What is the Available Assistance with Financing a Custom Modular Home in Ontario?
Yes! USModular has reputable relationships and partnerships with competitive financiers that specialize in the in the custom prefabricated property manufacturing industry. These trusted lenders have several loan types available, from loans specifically for construction to permanent and mortgage loans.
USModular financiers can offer unbeatable finance options for modular customized home projects in the local Ontario area. Financing options are available for:
- Short term construction loans
- Construction to permanent loans (mortgages)
- Vacation homes
- Stated income for self-employed
- Loan terms up to 30 years
- Competitive rates for new modular homes
USModular works with lenders that credit and appreciate the efficiency and quality provided to homeowners. These financiers abide by our proficient time schedule and will work just as proficiently to get your new modular home project completed speedily!
Are there Differences in a Construction Loan and a Mortgage?
A construction loan is a loan in which the loan capital are used to support construction of a home, Professional building, or other building type. The repayment term is generally based on variables that can only occur when the project is being built.
Its due to these factors that certain parts of the loans are subject to more sever monitoring and more specific constraints to ensure the project is completed so repayment can begin. Construction loans are generally meant to be paid back quickly and under a short term contract.
A mortgage is a long term loan established over a period of 15 – 30 years that comes with monthly payments. A mortgage is entails loan principal and interest, property taxes, and collateral. The house itself is used as collateral in a mortgage.