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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
High ratio or conventional financing
Minimum 5% down payment
Must qualify based on the current Bank of Canada 5-year benchmark rate
Funds are advanced in stages over the construction period
Accrued interest is deducted from the advance and applied to the mortgage during construction
Scheduled payments start once construction is complete
Flex Feature Mortgage is available
“Ready to Move” (RTM) mortgage options are available (some restrictions apply)
Flex Feature Fixed Mortgages
03 Year Closed
04 Year Closed
05 Year Closed
Construction Mortgage terms & conditions
Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser
Loan can possibly go up to 95% of the appraised value or cost to construct (whichever is less)
Down payment needs to come from your own financial resources
Collection of property tax payments along with principal interest payments may be a condition of mortgage approval
Group Mortgage Protection (GMP) is purchased separately through CUMIS
Value Mortgage Product not available
*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.