Monday, November 24, 2014

Vancity Laneway House Mortgage

I thought I would post about something super interesting today: Financing! I’m not an expert on this but I thought I would share our experience on how we got out financing. First off we didn’t qualify for a regular mortgage even though we had enough money for a downpayment saved up, we both have good credit and steady jobs. Since we are getting the laneway house built we had to get a special mortgage. I had heard about Builders Mortgages before where they would lend you portions of cash while you build. I guess it’s because there’s a lot more risk in financing a build versus buying a finished house. We reached out to a couple banks and mortgage companies, but we ended up getting referred to other lending institutions. 

Though our research we found out that Vancity actually offered Laneway House Mortgages. We contacted them and they were awesome. They had their mortgage specialist figure out what is the best solution for us and helped guide us through the entire process. I’m not going to get into the specifics of our loan but we ended up with something that is in line with a home equity line of credit. Again I’m not an expert on this and I’m not sure that’s the actual name but we do have a line of credit for our build and we have the option to change it over to a regular mortgage once our lane way house is built. I’m sure another financial institution would eventually get us to the same solution but Vancity was great, they were easy to work with and we were very happy to get our financing quickly.




Vince

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