New Home Construction Mortgages - Contractor Build

Ben Schmidt of www.benschmidt.tv a Fredericton NB and Oromocto NB Real Estate Agent video blogs about new home construction mortgages I'm very luck today to have mortgage specialist Shawn MacDonald of ScotiaBank on today, to discuss new home construction mortgages. So, Shawn, lets pretend I'm in the Fredericton or Oromocto marketplace, and I'm looking to buy a new home. We've discussed my situation and we know how much I can afford. I also know nothing of construction, so I can't build the house myself. What are my options? Well Ben, the first and quickest option, would be to contact a Realtor and visit the new home constructions on the marketplace. Builders often times are building on spec (building with the speculation of selling) and it is possible to purchase a new home like this. Often times the builder will have an allowance built into the price for you to pick your finishes. If you decide to go this option, financing would be no different than if you were purchasing an existing home. Okay, well let's just say I want to be apart of the building design process from the beginning, and I want to pick all of my finishes. What then? Then you can contact a builder and sit down with them to discuss the exact house you want. From house structure, to layout and design, to flooring and paint. At that point you will come to an agreement of price, as well as an expected closing date. So the question remains, How do we finance this project? That is ...

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