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Question on Completion mortgag

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鲜花(0) 鸡蛋(0)
发表于 2010-7-26 08:41 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
I have a question on Completion mortage. If I choose a builder to build the house and choose Completion mortgage option. I will pay 5% at beginning when starting the construction and will only require a mortgage upon closing. My question is whether CMHC will consider that I only pay 5% downpayment and charge the corresponding insurance fee, or CMHC will consider the ammount of downpayment when I require the mortgage upon closing? Thanks.0 R2 i1 @# K! y/ v

% W, |/ |: K/ A2 c+ g, KAnother question: if I purchase the lot and apply for a mortagage for this lot purchase, does CMHC charge the insurance fee? Thanks.
鲜花(4) 鸡蛋(0)
发表于 2010-7-26 09:36 | 显示全部楼层
no, not at all
鲜花(13) 鸡蛋(0)
发表于 2010-7-26 10:35 | 显示全部楼层
Question 1:
3 c1 |! ~* q. f, ^/ ~  c) }The mortgage company will calculate your downpayment percentage when they need to release the mortgage for your closing. If there is a CMHC insurance fee, the fee will be added to your final mortgage amount.
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Question 2: if I purchase the lot and apply for a mortagage for this lot purchase, does CMHC charge the insurance fee? Thanks.# g% l! f: W6 N3 E# [4 U
Normally, the lending company will not lend money for you to buy a lot (land).
鲜花(0) 鸡蛋(0)
 楼主| 发表于 2010-7-26 10:51 | 显示全部楼层
老杨团队 追求完美
Thank you 衣食住行 and 小狗妈.  
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I have another question. If I choose Completion mortgage option, how much downpayment I need to pay at beginning when starting construction? I saw someone mentioned she only paid 5%. However, some builders told me that they need 20%. I want to check if that is negotiable? Thanks.
鲜花(13) 鸡蛋(0)
发表于 2010-7-26 11:33 | 显示全部楼层
Yes, that is a negotiable item. Do you have a realtor? Ask your realtor to talk with the builder. Normally, 5% is good enough. But some builders need 10%. For those builder asking you 20%, their financial situation might not be that good.
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