Cost of Land
This is how much you will pay for the land where you will build the house. If your land costs $250,000, type “250000” in the box. Do not use commas. Just write the numbers. Make sure you include both the land and the building costs to get the full picture.
Cost of Construction
This amount would be the total amount that you need to build the house.
It includes the price of workers, tools, and building materials like bricks, wood, and paint. If building the house will cost $450,000, type “450000” in the box. Again, do not use commas.
Soft Costs (CAD)
These are extra costs like permits, design, lawyer fees, and paperwork.
However, these are not part of the actual building work. If the actual cost is $50,000, then type “50000” in the box.
Down Payment (CAD)
This is how much money you will pay from your own savings.
You will have to give this money before the loan. Suppose you will pay $100,000; then type “100000” in the box.
Max Loan-to-Cost (%)
It will show you how much of the total cost the bank will lend you.
For example, if the bank will lend you up to 80%, then you have to type “80” in the box. Ask your bank if you’re not sure what number to use.