rate goes down, are we locked in at y% mortgage rate regardless??] Can anyone out in CP land shed some light or advice for me?