How many residential mortgages can I have?

The number of mortgages you can have is unlimited. Rather, people are constrained by their capacity to manage several mortgages or their financial status. First and second mortgages are two mortgages that are typically held concurrently on a same property.

What is a second mortgage Canada?

Second mortgage is a second loan or funding you take on your residential property. Interest rates on second mortgages are usually higher than first mortgages and you need to pay both your mortgages at the same time.

What is a conventional mortgage Canada?

A conventional mortgage in Canada is a loan where the down payment is at least 20% of the property's purchase price. This means that the loan amount is 80% or less of the property's value.

How long can you mortgage a home in Canada?

In Canada, you can mortgage a home for 25 years. If you are a first-time buyer or purchasing a new build you can mortgage it for 30 years. These rules took effect on December 15, 2024.

Can I buy a home with less than a 20% down payment?

The minimum amount you need for your down payment depends on the purchase price of the home. If your down payment is less than 20% of the price of your home, you'll typically need to buy mortgage loan insurance. If you're self-employed or have a poor credit history, your lender may require a larger down payment.

Should I choose a fixed rate or variable rate mortgage?

Interest rates either rise or fall. But a study suggests that homeowners with a variable mortgage fair better than a fixed rate one.

Construction Loans

Construct A Dream Property

Satbir Bhullar caters to all kinds of construction companies offering unique builder financing programs to meet all your needs. Whether you are a large scale builder constructing hundreds of homes a year, or a home builder specializing in customized construction, or a small builder just starting out, my construction loans in Abbotsford are well designed to suit your requirements.

My loan services are not just limited to construction services, but also include purchaser mortgages, draw mortgages, inspections and much more. With a simple and straightforward process, I get your construction loan approved in the shortest time possible.

Construction-only loan

Owner-builder loan

Renovation loan

Eligibility Requirements For A Construction Loan

Eligibility requirements to apply and get approved for a construction loan vary from lender to lender, and you may be asked to show:

Credit Status: A healthy credit score is beneficial, but even low score can work.

Sufficient Income/Cashflow: Enough funds to cover fees and interest payments until the construction loan are repaid.

Cash Deposit: Show that you have funds to pay the deposit, i.e.25% more of the project cost.

Exit Strategy: Lenders may ask for your pre-approval letter to find out how will you payback the construction loan.

Ready To Get Started With A Mortgage Application?

Talk to our Abbotsford mortgage consultant for any enquiries or help with filing a mortgage application.

What Our Clients Are Saying

      
   Satbir Bhullar Mortgages - Abbotsford Mortgage Broker
   20 Google reviews 
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       Posted on Google  
   
   Mandeep Kaur 
 
 
 
 Trustindex verifies that the original source of the review is Google. Excellent Service! Satbir worked really hard in searching us the best deal and always kept us up to date. Thank you for approving us a mortgage.
  
 
      Posted on Google  
   
   Jasvir Rai 
 
 
 
 Trustindex verifies that the original source of the review is Google. Very good service and great customer support
  
 
      Posted on Google  
   
   Happy 
 
 
 
 Trustindex verifies that the original source of the review is Google. Professional assistance with better options you can get in the market. During whole process Mr. Satbir was there whenever I needed.
  
 
      Posted on Google  
   
   Manmohan sidhu 
 
 
 
 Trustindex verifies that the original source of the review is Google. Satbir was fantastic in getting me a construction loan. He gave excellent guidance on repayment term.
  
 
      Posted on Google  
   
   Hardeep Grewal 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have been dealing with Satbir for all my mortgage needs for the last few years..  he is very honest and always goes above and beyond to make sure I get the best rate/ terms.. He is very knowledgeable and always gives the best advice !!
  
 
      Posted on Google  
   
   singhharpreet 89 
 
 
 
 Trustindex verifies that the original source of the review is Google. Excellent service,Honest advise highly recommended
  
 
      Posted on Google  
   
   rimpa bhullar 
 
 
 
 Trustindex verifies that the original source of the review is Google. Very knowledgeable and helpful
  
 
      Posted on Google  
   
   Prabhnoor Brar Films 
 
 
 
 Trustindex verifies that the original source of the review is Google. Practical, fast and reliable service👌
  
 
  
  
 
     Verified by Trustindex  Trustindex verified badge is the Universal Symbol of Trust. Only the greatest companies can get the verified badge who has a review score above 4.5, based on customer reviews over the past 12 months. Read more

Get Your Construction Loan Approved With Us

I offer financing to the builder on both pre-sold and speculative basis. And to add to that, no front end fees or back end fees is charged. Also, even cancellation fee is waived off in a few mortgage plans. I also offer competitive construction rates and flexible draw schedules.

With draw mortgage plans available, you’ll receive funds as your building construction phase proceeds. The advances available at each construction stage includes:

Lock-up – 35% to 55% complete

Drywall – approximately 75% complete

Completion – 100% complete

The draw amount details may be available with approval. Apply for construction mortgage with me and get the funding you need to bring a dream property to life.

Check Out How Much You Can Afford!

Use Our Free Mortgage Calculator To Estimate Your Monthly Mortgage Payments.

Calculate Now

Why Choose Us For Construction Mortgage?

I know that builders and homeowners may need funding to meet short-term obligations, this is why, I provide short-term construction mortgages that are quick, simple, and affordable. Once you get approved, receive quick funding by applying online or in-office.

I support you from beginning to end and assist with the legalities and other requirements for a construction loans. My loan application process is clear, easy to follow, and error-free with a 3-step approach:

Submit a loan application

Choose from over 30 lenders

Obtain funding upon approval

Fill out the simple application form today if you’re looking for a fast and simple way to receive a construction loan.

Construction Loans

Construct A Dream Property

Eligibility Requirements For A Construction Loan

Ready To Get Started With A Mortgage Application?

What Our Clients Are Saying

Get Your Construction Loan Approved With Us

Check Out How Much You Can Afford!

Why Choose Us For Construction Mortgage?

Satbir Bhullar Mortgages

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