Building your own home just got easier

Planning on building your own home on land that you already own? Our Self-Builder Mortgage is the solution to help you make it happen. Term options and rates are determined at the time of application, so reach out to us today to find out if this option meets your needs.

Things to know before you apply

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Conventional financing 

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Minimum 35% down payment required

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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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Construction beyond the excavation stage must start within 45 days of approval and be completed within 6 months of approval 

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If construction is not completed within the 6 month time frame, the mortgage may be placed on regular scheduled payments

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Scheduled payments start once construction is complete

Flex Feature Fixed Mortgages

Description

Rate*

03 Year Closed

5.89%

04 Year Closed

5.74%

05 Year Closed

5.34%

Self-Builder 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 is for no more than 65% of the appraised value or cost to construct (whichever is less)

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Down payment comes from your own financial resources

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Amortization is maximum 30 years 

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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 is 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.