Builder’s Mortgage
Is building your own home a dream of yours? Are you looking to build a residential property? We can make the financing and repayment process simple.
How does it work?
You’ll need to qualify for the Builder’s Mortgage as it relates to standard income, credit, and down payment requirements. If you’re anxious about applying for Builder’s Mortgage, our Mortgage Specialists are here to help.
- We offer a 180-day rate guarantee*
- Interest only payments for up to 12 months, after an agreed upon interest only period, regular principal and interest payments begin.
- Builders Mortgages allow you to draw on the full amount of the mortgage at predetermined stages of the home construction. Funds are advanced upon completion of each stage.
- 20% pre-payment privileges
*Only on Builder’s Mortgage product
What is a Builder's Mortgage?
Draw Mortgage - Residential Home Builder
- You’ll need a signed Purchase Agreement
- ‘Offer to Purchase’ for lot, if land not owned, or Deed (evidence of ownership) if land is owned
- Payment schedule expected (note, this must be reconciled with the payments available from the mortgage lender per draw schedule)
- Construction Specs or Plans (floor layout and exterior view) plus specification sheet
- New Home Warranty Registration number
Residential Home Builder Turnkey or Completion Purchase
This is when the builder only gets paid when you get your keys, upon completion.
- Signed Offer to Purchase for the land and home
- Construction Specs or Plans (floor layout and exterior view) if applicable
- MLS or specification/feature sheet if applicable
- New Home Warranty Registration number
Draw Mortgage
Contractor Build – You hire a General Contractor to coordinate the project.
Self-Build- You act as the General Contractor and hire licensed tradespeople to build the home. You are your own General Contractor!
- For General Contractor builds, signed construction contract including construction cost estimates, completion schedule (by Stage), and payment timing expectations per stage.
- For a Self-Build, list of detailed cost estimates/quotes from various contractors, compiled into a “Progress Advance Worksheet” showing each stage of construction including timelines, anticipated % complete, and anticipated completion date.
- Offer to Purchase for lot if the land not owned, or Title (evidence of ownership), if land is owned
- Construction Specs and Plans (floor layout and exterior view) plus specification sheet (ie. cabinet types, hardware, finishing, etc.)
- Copy of builder/contractor’s risk insurance policy (contractor build)
- Applicant resume substantiating construction knowledge, project management expertise, and industry contacts (self-build)
- Copy of ‘Course of Construction’ insurance coverage, which covers work in progress until completion.
- Copy of your building and development permit(s).
What should you know if you're considering building a home
Different types of Builders Mortgages are offered based on member needs. Is this a contract build, are you thinking of building your home yourself, or are you just looking to purchase a brand-new home from a builder?
Westoba has the product for you, set up an appointment with one of Financial Consultants and we can get you set up with everything you need.
Too busy to visit a branch?
Meet with a Mobile Mortgage Specialist at a location that is convenient for you.
