Construction Financing Guide

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1 Mark Negenman, Mortgage Specialist Axiom Mortgage Partners Construction Financing Guide i

2 Construction Financing Guide Mark Negenman Urban Mortgage Axiom Mortgage Partners Calgary Alberta Phone Fax

3 Table of Contents Introduction...3 Company History.4 Documentation Required. 5 Mortgages Funded in Draws....7 Calculating Construction Draws...9 Construction Draw Worksheet Builders Draw Request Form Cost Estimate Example...15 Interest Charged During Construction 16 Construction is Complete iii

4 Congratulations! Building your own home can be such a rewarding experience. And by being prepared and working with the right mortgage professional it can also be relatively stress free! This guide has been created to help you through the steps of financing your home. Whether this is your first, third or fifth home, the Construction Financing guide will help you navigate the process. Again, congratulations on choosing to build your own home. 4

5 Company History Axiom Mortgage Partners Axiom Mortgage Partners has been providing our clients with financing for over 10 years in the Calgary area. The firm was originally opened by two experienced bank managers, Lorne Dumall and Reesa Evans. Axiom Mortgage Partners brokers pride themselves on their ability to assess the client s entire portfolio and choose the right products for their client s needs. We research lenders to find the mortgage that is best for you. Our lenders include: TD Bank Bank of Montreal CIBC Scotia Bank National Bank Firstline Mortgages Laurentian Bank First National Financial Bridgewater Financial Resmor ING ATB Financial Home Trust MCAP Xceed Peoples Trust Citizens Trust Cooperative Trust GE Money Cervus Financial Group Maple Financial Group Citizens Bank 5

6 There are two types of construction mortgages. 1. A construction completion mortgage is used when you are buying a new home from a builder or construction company, and the you do not need to supply mortgage funds to the builder (other than the deposit) until the home is 100% complete. A completion mortgage is no different than a regular mortgage you would arrange when buying an existing home. 2. A construction draw mortgage is used when you are having a home built by a builder or you are building it yourself, and the mortgage funds are required in stages as the home is complete. In this booklet, we will be explaining the second type of construction mortgage, the construction draw. 6

7 The Construction Draw Process These are the steps you will go through when arranging a construction draw mortgage. It is a fairly involved process, but the better you understand it, the easier it will be. Step 1 Pre-approval Before you sign a purchase agreement with your builder, or begin construction, you will want be pre-approved for a mortgage. The preapproval will let you know how much of a mortgage you qualify for. Some of the documentation you may require for the pre-approved mortgage will be found later in this booklet. Step 2 - Planning Your next step is to plan the home you want to build. You should choose a building lot, write an offer to purchase it, choose house plans, and draw up a construction contract with the builder or developer. In some cases, your builder will already own the lot, and have a set of plans. In that case, the agreement with the builder will also include the purchase of the lot. Step 3 - Deposit Once the contract terms have been agreed to, you will give a deposit to the builder, which will be documented and confirmed in the contract. Note that in some cases the deposit required will be greater than the down payment you plan to put down. For example, you may be planning to put only 10% down, but your builder requires a 15% deposit. In that case, a portion of the deposit will be returned to you on closing. Step 4 Send documentation to broker Once you have the plans in place, you need to forward them to your mortgage professional. The documentation they will need includes: For a builder built home: Purchase contract on the lot Construction contract with the builder Copy of the plans 7

8 Confirmation of new home warranty (if applicable) For a self build home: The offer to purchase the lot Plans and specifications approved by the municipality Two estimates from recognized sub-trades, or, one estimate and one contract for each supplier/trade A resume of building experience. Step 5 Finalizing the mortgage Once the mortgage broker or lender has all of your contact information, they will need to order an appraisal. The appraisal will tell them what the value of the home will be once all the work is complete. Once the mortgage broker or lender has received the appraisal, they will finalize the mortgage approval. Step 6 Advancing the mortgage The lender will advance the mortgage funds in stages or draws as the house reaches the various stages of completion, based on cost to complete. This means the lender will hold back enough funds to complete the project, if they had to take over the project. Generally, there are three to four draws, and most lenders will allow no more than 4. Your mortgage broker will work with you and/or your builder to ensure you are choosing the right mortgage to meet your needs. Step 7 The first draw As mentioned earlier, in many cases, the builder or developer owns the lot. The lot remains in the name of its current owner until the first draw is advanced or lot title is transferred into your name. The mortgage is registered for the full amount of the mortgage. The interest rate on the original document used may be higher than the originally agreed to. This is done to save additional legal fees each time the mortgage funds are advanced. An amendment is signed when the final rate is set at the end of the construction process. You or your builder will contact the mortgage broker or lender to requesting a draw. You or your builder will have to complete a draw request form. Your mortgage broker or lender will supply you with a copy of this form. 8

