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Land Mortgages

A land mortgage is a type of financing that is specifically designed to fund the purchase of a piece of land. In Ontario, land mortgages are often used by developers, builders, and investors who are looking to purchase land for the purpose of building a home, commercial property, or other development.

Land mortgages typically have different terms and requirements than traditional mortgages. For example, land mortgages may require the borrower to provide a detailed development plan and budget, as well as an estimate of the value of the land once it is developed. The lender may also require the borrower to provide a larger down payment or to show a higher level of financial stability.

If you are considering a land mortgage in Ontario, it's a good idea to work with a mortgage broker or financial advisor who has experience with land financing. They can help you understand the requirements and terms of a land mortgage and find a lender that is willing to work with you. It's also important to carefully consider the risks and costs involved with land financing, as purchasing and developing land can be a complex and expensive process.

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