Construction loans operate a bit differently than traditional mortgages on an existing property. You’ll need to get conditional, or pre-approval for the construction loan and the mortgage that will replace it once the property is built.
You will need to bring the following types of documents into your meeting with one of our Construction Loan Specialists:
- Copies of your current payslips and other income you receive like rental income or monthly pension payments
- Copies of your current liabilities like home loans or credit card debt
- A detailed budget showing your living and monthly expenses
- Current and past employment and address history for the past few years.