Apply Now

Construction Mortgages Apply Now

Thinking about building? Here's what you need to know.

Building a home is complicated; your low mortgage rate shouldn’t be.

Here's a simplified look at the three different types of new construction financing available in Canada:

1) Builder/Contractor built home with your money: 
Customer has entered into an agreement with a registered builder to build their home.

  • Mortgage Options: Completion Mortgage or Progress Draw 


 2) Self-Built Home:
 Customer wants to act as his or her own contractor. 


  • Mortgage Options: Completion Mortgage or Progress Draw 


3) Builder built home with their money:
 Customer requires funds when the home is 100% complete.  


  • Mortgage Options: Completion Mortgage

Completion Mortgage

You have purchased / built your home through a residential homebuilder and only require Canadian mortgage rate funds when the house is complete.

Progress Draw Mortgage

Type of funding that is advanced in intervals.  

Relevant Terms

  • Solicitor: A progress draw requires a solicitor. 

  • Progress Inspection Report:Details progress prior to the advancement of the best mortgage rate funds.
    • Interest on Draws/Advances: Interest is charged on all amounts advanced.
    • Final Advance: Released upon final inspection confirming completion.
    • Mortgage Insurance: Land draws are not available under CMHC guidelines. 


Completion Stages

There are typically 3 stages to building a house:

  • Roof Stage / Roof Tight – Approximately 35% complete.
  • Intermediate / Lock Up – Approximately 65% complete.
  • Final Occupancy / Completion – 100% complete

Required Documentation

  • Written employment and income confirmation
  • Proof of down payment or equity
  • Copies of quotes
  • Full appraisal
  • Plans/ House specifications
  • Fire insurance certificate     

Need help hammering out the details of your construction mortgage? Contact FamilyLending.ca for expert advice.

Canadian Farm News

Residential Mortgages

Looking to mortgage a new home? We are proud to offer some of the best mortgage products available. Take advantage of our low rate residential mortgages with personalized service and flexible payment options available.

Commercial Mortgages

Providing commercial mortgages for more than 20 years, our team of commercial mortgage experts offer in-depth knowledge and expertise to help your business thrive. Commercial mortgage approvals are guaranteed for 120 days!

Agricultural Mortgages

Agricultural mortgages are provided through AgriRoots Capital Management. Offering conventional and alternative lending options our agricultural mortgages are tailored to support the needs of your growing farm business.

Mortgage Calculators

Our mortgage calculators are here to help you gain an understanding of what your mortgage payments will look like. Our calculators will instantly provide you with an estimated monthly payment amount, mortgage affordability & more.

What is your mortgage rate? Lets find out!

The price of your home, your income and your credit rating have a huge effect on your interest rate! - let's find your precise rate, and help get you pre-approved.