The right mortgage for building your dream home

If you’re building a home and working with a professional builder or contractor, this mortgage can make it happen.

What you need to know

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High ratio or conventional financing 

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Minimum 5% down payment

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Must qualify based on the current Bank of Canada 5-year benchmark rate

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Funds are advanced in stages over the construction period

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Accrued interest is deducted from the advance and applied to the mortgage during construction 

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Scheduled payments start once construction is complete

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Flex Feature Mortgage is available

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“Ready to Move” (RTM) mortgage options are available (some restrictions apply)

Flex Feature Fixed Mortgages

Description

Rate*

03 Year Closed

5.89%

04 Year Closed

5.74%

05 Year Closed

5.34%

Construction Mortgage terms & conditions

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Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser 

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Loan can possibly go up to 95% of the appraised value or cost to construct (whichever is less)

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Down payment needs to come from your own financial resources  

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Collection of property tax payments along with principal interest payments may be a condition of mortgage approval  

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Group Mortgage Protection (GMP) is purchased separately through CUMIS  

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Value Mortgage Product not available

Think this mortgage is right for you?

Getting the process started is just a click away!

*Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate displayed. Rates subject to change without notice. Applicable to Credit Union lending criteria. Some conditions apply.