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

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High ratio or conventional financing 

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Minimum 5% down payment

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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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Scheduled payments start once construction is complete

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Flex Feature Mortgage is available

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“Ready to Move” (RTM) mortgage options are available (some restrictions apply)


Mortgage Terms

Posted Rate

6 month closed


1 year closed


2 year closed


3 year closed


4 year closed


5 year closed


Construction 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 can possibly go up to 95% of the appraised value or cost to construct (whichever is less)

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Down payment needs to come from your own financial resources  

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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 not available

Think this mortgage is right for you?

Getting the process started is just a click away!