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New Home Construction Mortgage in Lethbridge ,AB

Building your dream home in Alberta? From foundation to finish, we offer the expert financing you need whether it’s a progress draw or a completion mortgage.

Strategic Financing
for Building a Home in Alberta

Your Expert Partner for New Construction Projects

Expert Guidance for Your New Build :Building a home is a unique journey that requires more specialized financing than a traditional home purchase. As a Lethbridge mortgage broker, I specialize in navigating the complexities of construction financing, ensuring you have the right funding structure to support your builder’s requirements. While Alberta has seen record-shattering housing starts recently, local conditions in the Lethbridge region require a dedicated expert who understands the nuances of regional property values and construction timelines.

Customized Solutions for Every Phase: When you choose to build, your financing will generally follow one of two paths: a Completion Mortgage or a Progress Draw Mortgage. The right choice depends on your builder’s contract and your financial goals. My role is to help you determine which option offers you the most security and flexibility, providing you with a clear roadmap so you can focus on the exciting details of your new home without financial stress.

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New Home Construction Mortgage
in Lethbridge, Alberta

If you are building a new home, it is important to speak with your builder to determine the type of financing that is required. It will generally be one of the following two options:

Completion Mortgage

This type of mortgage is approved with a lender before the construction of your home is complete. You will pay a deposit upfront to your builder; however, you will not make any mortgage payments until you take possession.

As with any new home purchase, you will need to avoid doing anything that could change your financial position or your credit score prior to taking possession, such as financing a large purchase or changing jobs.

Draw Mortgage

This is a mortgage that is arranged before the construction of your home begins, and the amount that you need to complete your construction is given to the builder in stages, known as “draws”.

Depending on the lender, there are generally three to four stages where funds will be due to the builder. At each interval, an appraiser is required to ensure enough progress has been met, and the New Home Warranty policies are being followed.

Interest-only payments are charged to you throughout the various stages, and once the house has been completed, your mortgage term commences with regular monthly mortgage payments.

Each builder is unique in which type of mortgage they require.

Regardless of whether you require a completion or a draw mortgage, I will continually watch rates as your home is being built to ensure you are getting the lowest rate upon possession.

Talk to me today to get your new build started!