Building Your Own Home?
- Conventional Financing Available
- Minimum 35% down payment
- Funds are advanced over stages of the build
Are you building your own home on land you own1, a Self-Builder mortgage may help those dreams come true!
- Minimum 35% down payment required
- Must qualify based on the current Bank of Canada 5 year benchmark rate
- Funds are advanced in stages over the construction period
Term options and rates to be determined at time of application
- Accrued interest is deducted from advances and applied to the mortgage during construction
- Construction beyond the excavation stage must start within 45 days of approval and be completed within 6 months of approval
- If construction is not completed with the 6 month time frame, the mortgage may be placed on regular scheduled payments
- Scheduled payments start once construction is complete
- Valid fire insurance and assignment is required for the secured property
- Property tax accounting service is offered at no cost3
- Cost of credit and any fees will be disclosed at time of approval
- Optional life, disability, loss of employment (GMP rider) and critical illness (GMP rider) insurance is available4
The information provided is general in nature only. For complete details contact a Conexus Credit Union lending expert.
- Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser.
- Loan is for no more than 65% of the appraised value or cost to construct (whichever is less). Down payment comes from your own financial resources. Amortization is maximum 25 years.
- Collection of property tax payments along with principal and interest payments may be a condition of mortgage approval.
- GMP (Group Mortgage Protection) is purchased separately through CUMIS.