9 The mortgage broker will contact the original appraiser and have them confirm that the home is at the stage of completion the builder has indicated. The lender releases the funds to the lawyer, and the lawyer releases the funds to the builder. Note: It is important to be sure that your builder understands, and can work with, the draw requirements of the lender. This is where a mortgage professional is a valuable resource! They will help you choose the right lender for your financing needs. Step 8 Understanding when the draws take place Advances are usually requested by the builder at the following stages of construction: Draw #1: Foundation backfill Draw #2: Lock-up Draw #3: Drywall Draw #4: Completion The home is about 16% complete The home is about 40% complete The home is about 70% complete The home is about 100% complete The following is the work expected to be complete at each of the draw stages: Backfill: 16% Lock-up: 40% Drywall: 70% Final Draw: 100% Excavation Doors/windows Basement floor Floor coverings Foundation Framing Drywall Electrical Backfill Sheathing Heating Plumbing Roof Exterior finish Finishing carpentry Rough plumbing Painting Rough electrical Landscaping Insulation Rough heating 9

10 A guideline of percentage of work complete 16% 38% Excavation, foundation, beams, columns, sub-floor Backfill, framing, sheathing, roof, rough plumbing, rough electrical, insulation, vapor barrier 40% Rough heating 43% Exterior doors and windows 55% Exterior finish, fascia, soffits, eaves, downspouts 58% Basement floor 60% Heating equipment, furnace, hot water tank, 62% Interior doors, casings and hardware 70% Interior wall, ceiling finish-boarded and taped 73% Floor Covering 75% Electrical Completed (including fixtures) 77% Plumbing Completed (including fixtures) 90% Finish Carpentry Completed (kitchen and bathroom cupboards, baseboards) 95% Painting interior and exterior 100% Landscaping You will be responsible for fees at each draw. These include, but are not limited to: the appraiser for his inspection lawyer for disbursing the funds to the builder in some cases, a disbursement fee for releasing the funds in some cases, interest at each draw This process is repeated until the home is complete. Interest during construction is usually calculated at or about prime plus 2%. It may be paid by the you or by the builder. If it is being paid by the builder, it will be noted in the purchase/construction contract. If the interest is being paid by you, you may pay the lender each month, the interest may be held back from each draw, or it may be allowed to accumulate with the total held back from the final advance. Your mortgage professional will discuss this with you to ensure you have budgeted for it. 10

11 Step 9 The home is complete Once the house is 100% complete the lender pays out the now fullyadvanced construction mortgage with a regular mortgage. (The terms of this mortgage would have been decided early in the process with the help of your mortgage professional.) A few other things to be aware of... New Home Warranty In many cases the builder must be a recognized and certified builder who is registered under the New Home Warranty Program. Rate Set Some lenders will set the mortgage interest rate on first draw. Some will set the rate 30 days prior to funding, and some will set the rate 90 days prior to funding. If you are working with a lender who sets the rate after construction begins, be aware that if the rates go up, and construction takes longer than expected, you will be paying the higher rates. If you no longer qualify with the increased rates, you may have to come up with additional funds. This is where you want a mortgage professional to represent you to be sure you are protected. G.S.T. There are GST rebates on new home construction. For all the details, please visit Note that the GST rebate may be payable to your builder. This will be specified in your builder agreement. No matter how experienced you are, the construction draw process is involved and can be stressful at times. Prepare yourself by being familiar with the steps, and by keeping the lines of communication open with your builder and broker. Having a mortgage broker on your side can make things easier. Contact Mark Negenman (403) to find out how we can help make your experience as easy as possible! 11

12 Documentation Required In order to process your mortgage application, mortgage brokers require documentation to support your mortgage application. Please note that there may be other conditions not listed here that they might require. Proof of Income Please provide the following documents for proof of income: Employees: Employment confirmation letter If you are salary, confirm your salary amount and length of employment If you are paid hourly, confirm your pay per hour, number of hours worked per week, and length of employment A current pay stub A T4 or Notice of Assessment* Commissioned or self-employed: Three years of financial statements Three years of Notices of Assessment Down Payment Verification CMHC and GE do not allow a down payment to be borrowed. This is why we verify the source of your down payment. Please provide the following: If your down payment is from savings in your bank account, provide three months of bank statements. The statements must state your account number and name. If your down payment is from investments (RSP, GIC, stocks, bonds), provide a copy of a recent account statement. If your down payment is a gift, a gift letter is required together with proof that the funds have been deposited into your bank account. 12

13 Additional Documentation You will also be required to provide the following additional documentation: The offer to purchase the lot All plans and specifications, approved by the applicable municipality Two estimates from recognized sub-trades or one estimate and one contract for each supplier/trade. A resume of your building experience. You should have the credentials to do up to 30% of the work on your own. You may require third-party New Home Warranty on your owner-built home. Void cheque for the account from where mortgage payment will be withdrawn Name of the lawyer you will use for this transaction *Notice of Assessment is the summary form Revenue Canada sends after your income tax has been filed. It specifies what you claimed on your taxes last year. If you do not have a copy of your Notice of Assessment, you can call Revenue Canada at to obtain a copy. 13

