A self build mortgage provides people with an opportunity to completely cus-
tomize their home but also realize a cost saving by having individual contracts
signed with contractors. However, Gosselin cautions the self build option re-
quires some careful consideration.
"In many of these cases these people possess actual construction skills and
knowledge to perform some of the work themselves," he says. "It all has to do
with the confidence, the skill and the experience of the individual."
unlike with some builder mortgages, an assumption mortgage can provide an
extended rate guarantee, although some conditions apply. It also provides a
cost saving since appraisal and mortgage registration fees are waived.
Cont'd on page 20
DollaRs
anD sense
Cont'd from page 16
Gosselin says while each type of builder
mortgage has its own distinct advantages,
some may not be right for every home buyer.
In the case of a contract build mortgage, the
buyer pays slightly less money than the ac-
tual value of the home at each stage of con-
struction. For example, the first 20% of pay-
ment may not be required until the home
has been framed and windows are installed.
"(the advantage) is you're basically funding
at a rate behind construction," Gosselin says.
'Each type of builder
mortgage has its own
distinct advantages, but
some may not be right
for every home buyer'
18 Parade of Homes Fall 2014
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