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Updated over 4 years ago,

Jan Walczak's profile image
Jan Walczak's profile image
Jan Walczak
  • Investor
  • from Toronto, Ontario
  • Member since May 22, 2017
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User Stats

9
Posts
1
Votes
Jan Walczak's profile image
Jan Walczak's profile image
Jan Walczak
  • Investor
  • from Toronto, Ontario
  • Member since May 22, 2017
Connect
Jan Walczak
  • Investor
  • Toronto, Ontario
1
Votes |
9
Posts
Buying & Selling Real Estate

Steps to take with your bank when building a new home

Jan Walczak
  • Investor
  • Toronto, Ontario
Posted

I'm in process of wanting to tear down an existing old home to build a new one. The old home has a mortgage on it. What are the steps to take with your bank? I'm assuming you would have to inform them of your decision and then insurance would no longer be valid but how does the process work? 

Scenario:

Current home value: 1m

Mortgage: 650k

Construction: Will be financed through HELOCs + Cash (I will NOT take a construction loan)

New home value: 1.5m

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