Mortgagenomics Canada

The dream to build your own home is alive and well, especially in Vancouver!  Take a drive down any street in one of (metro) Vancouver's neighbourhoods and you'll see several projects on the go.  This week I want to write about the mortgages that finance these incredible projects and what it takes to qualify for them.  The mortgages are commonly referred to as Construction Draw Mortgages or Self Build Mortgages.  If you or anyone you know are considering taking this route, read on and learn about the main qualification criteria.The 3 Most Important Factors:Building your own property is capital intensive. Be aware that you will need a substantial amount of front money to begin your project (even though you qualify for a construction draw mortgage).  Front money is non-mortgage money and it will be required for pre-construction soft costs and the beginning stages of your build.  Front money can be from any source; own sources, sale of previous home, equity proceeds from a home refi