Looking to build your home?
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.
Building a home is an exciting journey and we're here to support you every step of the way. Use the guide below to explore each stage of the home-building process, from researching your options to starting construction. Whether you prefer to take the lead or want guidance along the way, you'll find the information and support you need to move forward with confidence and bring your dream home to life.
Step 1: Access your finances
Understand your budget and what you can afford before building your home.
- 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.
- 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.
- Save for a down payment (as little as 5%) and closing costs.
Step 2: Choose your building approach
Explore construction options and financing that fit your plans.
- 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.
- 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.
- Discuss and decide if you want a fixed or variable mortgage and an open or closed mortgage, once construction is complete.
- Choose your amortization period, payment schedule and interest rate.
Step 3: Choose your location and builder
Find the right location, builder and plan for your dream home.
- Research builders, considering reviews and portfolios. Explore different neighbourhoods and land costs.
- Look at home plans, and have the builder provide you with some rough estimates of what the costs will be.
- Work with your Mobile Mortgage Specialist and Financial Advisor to complete financing and go ahead to the next step of building.
Step 4: Start construction
Finalize plans, complete contracts and begin building your home.
- Work with your builder, and a lawyer, to complete your contract and construction timelines.
- Work with local authorities on any permits you may require. Some builders will handle this.
- 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: Complete final inspections
Review your home’s progress and prepare for move-in.
- Schedule inspections through various stages of construction and at the project's end.
- The final inspection is your opportunity to voice any concerns and make any requests for touchups and fixes before you move in.
Step 6: Move in and finalize financing
Complete the final steps and transition into your new home.
- Once all your inspections pass, you’ll get a certificate of occupancy.
- 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.
- Work with your Mobile Mortgage Specialist or Financial Advisor to close your construction loan and transition to a traditional mortgage.
- Plan for things like landscaping, home maintenance, etc. To help you save, consider using a Tax-Free Savings Account.
Construction Mortgage vs Self-Builder Mortgage.
The right mortgage depends on whether you’re hiring a professional builder or managing the build yourself. Here’s how they compare.
| Feature | Construction Mortgage | Self-Builder Mortgage |
|---|---|---|
Who it's for | Working with a professional builder or contractor | Working with a professional builder or contractor |
Minimum down payment | 5% | 35% |
Land ownership required | Yes — must hold title | Yes — must hold title |
Funds released | In stages during construction | In stages during construction |
| Construction timeline | Must complete within 12 months of first disbursement | Must complete within 9 months |
| Eligible properties | Single-family detached and semi-detached (owner-occupied) | Single-family detached and semi-detached (owner and non-owner occupied) |
Tools to help you plan your home build.
Common questions.
Here’s what people ask us the most.
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The Construction Mortgage is designed for members who are hiring a professional builder or contractor to build their home. It requires a minimum 5% down payment and funds are released in stages. The Self-Builder Mortgage is for members who plan to build the home themselves or act as their own general contractor. It requires a higher minimum down payment of 35%, but gives you more direct control over the build. Both require that you already hold title to the land on which the home will be built.
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Yes. Proof of land title is a requirement for both the Conexus Construction Mortgage and the Self-Builder Mortgage. This means you must own the land before your mortgage application can be processed. If you are still looking for land to build on, speak with a Mobile Mortgage Specialist or Financial Advisor about your options for financing the land purchase separately before applying for a construction mortgage.
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Both the Construction Mortgage and the Self-Builder Mortgage release funds in stages rather than as a single lump sum. This is called a draw schedule or progress advance. Each draw is typically tied to a completed stage of construction — for example, foundation complete, framing complete, and so on. During construction, you pay interest only on the funds drawn to date — your full mortgage payments begin once construction is complete.
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Yes. Conexus allows you to lock in a fixed interest rate for your traditional mortgage up to 12 months before construction is complete, when you choose the floating rate option during construction. This is available on the Flex Feature Mortgage.* The rate is guaranteed if rates rise; if rates fall before your completion date, Conexus will typically offer you the lower rate. This gives you certainty over your future mortgage costs while your home is being built.
Your dream home is ready when you are.
Building a home comes with a lot of decisions. Our Mobile Mortgage Specialists will help you understand your options, answer your questions and guide you through the financing process — from planning to move-in day.