Contract-build mortgages
Hiring someone to build your dream home? We have mortgage options designed for new-build projects of all kinds.
Contract-build mortgages are specifically designed for new builds, and they offer plenty of options to help you finance the different stages of the process.
A contract-build mortgage may be right for you if…
- You’re hiring a contractor to build your home: You might complete some of the work yourself, but you plan to hire contractors to do the bulk of the work for you.
- You currently own land: You’ve already purchased the perfect spot, or you’ve found a piece of land that would be ideal for your dream home.
- You have funds available: You’ve saved enough or have built equity in your current home to use as a down payment on your new home.
- You plan to live in your home: You intend to live in your dream home once you’ve built it
Benefits of our contract-build mortgage
Enjoy flexible mortgage solutions
Your mortgage, your terms
Save on interest costs
Protect your cash flow
Choose the mortgage solution that’s best for you
Fixed Rate
Offers a guaranteed rate of interest and set payment amounts for a specified period of time.
- Take comfort in knowing exactly how much equity you’ll build by the end of your term
- Available in 3- to 5-year terms for up to 30 years’ amortization
- Guaranteed rate of interest and set payment amounts throughout the term length
Variable Rate Closed
Offers a set payment amount each month. The amount paid toward principal and interest fluctuates as rates change.
- Could be your best bet in a declining interest rate market because you’ll build more equity as rates decrease
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Variable Rate Capped
Offers the flexibility of a variable mortgage, but capped at 1% above the current Variable Rate Closed Mortgage at the time of signing.
- An option to consider in rising interest markets that offers a protective ceiling, while still giving some of the benefits of a variable mortgage
- Available as a 5-year term for up to 30 years’ amortization
- Prepay up to 20% of the original principal amount yearly with no penalty
Get preapproved
Your preapproval meeting is a great opportunity to ask us questions and explore your options. We’ll work together to help you find the right mortgage solution and prequalify you for a maximum mortgage amount.
Learn more about the preapproval processMortgage rates
| Fixed 3-year Mortgage | 4.90% |
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| Fixed 4-year Mortgage | 4.70% |
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| Fixed 5-year Mortgage | 4.60% |
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| Closed Variable Mortgage | 5.05% |
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| Variable Capped Mortgage | Rates Vary |
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Types of builder mortgages
Contract-build mortgage
Our ready to move mortgages offer solutions for residential builds of mobile and modular homes.
- Mobile home: A transportable single or multiple section family dwelling that's ready for occupancy upon completion.
- Modular home: A unit that is intended for residential use that has components constructed off-site which are then transported and assembled at the job site.
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