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Build a home with a Cambrian mortgage

Save money & simplify your construction by financing locally.

five stars
Rating from 80+ post-mortgage meeting surveys

Why Cambrian? Our purpose is to save, solve & simplify.

Save thousands with our low mortgage rates.

During the construction phase, you will have the option of a Variable Open Mortgage or a Variable Closed Mortgage and will only pay the interest on your mortgage.

Once you complete construction, you can choose to remain with your current mortgage, or switch to a Fixed Rate Mortgage.

When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

For example, the difference between a fixed rate of 6.80% and our rate of 5.10% on a $500,000 mortgage would mean interest savings of $41,075 over the 5 year term.

5 Year Fixed Closed Mortgage
5 Year Variable Closed Mortgage
Variable Open Mortgage

Try our Mortgage Comparison Calculator to see how much you can save with Cambrian.

Plus, save $222 every year with Unfee.

Moving your daily banking account to Cambrian will save you money every year with Unfee.

Bank for free by setting up a monthly direct deposit in your Cambrian chequing or savings account and we’ll refund your service fees every month. With our Premium Account, you will save $222 every year. No minimum balance required.

Get personalized, honest advice about your construction mortgage.

At Cambrian, we make what you may consider complicated, like building a home, simpler.

Each build is different. We evaluate each situation individually to provide you with the best possible solution. We will listen to your needs and explain all your options so that you can make the decision that is best for you.

How does applying for a construction mortgage work?

Step 1:
Apply online

You can apply for a mortgage online at anytime.

You will need the following information (if joint borrowers, you will need the information for both borrowers):

1. Employment information, including your gross monthly salary (before taxes and deductions)

2. Information about your assets, such as:

• Properties you own

• Vehicles you own

• RRSPs & investments

• Chequing and savings balances

3. Information about your debt payments and liabilities, which include:

• Mortgages

• Loans

• Credit cards

• Rent & lease payments

4. We may also need you to provide us with the following documents:

• Valid photo identification

• Income verification (pay stub, T4, etc.)

• Statements (bank, credit card, etc.)

• Tax return

Step 2:
Book a meeting

We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).

Once pre-approved you may also need to provide the following documents:

  • Complete set of blueprints
  • Specifications of materials
  • List of cost estimates for proposed building construction
  • Copy of any contractual agreements entered into concerning building construction and payment by stages
  • Land surveyor’s site survey
Step 3:
Choose your mortgage type

With a construction mortgage, you can choose either a Variable Open Mortgage or a Variable Closed Mortgage. During the construction phase, you only make interest payments on the mortgage amount. Once the build is complete, you have the option of switching to a fixed rate mortgage if you wish.

Step 4:
Sign mortgage documents

All Construction Mortgages are referred to your lawyer due to registration, search, zoning & survey requirements.

We will draft the documents for your signature and review together.

Step 5:
Build your home / advance the mortgage funds

With a construction mortgage, the mortgage funds are advanced according to the percentage of work completed at each of the construction stages below.

Prior to advancing the funds, an appraiser will inspect the property and report on the percentage of completion. An advance will then be sent to the lawyer.

Stage 1: Foundation - excavation, footings, foundation, damp-proofing, weeping tile and back fill.

Stage 2: Complete Framing – finished framing, roofing, rough plumbing (including septic tank and field if applicable) roughed-in electrical plumbing and heating, exterior doors and windows installed.

Stage 3: Complete Interior Finishing - complete drywall, finish carpentry, painting, electrical, plumbing and heating, interior doors and basement floor.

Stage 4: Final Inspection - final official inspection of the build once it is completed.

Step 6:
Move in!

The construction is finished and it is time to move in. Now all you need to do is make this house your new home!

Reach us when and where
you need us.

We know your time is precious, so we strive to make your experience quick and seamless.

Listen icon
Same-day response to your mortgage application.
  • Online applications will be reviewed within one business day.
  • Credit decisions are made locally ensuring a quick turnaround time.
Contact icon
Our average call response time is under 1 minute.
  • When you have questions, you can reach us in minutes (not hours).
  • Our contact centre representatives are personable and local.
You don’t need to come into the branch.
  • Book a meeting online to meet with an advisor by video or phone.
  • You can meet with any of our available advisors at the time that suits you best.

Find these tips and more in our helpful blog articles:

Asked Questions

What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?

The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.

The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a 3-month interest penalty will apply.  

The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.

Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.

Can I get notified when Cambrian mortgage rates change?

Yes, you can sign up for alerts when interest rates change.

1. Login to Online Banking

2. Select your name in the top right menu and click "Profile & Settings"


3. Under "Alerts" click the arrow beside "Rate Changes"


5. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.

Yes, you can sign up for alerts when interest rates change.

  1. Login to Online Banking
  2. Select your name in the top right menu and click "Profile & Settings"image.png
  3. Under "Alerts" click the arrow beside "Rate Changes"image.png
  4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.
What is Bridge Financing

If you are an existing homeowner and are buying or building a new home before the close of the sale of your existing home, you may need Bridge Financing (also known as Interim Financing).

Bridge Financing is a short-term loan ranging from 60 to 180 days that will bridge the gap between buying and taking possession of your new home & receiving the proceeds of the sale of your existing home. To qualify, you must have an unconditional offer on the sale of your existing home, meaning that the offer is not contingent on another event (such as the sale of the buyer’s home).

Book a meeting to discuss Bridge Financing

Do I have to be a member to get a mortgage at Cambrian?

You do not need to be a member to apply for a mortgage. We will open a Cambrian membership if your mortgage application is approved.

What are your Payment Protection options?

Payment Protection is optional and covers your mortgage payments in the event you become sick or injured, or pays off your full insured mortgage balance if you pass away.

*Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.