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Build your Home with a Cambrian Mortgage

Whether you're looking to build a brand new home or infill on an existing lot, Cambrian can help with low rates, flexible terms & personal advice.

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FAQs for Building your Home

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Mortgage Offers

Cambrian Variable closed mortgage logo link

Cambrian variable closed mortgage rate 4.55%

Save money with our lowest variable rate!

Plus, you can switch to a fixed rate mortgage at any time in the future. The choice is yours.

It only takes 15 minutes

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Logo Showing Cambrian 2 year fixed mortgage rate - 1.95%

Cambrian 3 year fixed mortgage rate of 4.90%

Get peace of mind with our low fixed rate!

Get pre-approved at this rate now and get our Best Rate Guarantee.

It only takes 15 minutes

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Cambrian Variable Open Mortgage Logo 2.45%

Cambrian variable open mortgage rate 5.45%

The flexibility you want, at any time!

Our Variable Open mortgage lets you make changes to your mortgage anytime, without penalty.

It only takes 15 minutes

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How does Financing the Build of a Home Work?


Getting a construction mortgage is different than getting a mortgage to purchase a home. Here is what you need to keep in mind:

1. When applying for a mortgage to build a home, you will 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

2. When building a home, the mortgage funds are not advanced all at once. The mortgage funds are advanced according to the amount of work completed at each of the following four stages of the construction:

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: Interior finishing completed - complete drywall, finish carpentry, painting, electrical, plumbing and heating complete, interior doors and basement floor.

Stage 4: Final inspection, home is complete

3. During the construction phase, you will have the option of having a variable open or variable closed mortgage and will only be required to pay the interest on your mortgage. Once the construction phase is completed, regular mortgage payments commence. At this time, you can select to stay with a variable mortgage or switch to a fixed rate mortgage.

Considering Infill Housing?

If you find the perfect location with a less than ideal home, you could consider infill housing which is tearing down the existing home and replacing it with a new build (or building new on a vacant lot within the neighbourhood).

To do so, you will need to consider the following:

  • Ensure you have a sizable down payment to put down on the land you wish to build on, and are able to afford demolition fees. It is a good idea to get cost estimates for the demolition of the existing house.
  • Meet with your lawyer to understand what restrictions may apply and if you are able to build the home you want on the proposed lot.
  • Seek out a qualified and reputable contractor. There are many home builders that specialize in this type of work. Some home builders have made arrangements with land developers to help customers move through the initial steps more easily.
  • Meet with Cambrian Credit Union to discuss your construction plans. We will review your options for a Builder’s Mortgage tailored to the timelines of your construction.

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What is Bridge Financing?

If you are considering building a new home or buying a new home, before you sell your existing home, you may require Bridge Financing (or Interim Financing).

Bridge Financing is a temporary loan that allows you to build or buy a home before completing the sale of your existing home. To qualify, you do need to have sold your home with an unconditional accepted offer.

This is typically a short-term financing solution with terms ranging from 60 days to 180 days.

Talk to a Cambrian mortgage advisor about bridge financing.

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