One of the first choices you’ll make with your mortgage is how often you want to make payments. Most people go with the standard monthly option, but there are some “accelerated” choices that can make a big difference over time.

Regular Payments
With regular payments (monthly, semi-monthly, bi-weekly, or weekly), your lender simply takes your yearly mortgage amount and splits it up. So whether you’re paying once a month, every two weeks, or every week, the total you pay in a year is the same. It’s just broken into smaller pieces. To calculate your payments you would take the monthly payment and multiply it by the 12 months in a year and then calcuate the mortgage payment by dividing that number by 24 for semi-monthly payments, 26 for bi-weekly, or by 52 for weekly payments.

Accelerated Payments
Accelerated payments are where you can sneak in some big savings. With accelerated bi-weekly or accelerated weekly, you end up making the equivalent of one extra monthly payment each year. Basically you take the monthly payment and multiply it by 13 and then divide that number by your payment frequency (i.e., 26 or 52). That extra bit that was added to those payments goes straight to your mortgage principal, which helps you pay things down faster and cuts down on the interest you’ll pay in the long run.

Why It Matters

• Accelerated = faster mortgage payoff.
• You’ll save money on interest.
• You’ll build equity quickly.

Think of it this way: regular payments keep you on schedule, accelerated payments move you ahead of schedule. If your budget allows, it’s one of the simplest tricks to become mortgage-free sooner.

If you’re building a new home in Canada, you’ll likely come across two types of financing options: a construction or “progress draw” mortgage and a completion mortgage. While both help you achieve the same goal—moving into your brand-new home—the way the funds are advanced and the approval process work quite differently.

Progress Draw Mortgage
With a progress draw (or construction) mortgage, funds are advanced to the builder in stages as the home is built. Typically, draws happen at key milestones: after the foundation, at lock-up (when doors and windows are in), and at completion.

• You typically need a down payment of 20%-30% on the lot and a total of 20%-25% of the total build cost (lot and build) prior to the start of the build. You will typically have to sell your existing home first to have the equity available and to reduce your monthly expenses. 
• You begin making interest-only payments on the funds as they’re advanced.
• Inspections are required at each stage to confirm progress before more money is released.
• This option is common if you’re working with a custom builder or on a self-build project.

Completion Mortgage
With a completion mortgage, the lender advances the full mortgage amount only when the home is 100% finished and ready for possession.

• You don’t make any payments until the home is complete and can often put down as little as 5% and can continue to live in your existing home while the build is taking place.
• This is the more common option when buying from a larger builder or developer in a subdivision or condo project.
• The builder carries the financing during construction, and you simply take over at the end.

Which One is Right for You?
If you’re building a custom home and your builder requires funds along the way, a progress draw mortgage is likely necessary. If you’re purchasing from a builder who can finance construction themselves, a completion mortgage is usually simpler.
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Both options come with unique considerations—such as interest costs, inspection requirements, land transfer tax implications,and down payment timing. That’s where working with a mortgage broker helps. I can review your plans, walk you through the financing process, and make sure you have the right mortgage solution for your new build.

If you’ve recently completed a consumer proposal, first of all—congratulations. Taking that step shows responsibility, courage, and a real commitment to turning things around financially. As a mortgage broker here in Canada, I work with clients every day who are working hard to rebuild their credit and buy a home after coming out of tough financial situations. So if that’s your goal, you’re not alone—and you’re not out of options.

Step 1: Rebuild Your Credit the Smart Way
Once your consumer proposal is paid in full, your focus should shift to rebuilding your credit. Here’s how to get started:

• Get a secured credit card and use it responsibly (keep balances low, pay in full). For the purposes of a mortgage pre-approval you should have 2 new trades opened after the proposal is paid in full. Each should have a minimum of at least $2000 of credit.
• Make every payment on time, whether it’s utilities, phone bills, or rent.
• Keep your credit utilization below 30%—this is key.
• Monitor your credit score regularly so you can track your progress.

Within 12 to 24 months of consistently good behaviour, you’ll start to see real improvements.

Step 2: Qualifying for a Mortgage After a Consumer Proposal
Yes—it’s absolutely possible. Here’s what lenders usually want to see before approving a mortgage after a proposal:

• At least 2 years of re-established credit history (though some alternative lenders will consider you sooner). Meaning two new tradelines opened since the end of the consumer proposal with perfect repayment history for 2 years.
• A minimum credit score (often 600+, but it depends on the lender).
• Stable, verifiable income.
• A reasonable down payment—ideally at least 10% if you're going through an alternative lender.

Final Thoughts
Life happens. A consumer proposal doesn’t mean homeownership is off the table—it just means the path looks a little different. If you’ve put in the work to pay off your proposal and rebuild your credit, you’re already on the right track. I’d love to help you take the next step toward homeownership when you’re ready.