With both a commercial loan and a home mortgage loan, the appraisal is an important part of the approval process. The difference between the two is that a commercial loan appraisal can take up to 30 days longer than a traditional mortgage appraisal.
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Construction mortgages – Which Mortgage Canada – With a progress-draw mortgage, that will be much harder to do effectively since the building may or may not be complete. Not only is there an increased possibility that it will take longer to sell the home, but the value of the home itself is also uncertain if it’s not completed.
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