Embarking on the journey to build your own home is a significant undertaking, and we’re here to make your dream a reality. Whether you’re hiring a professional to build it for you, or taking on the project yourself, we have mortgages to help you build a home in Saskatchewan. Think of us as your guides, ensuring you understand every step from financing to construction.

Your step-by-step guide to building your home

The step-by-step guide below is a comprehensive guide tailored to support you at every stage of your home building journey - from research to building. While some may prefer a hands-on approach, remember that we're here for you every step of the way. Feel free to dive into the process independently, but don't hesitate to reach out to us whenever you need guidance. Together, let's navigate through each step, starting with the first, and work together to get your home off the ground.

Step 1

Assess your finances

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You need a credit score of at least 600 to get a mortgage (700 or more is even better). You can access your credit report online for free from Equifax and TransUnion.

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Use our Mortgage Affordability Calculator to figure out how much you can spend on the entire project, including what mortgage payment you would be comfortable with each month. Don’t forget to consider things like construction costs, land, design, landscaping, etc. This calculator is for illustration purposes only.

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Save for a down payment (as little as 5%) and closing costs.

Step 2

Choosing your construction approach and financing options

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Are you planning on hiring a professional builder or doing the construction yourself? Sometimes doing it yourself and being the contractor can help save money, but it also takes up more of your time, and not everyone has the required skills. Your construction approach will help figure out how much of a down payment you’ll require, and which mortgage products are best for you.

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Speak to one of our Mobile Mortgage Specialists or Financial advisors to help you navigate through your financing options such as our Construction Mortgage or Self-Builder Mortgage.

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Discuss and decide if you want a fixed or variable mortgage and an open or closed mortgage, once construction is complete.

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Choose your amortization period, payment schedule and interest rate.

Step 3

Choose a location and a builder

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Research builders, considering reviews and portfolios. Explore different neighbourhoods and land costs.

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Look at home plans, and have the builder provide you with some rough estimates of what the costs will be.

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Work with your Mobile Mortgage Specialist and Financial Advisor to complete financing and go ahead to the next step of building.

Step 4

Finish plans, sign contracts, and begin construction.

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Work with your builder, and a lawyer, to complete your contract and construction timelines.

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Work with local authorities on any permits you may require. Some builders will handle this.

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Throughout construction, regularly communicate with your builder to stay informed about progress and address any issues that may arise. During construction, you’ll also be able to choose your finishes, fixtures, and other materials for the interior of your home.

Step 5

Final walk-through and completion

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Schedule inspections through various stages of construction and at the project's end.

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The final inspection is your opportunity to voice any concerns and make any requests for touchups and fixes before you move in.

Step 6

Possession and final payment

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Once all your inspections pass, you’ll get a certificate of occupancy.

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Work with your Mobile Mortgage Specialist or Financial Advisor to close your construction loan and transition to a traditional mortgage.

Step 7

Congratulations on your new home!

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You’ll need to plan for things like landscaping, home maintenance, etc. To help you save, consider using a Tax-Free Savings Account.

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New homes often come with warranties on things like appliances, furnace, etc. Be sure to talk with your builder to understand what warranties you have and the length of time for each.

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Types of mortgages we offer for building a home:

  1. Construction Mortgage: Building a new home with a professional builder? This mortgage may be for you.

  2. Self-Builder Mortgage: Planning to build your own home or being the contractor? This mortgage may be your best plan.

Government assistance and programs available:

  1. Federal GST/HST new housing rebate allows you to recover some of the GST paid for a new home that is used as your primary residence.

  2. Provincial PST (Provincial Sales Tax) rebate for new home construction provides a rebate of up to 42% of the PST paid on the purchase of a new, previously unoccupied home (newly constructed home).

Meet our Mobile Mortgage Specialists

As a first-time homebuyer, we understand the importance of flexibility. Our Mobile Mortgage Specialists bring the branch to you, accommodating your schedule and providing personalized service, ensuring you can easily navigate the journey to your first home without any unnecessary stress.

Tools & Resources


Calculate your payment or mortgage amount.

Money Advice for Life

Tips for reducing the stress of buying a house.

Have questions? That’s what we’re here for!

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Give us a call

Have questions about which mortgage option is most suitable for you?

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Connect with us

Ready to start your homeownership journey? Fill out this form and one of our Mobile Mortgage Specialists or Financial advisors will be in touch shortly.