We’ve got access to a range of mortgage products for new builds in Stony Plain and surrounding areas, including rate caps from 4 months up to 12 months.
A rate cap locks in the highest interest rate you’ll pay for your mortgage. It’s based on the rates when you apply, minus any discounts that might be available. That way, you’re protected from rising rates while your home is being built.
Yes! Some self-build or progress draw mortgages in Stony Plain allow you to stay in your current home while construction is underway—but it depends on lender approval. If approved, you could avoid the cost and hassle of moving into a rental. Keep in mind that the lender will likely want proof of sale on your current home once your new place is nearly finished.
Some people prefer to sell before building to have more cash flow and peace of mind. It’s a personal choice, but selling ahead can reduce financial pressure while your new home is being built.
No, the rate cap is locked in for the period you choose. Once it expires, the current rates will apply.
If you switch to a conventional mortgage, you’ll still have to pay the original insurance premium since it was part of the initial approval terms.
Yes, if a conventional mortgage approves a land draw, it’ll be split from your first draw. Keep in mind that land draws are only available on traditional mortgages.
Possibly! If the land is free and clear or you have a loan secured against it, the lender may approve a land draw—but it’s subject to their approval.
Most lenders will only fund once the house is 100% complete, but they typically allow a 3% holdback for seasonal work (like finishing the driveway or landscaping). They’ll release the remaining funds once a final inspection confirms completion.
Yes, in some cases, you can adjust the final terms before you sign the final mortgage documents—but only after the house is complete.
Yes, but there are rules. For completion mortgages, you’ll need to return to your existing lender within 90 days of paying off the old mortgage to maintain portability features. For progress draw mortgages, the first draw must happen within 90 days, and the final draw must be completed within 12 months. Prepayment charges are usually refunded once the final mortgage is advanced.
There’s usually no hard deadline, but the lender may stop advancing funds if progress stalls. Sticking to your construction timeline is key to avoiding delays and extra costs.
You only pay interest on what you’ve actually borrowed. As construction progresses and you draw more funds, your monthly interest payments will adjust accordingly.
Whether you are first-time buyer or an experienced buyer with excellent credit, The Mortgage Centre has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
Learn MoreThrough training and certification, we have a good understanding of available products, features, and rates. We are here to keep your mortgage moving forward with our Mortgage Market technology, we have electronic access to various major lenders in Canada, so you’re not tied to one lender or one type of mortgage.
Learn MoreWe understand that mortgages can be confusing and intimidating. To help demystify the process, The Mortgage Centre provides a glossary and a variety of free calculators to assist you in researching, and planning your mortgage.
Learn More