FREQUENTLY ASKED QUESTIONED
We at Construction Loans Canada aim to help all you obtain funds to finance your home addition, basement renovation, or any construction that you have in mind. We will assess your situation first before recommending the best solution for your needs. We will then connect you with lenders that could give you reasonable rates so you can begin your renovation or construction project. What sets us apart from other companies is that our work does not end when you get a loan or finish a construction. We will guide and provide you with financial advice to help you make better financial decisions in the future.
Applying for a construction loan is not an easy task. Most banks and lending institutions would require you to provide a whole lot of proof that you are capable of paying them back. You also have to check whether you are prepared emotionally and financially. The best thing to do before getting a construction loan is to consult construction loan specialists. They know what kind of construction loan would address your needs. They will guide you throughout your application process to make sure that you get an approval for your loan.
Having a bad credit standing while applying for a construction loan is crucial. Any construction loan, for one, has tighter requirements and process. However, you don’t need to worry because you can still qualify for a construction loan despite your bad credit. You can talk to any of our construction loan brokers and specialists to discuss how you can start processing your application now.
Taking a loan to build your own home is more difficult than getting a traditional mortgage. Banks and lending institutions would require you to have a perfect credit score, a stable source of income, and a sizeable amount of down payment. To get a pre-approval for your loan, you can discuss your plans with any of our residential construction loan broker. They will make sure you meet all the criteria of any potential lenders so that you can finally start building your dream house.
Most banks and lending institutions consider construction loans as high-risk loans. This is why they would ask applicants to provide them with enough proof that they have an excellent credit score and financial situation. Apart from that, they would ask to provide the blueprint of the house/commercial building, floor plans, materials to be used, and timeline of construction, among others to show that you are determined to finish your construction project.
Yes, you can take out a loan to improve your home. A home addition loan is perfect for you if you are planning to add a bedroom, porch, or swimming pool in your home. You can also get a basement remodeling loan if you want to focus on transforming your basement into an entertainment area. There’s also a renovation construction loan which you can use to finance any major refurbishments in your home.
Getting a renovation may be expensive and risky, but it could impose a greater reward in return. Aside from improving the overall look of your home, renovating also increases its value. If you are determined to pursue your home makeover, you can get a renovation construction loan. To explore lending institutions and their corresponding terms and rates, you seek a professional mortgage broker to help you with your application.