New Build Financing

A simple path and painless process for financing that yet-to-be-built beauty.

Don’t let fear of the unknown keep you out of your dream home.

There are plenty of advantages to buying a new-build home – maybe the location is perfect for you, or maybe you love the layout, or maybe you just want to take advantage of the accelerated growth in valuation that often comes with a new build.

The thing that stops a lot of people from buying new builds is the fact that they’re unfamiliar with the process; unusual costs and deposit structures make new build financing one of those times where having a knowledgeable partner on your side extra valuable.

The great news is – we’ve done this before.  We’ve got an action plan that we’ll customize just for you and we’ll be there every step of the way to help.

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New Build Financing  FAQs & Action Plan:

Every new build site seems to sell out before I even get access!  What’s the deal?

We get it – real estate is hectic right now and there’s a ton of demand for new builds as they become available.  Our network of realtors and builders makes it simple for us to get you connected when you’re ready.

I keep hearing this term “assignment.” What does it mean here?

When you have an assignment contract for a new build, that means you have the flexibility to sell the property before you’ve even taken possession of it if you want to.

Let’s say you’ve purchased a new build that isn’t scheduled to be completed for another 2 years or more.  In the meantime, the value of that home still continues to inflate along with the rest of the housing market, and you might find an existing home that you like better.  Having an assignment means you can buy the home you’ve found AND sell the incomplete new build while still realizing the gain from the increase in the new build’s value – all without even every moving in.

My new build is just a pile of dirt right now and won’t be ready for 2 years. Do I need a mortgage today?

Generally, you’ll find that builders will require proof of an approved mortgage for them to sell you a new build.

We’ll complete that and provide it for you; you’ll just need to get pre-qualified.

So, when in the process should I get pre-approved?

Pre-approval for new build financing is the same as getting any other mortgage – start by getting your pre-approval in place, then go enjoy home shopping, knowing how much you can spend and that you’ve got financing handled already.

Can I lock in a rate 2 years in advance?

Most builders will offer on-site financing that promises a locked-in rate, so the answer is that yes, you can lock it in.  The problem is that doesn’t tell the whole story.  The rates being offered on new build sites are often as high as 1-2% over the rate our team can secure for you, and they generally don’t close at the locked in rate.

Remember – our team is here to get you the best deal for your particular situation and we have no incentive besides doing a great job for you.  Take the time to check in with us before you sign anything.

What happens if the build and closing date are delayed?

Don’t worry – this happens ALL the time with new builds. Just keep us updated with the information as you receive it, and we’ll handle the rest for you directly with the lender.

Why do I need an appraisal on a new build?

Think of it as another layer of validation that you’ve made a good purchase.  Lenders want to go physically check to make sure that the home you’ve purchased is as-promised, as-described and completed to specifications.

If you’ve put less than 20% down, this cost will usually be included in your CMHC expenses, but if you’ve put down more than 20%, this appraisal will generally cost around $350.


We’re here to help and ready when you are.