Purchase Lot

The Process…

Pay Cash

Require funds for minimum

35%-50% down payment

HELOC against current residence

Refinance mortgage on current residence

Purchasing the Raw Land (Lot)

Raw Land Mortgages available at best rates. OAC.

Pay Cash

Own lot &ready to builda new home

The Process…

Hire Builder

Self-Build

Building A New Home

Builder can self-finance

Builder requiresdraws

Client can self-finance

Client requiresdraws

Draw Mortgage/ProgressAdvances

+ 15% Foundation/Backfill(Land paid out if mortgaged)

+ 40% Lockup

+ 65% Drywall/Services

+ 100% Take-out

* Costs may increase depending on each builder’s expectations, deposits and upfront costs. Important to note… 10% holdbacks are required against all draw mortgages as per Section 18(1) of the Builders Act.

* Lender/Broker mortgage fees may apply. If applicable, will be determined and disclosed at start of mortgage process.

* Interest rates vary – OAC; subject to income, credit history and property.

Insured: 4 Draws Allowed

If 15% is drawn, then the 85% draw is not available – it is an either/or to a maximum of 4.

Conventional files may allow more.

+ 85% Kitchen cupboards; doors; bathrooms

Home is done and you’re

are ready to move in!

The Process…

Take-out mortgageOAC

Take-out mortgagewith Countryside

Financial OAC

Home is Complete – Take-Out Mortgage (pays back the draw lender) and begins a new traditional loan

Clients continue with their usual bank

Best discounted rates/terms available;products for all client situations

Additional rate reductions available

Exceptional specialized service and knowledge provided

At time of take-out, the loan may be increased to a higher loan-to-value or rolled over from the progress advance. Clients may choose to pay themselves back some capital and take out additional equity.

The loan turns into a ‘traditional mortgage’ and all mortgage products become available OAC.

Potential Costs to Client

Other Considerations…

Description Fees Applicable Mortgage Available & Rates

Raw Land Purchase - Lender & Broker Fee’s may apply - 65% LTV maximum; open or closed mortgage.- Legal & Appraisal - Best rates available.

Progress Advance Mortgage - Lender & Broker’s Fee’s may apply - 95% LTV maximum for insured build; 80% - Legal & Appraisal LTV maximum for conventional build (may be subject - Appraisal/Inspections at each draw to sliding scale).

- Best rates available.

Take Out Mortgage - Legal & Appraisal - 80% LTV for refinance. - Best rates available.

* All above on-approved-credit. Lender and Broker Fees may increase with credit risk. CMHC (if applicable) premium on top.

Legal Costs $800 up to $1500 +

Appraisal Costs $500 + for each as required

$500 + for take-out mortgage to confirm market value and fully constructed

Progress Inspections $150 + for each as required to confirm percentage complete at each draw

Hold Backs 10% As per Alberta building guidelines, holdbacks are required for a period of 45 days at end of construction period.

The % is based on each draw and will be held back by your lawyer.