14 Mortgages funded in draws Lenders will advance the mortgage funds in stages, or draws, as the house reaches stages of completion. The amount of money the lenders advance is based on cost to complete, which means the lenders will hold back enough funds to complete the project themselves if they had to. Draw mortgages are usually advanced in three to four draws, and most lenders will allow no more than four. Some lenders will allow more, depending on the situation. The following outline common stages of construction: Draw #1: Foundation backfill The home is approx. 16% complete Draw #2: Lock-up The home is approx. 40% complete Draw #3: Drywall The home is approx. 70% complete Draw #4: Completion The home is approx. 100% complete The following charts shows the work expected to be complete at each of the draw stages: Backfill: 16% Lock-up: 40% Drywall: 70% Final Draw: 100% Excavation Doors/windows Basement floor Floor coverings Foundation Framing Drywall Electrical Backfill Sheathing Heating Plumbing Roof Exterior finishing Finishing carpentry Rough plumbing Painting Rough electrical Insulation Rough heating A guideline of percentage of work complete 16% Excavation, foundation, beams, columns, sub-floor 38% Backfill, framing, sheathing, roof, rough plumbing, rough electrical, insulation, vapor barrier 40% Rough heating 43% Exterior doors and windows 55% Exterior finish, fascia, soffits, eaves, downspouts 58% Basement floor 14

15 60% Heating equipment, furnace, hot water tank, 62% Interior doors, casings and hardware 70% Interior wall, ceiling finish-boarded and taped 73% Floor Covering 75% Electrical Completed (including fixtures) 77% Plumbing Completed (including fixtures) 90% Finish Carpentry Completed (kitchen and bathroom cupboards, baseboards) 95% Painting interior and exterior 100% Landscaping Note: These figures are flexible and vary from lender to lender. Some lenders require that the first draw be at lock-up (approximately 40% complete). You will be incurring some fees at each draw. Fees are paid to the appraiser for his inspection, sometimes to the lender for releasing the funds, and then to the lawyer for disbursing the funds to the builder. This process is repeated until the home is complete. If you do not own the lot, the building lot remains in the name of its current owner until the first draw is advanced. The funds from the first advance are used to complete the purchase of the lot. At this point the title is transferred into your name. The mortgage will be registered on title for the full amount. The interest rate used may be higher than the originally agreed upon rate to save legal costs in the event of future changes. (An amendment is signed to change the rate once the final rate is set at the end of the construction process.) When you are ready to request funds, you need to advise your mortgage professional. Ideally, you should contact them approximately 2-3 weeks before you are going to require the funds. Your mortgage professional will then contact the appraiser and have them inspect the property and confirm the completion stage. Your mortgage professional forwards the draw request form and the appraiser s inspection report to the lender. The lender will release funds to your lawyer, and your lawyer releases the funds to you. Processing a draw can take from two to four days, depending on the lender, the lender s workload, and the lawyer. 15

16 Calculating construction draws The lender will be responsible for calculating the amount of the draws, and each one will calculate it a little differently. However, it is handy to know how the draws will be calculated so you can give yourself a rough estimate. Remember that at each draw, the lender will always retain, or hold back, enough funds to complete the house if they need to. An example You buy a lot for $100,000. The house being built will cost a total of $200,000. When the project is finished, it will be worth $300,000. You have 25% down ($75,000). You have been approved for a mortgage of $225,000 which will be advanced in draws. Foundation backfill is complete, and you request a draw. How much will the first draw be? A. Purchase Price $300,000 B. Land Value $100,000 C. Building Construction Cost (A-B) $200,000 D. LTV (loan to value) 75% E. Total mortgage amount (A*D) $225,000 F. Percentage of work completed 16% G. Percentage required to complete (100%-F) 84% H. Holdback required (C*G) $168,000 I. Maximum advance possible (E-H) $57,000 J. Less any previous advances (I) $0 K. Amount of this advance (I-J) $57,000 16

17 Now the house is at lock-up and you request another draw. How much will the second draw be? A. Purchase Price $300,000 B. Land Value $100,000 C. Building Construction Cost (A-B) $200,000 D. LTV (loan to value) 75% E. Total mortgage amount (A*D) $225,000 F. Percentage of work completed 40% G. Percentage required to complete (100%-F) 60% H. Holdback required (C*G) $120,000 I. Maximum advance possible (E-H) $105,000 J. Less any previous advances (I) $57,000 K. Amount of this advance (I-J) $48,000 Now your house is at the drywall stage. You request a draw. How much will the third draw be? A. Purchase Price $300,000 B. Land Value $100,000 C. Building Construction Cost (A-B) $200,000 D. LTV (loan to value) 75% E. Total mortgage amount (A*D) $225,000 F. Percentage of work completed 75% G. Percentage required to complete (100%-F) 25% 17

