As Mortgage Professionals, we help borrowers find the best options and rates that fit your needs with the best lender. We work with various lenders for every possible situation. Purchasing a new build can be rewarding. We have access to rates that can be held for 6-12 months. During the time of your build, if rates go up, you have the peace of mind knowing your rate has been held for the duration of the build.

Lender’s commitment for approval usually last for 120 days. If your new build exceeds this time frame, the lender will request for new income documentation and a new credit bureau to ensure your situation has not changed. As Mortgage Professionals, we recommend to hold off from financing any large purchases or leveraging your existing credit facilities during the construction of your new home. Any major changes could result in the loss of your approval.

Lenders need to ensure borrowers have saved up their down payment from traditional, non-borrowed sources. This will also show the client’s ability to save funds and their savings habits. If savings are coming from overseas, these funds will need to be in Canada for at least 30 days to be considered towards the down payment.