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Things to know before you apply
Conventional financing
Minimum 35% down payment required
Must qualify based on the current Bank of Canada 5-year benchmark rate
Funds are advanced in stages over the construction period
Accrued interest is deducted from the advance and applied to the mortgage during construction
Construction beyond the excavation stage must start within 45 days of approval and be completed within 6 months of approval
If construction is not completed within the 6 month time frame, the mortgage may be placed on regular scheduled payments
Scheduled payments start once construction is complete
Self-Builder Mortgage terms & conditions
Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser
Loan is for no more than 65% of the appraised value or cost to construct (whichever is less)
Down payment comes from your own financial resources
Amortization is maximum 30 years
Collection of property tax payments along with principal interest payments may be a condition of mortgage approval
Group Mortgage Protection (GMP) is purchased separately through CUMIS
Value Mortgage product is not available
Think this mortgage is right for you?
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