18 H. Holdback required (C*G) $50,000 I. Maximum advance possible (E-H) $175,000 J. Less any previous advances (I) $57,000 + $48,000 K. Amount of this advance (I-J) $70,000 Now you have completed the home. How much will the final draw be? A. The Lawyer must hold back a percentage of the mortgage amount for a certain number of days in case of any builder s liens. (The lien amount varies by province, but for this example, we will use 15%.) B. The total mortgage amount is $225,000. The 15% holdback will be $33,750. C. There have been three draws taken so far: draw #1: $57,000; draw #2: $48,000; draw #3: $70,000 for a total of $175,000. D. $225,000 minus the total draw of $175,000 is $50,000. The lender holds back $33,5750 and the final advance will be $16,250. The last $33,750 will be advanced to you at the end of the 45 days. This is a simple example. In many cases there will be a CMHC/Genworth insurance premium added to the mortgage, the lender will be charging interest on the amounts advanced, and there may be a GST rebate. The purpose of the example is to help you understand draws from both the lender s point of view. 18

19 Construction Draw Worksheet A. Total purchase price B. Land value C. House construction cost (A B) D. LTV ratio E. Total mortgage amount (A D) F. Percentage of work complete so far G. Percentage required to fully complete(100% F) H. Holdback required (C G) I. Maximum advance possible (E H) J. Less any previous advances (I) K. Amount of this advance (I J) L. Less interest (if applicable) M. Total of this advance (K L) 19

20 Builder s Draw Request Example Property Address: Applicant: Builder: Percentage Complete 16% Excavation, Foundation, Beams, Columns, Sub-Floor 38% Backfill, Framing, Sheathing, Roof, Rough Plumbing, Rough Electrical, Insulation 40% Rough Heating 43% Exterior Doors and Windows 55% Exterior Finish, Fascia, Soffits, Eaves, Downspouts 58% Basement Floor 60% Heating Equipment, Furnace, Hot Water Tank, 62% Interior Doors, Casings and Hardware 70% Interior Wall, Ceiling Finish-Boarded and Taped 73% Floor Covering 75% Electrical Completed (including fixtures) 77% Plumbing Completed (including fixtures) 90% Finish Carpentry Completed (kitchen and bathroom cupboards, baseboards) 95% Painting interior and exterior 100% Landscaping I certify that the work stated above has been completed according to the plans, specifications and building codes. 20

21 Builder Signature Cost Estimate Example Work Details Company Cost of Materials Labour Cost Plans and Specs Survey Permits Building Insurance Excavation Sewer/Water Septic/Well Concrete Lumber Framing Trusses Windows and Doors Insulation Drywall Painting Soffit/Facid/Eavestrough Building Exterior Plumbing Fixtures Plumbing Installation Garage Door Roof Covering Heating Electrical Fixtures Electrical Installation Stove/Dishwasher Trim Interior Flooring Finishing Carpentry Cabinets Counter Top Fireplace Driveway Landscaping Fencing Site Clean Up Legal Fees Interest Subtotal 15% Contingency 21

22 Total Interest Charged During Construction Interest during construction is usually calculated at prime plus 1 or 2%. Depending on the lender, there are a few ways you will pay that interest. It may come out of your bank account each month by way of electronic debit. Alternatively, the interest may be held back from each draw, or it may be allowed to accumulate and the total interest will be retained from the final advance. Be sure that you have budgeted for this expense. Construction is complete When construction is complete and the mortgage funds have been advanced, those funds are converted into a mortgage product you choose (such as a five-year term). This is often referred to as taking out the construction financing. Many lenders have minimum terms that must be taken after completion, and most lenders will not allow an open mortgage. This is because the construction process is very time consuming, and if the mortgage is paid out early, the lenders will not recover their costs. You will need to supply confirmation that the home is complete. Verification of completion can be an appraisal stating that the home is 100% complete, the New Home Warranty Certificate of Completion and Possession, or an Occupancy Permit from the municipality. If there is seasonal work remaining (i.e. landscaping that can t be completed because of weather), there will be a holdback for the amount required to complete the work, which generally 3% of the mortgage amount. There is also a standard lien holdback (amount varies by province). This is just in case any sub-contractors are not paid for their work and attempt to register a builder s lien on the property. Conclusion 22

23 As you can see, financing your self built home is a complex process. The help of an experienced mortgage professional will ensure you are prepared every step of the way. This document has been provided courtesy of Mark Negenman, Mortgage Associate URBAN MORTGAGE INC. cell: fax: website: 23

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