Construction Mortgage in Calgary AB

A construction mortgage pays out in stages as your home gets built, not all at once. If you're building a custom home in Calgary for the first time, this is different from any mortgage you've had before.

With a regular mortgage, you get one lump sum on closing day. With a construction mortgage, I release funds to you in draws, tied to how far your build has come.

Each draw usually lines up with a stage of construction, like your foundation, framing, or lock-up. Calgary's building permit and inspection timelines play a big part in how fast each draw gets released.

You pay interest only on the money that's been drawn so far, not on the full loan amount. Once your home is done, we convert your construction mortgage into a regular mortgage.

If you've secured your land and picked your builder, you're ready to start the qualification process. I look at your full financial picture, not just your income on paper.

Lenders want to see your builder's credentials, your house plans, and the value of your land. I gather these details with you so nothing holds up your approval.

If you're building on acreage near Springbank or Bearspaw, your land may need its own appraisal. This step can add time, so I plan for it early in your file.

I've spent 33 years inside a bank watching good clients get turned down for not fitting a standard box. That's exactly why I look past the rate sheet and build a case that fits your real situation.

Getting your down payment and documents ready early keeps your construction mortgage on schedule. I walk you through exactly what you need before you apply, so nothing catches you off guard later.

You'll need proof of income, your builder contract, house plans, and land ownership documents. I collect these with you one by one, so your file is ready when it's time to submit.

If you're building on an infill lot in Calgary, you may also need zoning documents from the city. I flag this early so it doesn't slow down your approval.

Since I'm RECA licensed and FCSI certified, I know what lenders expect to see in a construction file. I put your documents together the right way the first time.

Once your build starts, I help you manage each draw so your builder gets paid on time. A draw is a payment released to you at a set stage of construction, like framing or lock-up.

Each draw needs an inspection before the lender releases funds. I coordinate this timing with you, so your builder isn't left waiting on money.

Calgary winters can push back framing and lock-up work, which shifts your draw schedule too. I plan for these delays with you ahead of time, not after they happen.

If a draw runs late, I step in and work with the lender directly. You focus on your build, and I keep the money moving.

Once your build is finished, I switch your construction mortgage into a regular mortgage. This step doesn't need you to re-qualify from scratch.

Your home must pass a final completion inspection in Calgary before this switch happens. I schedule this with you so your move-in date doesn't get pushed back.

After the inspection clears, I set your mortgage up on regular payments instead of interest-only draws. You move from paying on what's been built to paying on your finished home.

I handle this switch the same way I've handled every file for 33 years: straight answers, no surprises.

Cost overruns are common on Calgary builds, often from material delays. I build a contingency buffer into your financing plan so a delay doesn't put your build at risk.

Missing a draw deadline can leave your builder waiting on payment. I track every deadline with you and flag issues before they become a problem.

Some buyers request less financing than their build actually needs. I review your full build budget with you upfront, so you're not short partway through.

After 40 years in Calgary's lending industry, I've seen where these mistakes happen and how to plan around them. My job is to catch these problems before they cost you time or money.

A construction mortgage in Calgary pays out your loan in stages as your home gets built, instead of all at once. I release funds to you in draws that match your build's progress, and you pay interest only on what's been drawn so far. Once your home is finished, I switch your construction mortgage into a regular mortgage.

• Funds release in stages, tied to your build's progress
• You pay interest only on money that's been drawn
• Your loan converts to a regular mortgage once your build is done

As your Calgary mortgage broker, I bring 33 years of banking experience to every construction file I handle. I've seen how rate hikes and slow years hit a build differently, and I use that to guide your financing plan.

I'm RECA licensed and hold an FCSI certification. My advice comes from formal training and decades on the ground, not just a rate sheet.

I was born and raised in Calgary, and I still live here with my family. When you call my office, you're talking to a neighbor, not a call center.