# Need some advice on this



## david00 (Oct 19, 2016)

Hi guys,

I am planning to build a home of my own. I have a beautiful wife, and now we are living in a rented home. Having our own home has been our dream since we got married. But. the right time has come now. According to my calculations, the expenses and costs will go beyond my savings, so will have to take a mortgage for this. Since no prior experience in taking a mortgage, was searching online, about the various types of mortgages and different interest rates, and I have decided to apply for a Home purchase mortgage, with low down payment. I wanted to know is my decision right ? Or what other type of mortgage would be good ? Need your valuable advice here.


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## cda (Oct 19, 2016)

Canada

Welcome!!!


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## mark handler (Oct 19, 2016)

Welcome
I do not think this is the best forum to ask financial advice. 
Construction yes, not financing.


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## linnrg (Oct 19, 2016)

Getting mortgages is easy.  Building without ever using a mortgage is tough but it is really the best financial advice anyone can ever receive.  Avoiding the mortgage is what is driving the small home movement.


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## cda (Oct 19, 2016)

Never had a house built

Maybe talk to several builders to see what they suggest.

I do not know anything about Canada and inspections,   But you might also have a third party that you hire, also do inspections on your behalf.


I think there are builders morgage, where some money is given at various stages, and once built it reverts to a normal mortgage.


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## north star (Oct 20, 2016)

*& ~ & ~ &*


david00,

Welcome to The Building Codes Forum !  

In my opinion, you are *not* ready to build your
own home.........Home building can be one of
the largest contributors of stress to any marriage
there is..........It is my recommendation for you
to begin a lengthy investigation in to this endeavor.
Shop around for quite some time to gather more
information regarding various types of mortgages,
and different types of financing........Ask lots
and lots of questions, ...gather lots & lots of
information, especially concerning any builders
in your area........Ask about their contracts,
what will you actually be getting *"IF"* you hire
them, not when !.........Ask around, see who
is reputable......Get prices on all of the various
components of your house.......You should
know for certain, what the prices are on
everything.......If you do not know, how will
you know if you are being charged too much ?
Do not merely take someone's word......Ask
around.........Keep a very accurate, investigative
journal in to all of your questions and prices
and research.

Also, in my opinion ( IMO ), ...you should wait
for at last a full year until you are so very certain,
...so very knowledgeable about every single
aspect of the house you and your wife want,
that you can quote chapter, page & verse of
that topic with confidence.......Right now,
you do not have that information and confidence.

Keep asking questions sir, ...keep asking
questions !


*$ ~ $ ~ $*


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## ICE (Oct 20, 2016)

You guys have been spammed.


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## tmurray (Oct 20, 2016)

You probably want a home construction mortgage. These mortgages have "milestones" which allow you to draw a percentage of the mortgage in order to pay for finished work. The milestones can vary between financial institutions so you need to be very clear with the one you choose to know when they are. Usually a representative from the lending institution will perform a site inspection and confirm that the work required for that milestone is complete and release the funds for you to pay your contractors and suppliers. We also have some institutions that base their milestones on our required inspections and only require you to submit our approved inspection form. 

Your best bet might be to speak with an independent mortgage broker and explain what you are looking for. They can shop around with a bunch of banks for the mortgage that's going to match your wants as closely as possible. The only thing to keep in mind is that these people get paid by the lending institutions for the "sale" of the mortgage and these rates can vary from bank to bank, so some less than honest ones will try to direct you to the one that pays them the best. Best bet is to let these people do most of the leg work, but always double check. Trust, but verify is your best bet.

As far as code questions during construction, most of the folks here are under the US codes; however, the codes are similar to Canada at least in their intent. With the exception of Newfoundland, most of the codes in Canada are similar between provinces. Ontario and BC have more advanced codes building on the National Building Code of Canada with the remainder of the provinces using less modified versions.


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## north star (Oct 20, 2016)

@ > @ > @




> *" You guys have been spammed. *"


Quite possibly so, however, since this Forum is also about educating
others, ...maybe someone will obtain something useful out of this
topic & dialogue.

Let the babbling continue...   


*@ < @ < @*


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## fatboy (Nov 25, 2016)

So... Dolly....what is your connection to the building/codes industry?


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## jar546 (Nov 25, 2016)

Spammer and all posts removed


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