Mortgages made for real life

Find the right mortgage fit for you

Whether you're buying, building, renovating, or renewing,  it starts with a mortgage from SCU—made for real life. 
We build our mortgages around your needs, budget, and goals. With flexible financing, customizable terms, competitive rates, and guidance every step of the way, we make the process simple—so you can move forward with confidence. Every homeowner is unique, and your mortgage should be too. We’ll work with you to create a solution that fits your life. 

Here are some mortgage options that may be a great fit for your needs.

The Classic
Conventional Mortgage

You’re dreaming of backyard BBQs and planting a vegetable garden and are ready to take the plunge into the housing market and purchase your first home. All you need now is a competitive, flexible, and custom mortgage that fits your needs and lifestyle — today and in the future.

It’s a big step but you’re ready to take it and SCU is here to help with a tried-and-true classic mortgage.

• Receive a rate guarantee shielding you from rate increases following your pre-approval meeting 
• Up to 30 years to repay your mortgage** 
• Minimum 20% down 
• Pre-payment privileges allow you to pay up to an additional 20% on your principal annually 

The Toolbelt 
Self-Build Mortgage

You’re handy with a hammer, wear a well-stocked toolbelt, and have the vision and the skill to build your new dream home on land you own. All you need now is a customized mortgage that’s as capable as you. If you have your down payment and are ready to roll up your sleeves and be your own contractor, then the self-build mortgage may be a perfect fit for you. Additional benefits include: 

• Leverage your sweat equity to ensure you have sufficient funds to complete your build should you need to hire subcontractors 
• Choose up to a 30-year amortization period,** with a 20% down payment 
• If selling a home while building, SCU allows a one-time lump sum above the 20% maximum. 
• Your financing budget includes a 10% contingency to manage overages 
• An 18-month interest-only period to protect your cash flow while you build 
• You only begin paying principal and interest on your mortgage once you move in
   

The Kickstarter
High-Ratio Mortgage

You’ve been saving for a down payment and now need a little boost to make your home ownership dream a reality. That’s where SCU can help. Our mortgages are made for real life, so they’re built around your needs, budget, and goals. The High-Ratio mortgage is a great way to get into your home sooner, often at a lower interest rate, but requires the addition of mortgage default insurance in exchange for a smaller down payment. Sometimes, all we need is a little kickstart to help us reach the next step on our home buying journey. 

• Enter the housing market sooner without waiting until you’ve saved 20% 
• Maximum 30-year amortization, with a minimum 5% down on mortgages with CMHC/Sagen mortgage default insurance. 
• Mortgage default insurance rolled into your payment 
• Rate guarantee shields you from interest rate increases after your pre-approval meeting 

The Planner
Contract-Build Mortgage

You’ve always wanted a custom-built home to suit your taste, needs, and lifestyle, and now you’re ready to hire a contractor and take the plunge. Building a custom home is exciting, but it can be financially complicated. That’s where SCU can help. Contract-build mortgages offer a variety of options tailored to suit the building process. Other benefits to consider include:

• Your funding is provided in stages throughout the build
• During construction, your mortgage is set up as interest-only and you only pay interest on the amount of money that has been advanced
• You pay principal and interest payments only once you take possession
• Up to 30-year amortization available**
• If selling a home while building, SCU allows a one-time lump sum payment above the 20% allowed during the first year your build is complete

The Renovator 
Renovation Mortgage

Your dreams are filled with visions of paint and tile samples, shiny new appliances, and that beautiful soaker tub you spotted. If you’ve been dreaming about a major renovation to increase the value of your home, add your personal touch, or modernize your home for increased functionality and efficiency, this may be the mortgage for you. Other benefits to consider: 

• Tap into your home’s equity and leverage its current value or its value when the renovation is complete 
• A rate guarantee shields you from interest rate increases after your pre-approval meeting 
• Spread the cost of your renovations over the life of your mortgage 
• If the renovation cost is relatively small, a loan or line of credit may better fit your needs 

The Trailblazer
Vacation Mortgage

For many Manitobans, it’s a rite of passage to dream of owning a vacation property like a cottage. When you’re ready to realize your dreams, you’ll need a creative mortgage solution, the land, and a great partner. SCU has built relationships with a network of professionals who can help you through the process. From legal advice to cottage approvals, these partnerships provide extra support and peace of mind. Some of the other
benefits include:

• Designed specifically to meet the requirements of purchasing or building on owned or leased land
• Finance up to 80% of your purchase
• The option to select up to a 30-year amortization** on the property
• Eligible for the Cottage Equity Link Line (ELL), which can be used for more minor renovations, the purchase of recreational vehicles, and other uses

The Dreamer 
New-to-Canada Mortgage

You made the move to Canada, and now you’re ready to take the next step on your journey by purchasing a home. The New-to-Canada mortgage is designed to make home-buying easier for newcomers. For those who qualify, the benefits of this mortgage include: 

• Income verification is not required 
• Up to 25-year amortization on a down payment of 25% or greater 
• Requires a 25% down payment for homes valued at less than $1,000,000, or 35% for homes valued over $1,000,000 
• The option to pay your mortgage off early by making an additional principal-only payment of up to 20% of your original mortgage amount annually 

** conditions may apply