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Building instead of buying?
A construction mortgage does not arrive in one piece at closing. It advances in draws as the build reaches each stage, and the lender inspects before releasing the next one. Roshika works that schedule through with you, your builder and the lender before the first shovel.
Your build quote or contract
Whatever your builder has put in writing so far. That is enough to start.
Roshika Manning is an Associate Mortgage Broker, Licence #2025-3000950, serving Lower Sackville and the rest of Nova Scotia in English, Hindi and Punjabi. She arranges mortgages through The Mortgage Alliance Company of Canada Inc.
Most people call once they have a lot and a builder’s number, unsure a lender will even look at it yet. That is the right time.
Roshika reads the contract and the draw schedule against what lenders typically advance, so you find out what the build is likely to cost to finance before you commit to building it.
What a lender will advance, and when, decides what you can realistically build. Worth knowing before you sign a contract.
If you already own the land, the file needs an as-completed appraisal: what the finished home is expected to be worth. Roshika gives you the document set that gets one done, so it is assembled before the application goes in rather than after it stalls.
Funds are released in stages as the build progresses. Draw a hundred thousand and you carry interest on that hundred thousand until the next stage, not on the whole mortgage.
You keep the interest-only structure while the house goes up. At completion the construction mortgage converts, and Roshika arranges that switch rather than letting the file carry on at construction pricing.
Nothing to prepare for the first conversation.
Roshika Manning The lot, the builder, and whatever numbers you have. A rough quote is fine.
How the draws would land against your build stages, what you would carry while it goes up, and what the lender will want to see at each inspection.
You get the financing shape in writing before you commit to a builder or a contract. If the build does not finance cleanly, Roshika says so.
The building permit, the land ownership deed, full blueprints, a certified construction budget, a materials estimate, and any site assessments. That set is what lets the appraiser understand exactly what is being built. Roshika goes through it with you before anything is submitted.
Not necessarily. Lenders treat the land as part of the file, and whether you own it outright, are buying it along with the build, or still carry a mortgage on it changes what they will advance. Bring whatever you have and Roshika will tell you where it puts you.
Some lenders allow a self-build and many do not, and the ones that do usually want a fixed-price contract or a detailed cost breakdown. It narrows the list of lenders; it does not end the conversation.
The construction mortgage converts to a regular mortgage on completion. You plan that conversion up front, in the same conversation.
No. Residential builds only, anywhere in Nova Scotia.
Leave your details and Roshika Manning Mortgages gets back to you directly to set up a time that works for you.
You'll be speaking with Roshika Prefer to talk? Call 902-999-1950.
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