YourMortgageContact

TODAY'S RATES

Fixed Rate Mortgages

1 Year	2.74%
2 Year	2.74%
3 Year	2.79%
4 Year	2.99%
5 Year	3.09%
6 Year	3.79%
7 Year	3.99%
10 Year	3.99%

Cash Back Mortgages

5 Year 5% Cashback 4.99%
7 Year 5% Cashback 5.79%

Variable Rates

3 Year Variable Rate Closed
Prime (3.00%)

5 Year Variable Rate Closed
Prime – 0.10% (2.90%)

5 Year Variable Rate Open
Prime + 0.80% (3.80%)

Secured Line of Credit

Minimum payments interest only Prime + 0.50% (3.50%)

Prime Rate Today is 3.00%

Rates subject to change without notice

Updated as of February 1, 2012

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New Construction

Before deciding on a brand new home, it is wise to learn about the special terms and considerations in construction mortgages, also known as self-build mortgages. Your Mortgage Contact can help you decide which option best suits your particular situation. Construction mortgages are generally of two types:

Progress draw construction loan
With a progress draw construction loan, money is disbursed to you as construction progresses. There are normally three draws at different stages of construction: 35-40%, 65-70% and 100% completion. Completion is verified at each stage by a progress report from an appraiser.

Completion mortgages
Completion mortgages apply to newly constructed homes purchased from a builder. Money is required only when the home is 100% complete. A down payment is still needed, but can often be paid in a series of installments.

What to look for in a new home

With your financing secured you can start to look for new home developments or plan your rebuild. As you begin your new home project, keep these tips in mind.

Do a thorough check on the builder or contractor you have chosen. You need to know that they offer high-quality work and warranties or guarantees on workmanship. For new homes, look into the type of support you can expect after your sale is complete.
When buying a new house, take a close look at the model home. It is a showcase of the builder’s skill and attention to detail so make sure you examine all facets of the construction.
Always review plans carefully. Be clear on what is and is not included and what types of changes you can make as the construction progresses.
Always get a written warranty or guarantee and read it. You need to know what is covered and ask about things that are not.

Your Mortgage Contact offers you objective, professional advice to get your building project started right. We can provide residential and commercial construction loans as well as remodeling loans that finance up to 95% of construction costs with interest rates as competitive as traditional mortgages. Contact us today for a free consultation.