Builder Mortgages
Build your dream home with a builder mortgage
What Is a Builder Mortgage?
A Builder Mortgage is designed specifically to finance the construction of a new home. Unlike a standard purchase mortgage, these loans are structured around the build timeline, releasing funds during construction and converting to a regular mortgage once the home is complete. It helps homeowners manage cash flow, interest, and construction milestones efficiently while staying on track with their budget.
Why Should I Consider a Builder Mortgage?
A Builder Mortgage ensures you have the right financing in place while your home is being built. Jackie Woodward helps Alberta homeowners navigate the process, select the best type of construction mortgage — draw or completion — and secure competitive rates. Early planning reduces stress, avoids delays, and ensures the mortgage aligns with your long-term financial goals.
Step-by-Step Guide to Securing a Builder Mortgage
Review Your Build Plan:
Understand your construction timeline, budget, and funding needs.
Consult With a Broker:
Jackie reviews your financial situation and recommends the mortgage type and lender best suited for your build.
Gather Required Documents:
Provide income verification, plans, permits, and builder details.
Submit Your Application:
Ensure paperwork is complete and submitted on time to secure draws efficiently.
Builder Mortgage FAQ
What is a builder mortgage?
A builder mortgage finances the construction of a new home and converts to a standard mortgage once the build is complete.
What is the difference between a draw and completion mortgage?
A draw mortgage releases funds in stages during construction, while a completion mortgage starts payments only after the home is fully built.
Do I make payments during construction?
With a draw mortgage, interest is charged on the funds drawn. Completion mortgages start payments after construction ends.
Is qualifying for a builder mortgage more complex?
Yes. Construction financing often requires additional documents, inspections, and coordination compared to standard mortgages.
Can Jackie help coordinate with my builder?
Absolutely. Jackie ensures lender funds align with your builder’s timeline to avoid delays and funding issues.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.