What is a Construction Mortgage?
Looking to build a new home with the help of a professional builder or contractor? If so, our Construction Mortgage may be your best way to make it a reality. This mortgage product is designed specifically if you are working with home builders to build your dream home and has mortgage option advances funds at different stages during the construction process.
Our Construction Mortgage is ideal if you require financing to help cover the costs of building a new home with the help of a professional home building company or contractor.
Why choose a Construction Mortgage?
Phased funding
Access funds throughout the build as construction timelines are completed.
Low down payment options
Build your new home with a down payment as low as 5%.
Flexible financing options
Choose mortgage options that fit your build, budget, and financial goals.
Key requirements.
Here’s what you’ll need before you apply for a Conexus Construction Mortgage.
| Requirement | Detail |
|---|---|
| Who it’s for | Members building a new home with a professional builder or contractor. |
| Minimum down payment | 5% of total estimated project cost. |
| Land ownership required | Yes — must hold title to the land before applying. |
| Documents required | Plans, specifications, contracts to build and cost estimates. |
| Construction start | Within 45 days of mortgage approval. |
| Completion timeline | Within 12 months of first disbursement (extension available on request). |
| Eligible properties | Owner-occupied: single-family detached and semi-detached homes only. |
| Ineligible properties | Condominiums, revenue properties, properties with more than two units. |
Lock in your rate before you buy.
Planning to buy a home soon? Our 120-day rate guarantee* gives you confidence knowing your mortgage rate is protected while you search for your new home.
Is this mortgage right for you?
Right for you if you:
- Are hiring a professional builder. Our Construction Mortgage is specifically designed if you’re building a new home with the help of a professional builder or contractor.
- Already own the land. This mortgage option requires that you own the land where the home will be built.
- Have enough saved for the down payment. You’ll need a minimum 5% down payment, so it’s essential to ensure you have the required funds before applying.
May not be right for you if you:
- Plan to build yourself. This option was created specifically if you plan to hire a professional home builder or contractor. If planning to build your home yourself, consider our Self-Builder mortgage option instead.
- Don’t own land. Since proof of land title is one of the requirements of qualifying for a Construction Mortgage, those who don’t own land are ineligible.
Tools to help you plan your project.
Common questions.
Here’s what people ask us the most.
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A Conexus Construction Mortgage is designed for members building a new home with the help of a professional builder or contractor. It provides financing throughout the construction process.
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Construction mortgages use phased funding, meaning funds are advanced at different stages of your build as construction milestones are completed.
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Yes. If you choose the floating rate option during construction, you may be able to lock in a fixed mortgage rate up to 12 months in advance through our rate guarantee.*
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Construction must be completed within 12 months of the first disbursement of your Construction Mortgage. If delays occur due to factors like weather, supply chain issues or contractor timelines, an extension may be requested and is subject to Conexus approval. Contact your Mobile Mortgage Specialist as soon as possible if you anticipate delays to discuss your options. Delays beyond an approved extension period may impact your mortgage terms.
Let's connect.
Our Mobile Mortgage Specialists are here to walk you through your options — at home, at the office or virtually. Book a time that works for you and let’s find your ideal mortgage.
