Construction Mortgage · Woodstock, Ontario
Construction Mortgages in Woodstock, Ontario
Building a new home in Woodstock or Oxford County is one of the biggest financial decisions you'll make. Craig Reynolds navigates the complexity of construction financing, staged draws, interest-only periods, and lenders who actually understand how builds work, so your project stays on track from start to close.
Who Craig Helps
Construction Mortgages in Woodstock for Every Type of Build
Whether you're buying pre-construction or building custom, here's how Craig helps:
Pre-Construction & New Build Communities
Buying in a development like Heartwood or a Sally Creek community in Oxford County? Craig secures your construction financing early, locking in your rate commitment and ensuring funds are staged correctly as each phase of your build is completed.
Custom Home Builds
Working with your own builder on a custom home? Construction financing works differently from a standard mortgage. Craig structures the draw schedule around your build milestones and connects you with lenders who understand custom construction timelines and builder requirements.
Purchase Plus Improvements
Found the right home in the right location but it needs work. Roll the renovation cost into your mortgage so you can start upgrades immediately after taking possession.
The difference
Why Use a Mortgage Agent for Construction Loans?
Construction mortgages are more complex than standard mortgages. You need someone who knows how they work.
Education-First Approach
Craig explains draw schedules, interest-only periods, holdbacks, and the inspection process in plain language. You'll understand exactly how construction financing works before any money moves.
Access to 88+ Lenders
Not all lenders offer construction mortgages, and those that do have very different requirements. Craig knows which lenders work with which builders and build types across Woodstock and Oxford County.
A Partner for the Life of Your Mortgage
Craig stays with you from getting a mortgage quote through to the final draw and converts your construction mortgage to a standard mortgage at completion, shopping the full market for the best available rate at that time.
What Working With Craig Looks Like
Simple. Transparent. No surprises.
Initial Call
Discuss your goals, timeline, and budget. Walk through all available options together.
Info & Docs
Submit documents securely. Craig handles the lender communication on your behalf.
Lender Approval
Review approval terms together — every detail explained before you commit.
Close & Beyond
Fulfill conditions, close with confidence. Craig stays your partner post-closing too.
What's involved
Construction Mortgage Essentials for Woodstock Buyers
Everything you need to understand before financing a new build.
Draw Mortgage
The most common construction financing structure. Funds are released in stages, typically 4–5 draws tied to build milestones. You typically pay interest only on the amount drawn at each stage, not the full mortgage balance, keeping your carrying costs manageable during the build.
Interest-Only Period
During construction, some lenders have you pay interest only on the funds drawn to date, not the full approved mortgage amount. This keeps your payments lower while your home is being built. Full principal and interest payments begin one month after construction is complete.
Lender Inspection & Holdback
Before each draw is released, a lender-appointed inspector visits the site to confirm the build milestone is complete. A statutory holdback, typically 10% per Ontario's Construction Act, is retained from each draw until the lien period expires and final completion is confirmed.
Rate Hold
Craig secures a rate commitment at pre-approval to protect you from rate increases during the early stages of your build. Rate hold periods vary by lender, typically 6–12 months. At completion, Craig shops the full market for the best available conversion rate.
Builder Requirements
Lenders typically require your builder to be licensed, insured, and registered under an approved New Home Warranty program, mandatory in Ontario for all homes built after February 2014. Craig confirms your builder meets these requirements before you commit to avoid surprises mid-build.
Mortgage Calculator
Run payment scenarios for different rates and terms before committing. Try the calculator →
Find Your Mortgage With Craig
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Common questions
Frequently Asked Questions
How is a construction mortgage different from a normal mortgage?
A standard mortgage releases the full amount at closing. A construction mortgage releases funds in stages, called draws, tied to build milestones. During construction you pay interest only on the amount drawn. At completion it converts to a standard mortgage with full principal and interest payments beginning one month after.
How many draws are typically involved?
Most construction mortgages involve 4–5 draws tied to key milestones, typically lot and foundation, framing, lock-up, drywall, and final completion with occupancy permit. The exact number depends on the lender.
Do I need a larger down payment for a construction mortgage?
It depends on the mortgage type. For conventional uninsured construction mortgages, most lenders require 20–25% down. However, insured construction mortgages through programs like Canada Guaranty's Progress Draw Advantage allow as little as 5% down for eligible builds under $500,000. Craig confirms the exact requirement for your specific situation upfront, no surprises.
What happens when construction is complete?
At completion your construction mortgage converts to a standard mortgage. Craig shops 88+ lenders at that point to secure the best available rate, you're not locked into the construction lender's rate. Full principal and interest payments begin one month after your occupancy permit is issued.
Can I use my own land as a down payment?
Yes, if you already own your land outright, its appraised value can count toward your construction mortgage down payment. This is one of the key advantages of buying land first and building later. Craig factors this into your financing structure from the start.
building in woodstock or oxford county?
Get Your Construction Mortgage Sorted Before Your Build Starts
Craig Reynolds
L1 Mortgage Agent
Licensed Mortgage Agent serving, Woodstock, Ingersoll, London, and Surrounding Areas. Helping Ontario homeowners and buyers find smarter mortgage solutions.
License Number: M24002371
FRSA #13556
Maventure Mortgage Co.
FSRA #13556
735 Fanshawe Park Rd W #1, London, ON N6G 5B4
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