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On the closing day of your home’s purchase, you will receive 5% of the mortgage amount back in cash. You can use that amount to pay down your loan or LOC, nearly repaying your down payment or you can make home improvements, purchase furniture or cover closing costs.
To qualify, you’ll need to meet the borrowing criteria. We can assist you in determining how debt repayments on both your mortgage and your personal loan can fit into your budget.
Features and Benefits
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Convenience Buy a home, renovate it to your liking and pay for it all in one mortgage payment. |
Upgrade Immediately Start your improvements the moment you take possession of the property. |
Low Interest Rate Borrow at a low rate with as little as a 5% down payment. |
Eligible Properties
- Up to four units where one unit is owner-occupied
- Existing resale properties
- Readily marketable residential homes, located in markets with demonstrated ongoing re-sale demand
- Estimated remaining life of the property should be a minimum of 25 years
- Minimum of $10,000 required for the home improvements and renovations
Determine Your Budget
Use our Mortgage Calculator to help determine how much you can afford, for both the home and the renovations. For example, if you have a budget of $250,000, you can choose a house that costs $185,000, which will then make your renovation budget $65,000.
Construction Mortgage
Build your dream home!
CUA offers a construction mortgage, which is available to both individuals and builders working on behalf of clients. The following information provides an overview of what’s required and will help guide you through the process. Please note, additional information may be required based on each individual application.
What’s required:
At various stages of the construction, CUA will require the following:
- Building Permit
- Two copies of House Plans
- Quotes (worksheet will be provided)
- Copy of fire insurance with CUA as loss payee
- Confirmation of property taxes paid to date, if land was previously owned
- Municipal Inspections – Footings, Foundation, Framing, Drywall, Plumbing and Electrical
- Septic Certificate, if applicable
- Well Report, if applicable
- Water Test, if applicable
- CMHC/Sagen/Appraiser Reports, if applicable
- Occupancy Permit, required prior to final advance
- Home warranty, if contractor built
Advance Schedule
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First advance: When the build is roof tight. Monthly interest payments required after first advance at contract rate +1%.
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Second advance: When the outside walls are constructed and roof is shingled.
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Third advance: When plumbing, heating, windows, insulation and chimney are installed.
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Fourth advance: When the entire project is 80% complete.
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Fifth advance: When the build is fully complete, following final inspection approval and Occupancy Permit has been obtained.
Rates
Competitive rates are available. Please reach out to a member of the CUA team or book an appointment online.
Features and benefits
- Choose a mortgage term of 6 or 12 months
- Repay any portion of your mortgage at any time
- Pay no penalty for early or extra payments
- Pay no penalty for converting to another mortgage type early
- Enjoy a predictable payment schedule (weekly, bi-weekly, monthly, or semi-monthly)
- Assign it to another party
- Assumable and portable
- Credit life, critical illness and disability insurance available
Fixed Rate Mortgage
If you’re looking for a mortgage that makes payments more predictable and budgeting easier, a fixed-rate mortgage could be the right choice for you.
With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month. Choose terms of 6 months to 5 years, with an amortization (total debt repayment period) of up to 30 years.
Unsure of what mortgage you can afford? Try our Mortgage Calculator.
Features and Benefits
- Apply for a mortgage of up to 95% of the purchase price
- Enjoy a predictable payment schedule (weekly, bi-weekly, monthly, or semi-monthly)
- Get the security of a predictable interest rate
- Assumable and portable
- Credit life, critical illness and disability insurance available.
Mortgage Rates
Want to know more? Explore our different mortgage rates.
Features and Benefits
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Low Rates Borrow at a low rate with flexible repayment options. |
24/7 Access Access funds anytime, for any of your goals. |
Up to 80% Access up to 80% of your home’s value. |
Foreign Resident Mortgage
Nova Scotia has the highest number of university and college students per capita in Canada.
When it comes to housing for students obtaining a post-secondary education, options have traditionally included staying at home, living on-campus or renting property. In recent years, a fourth option has gained momentum: parents purchase a property for their child to use as a residence during their studies and beyond.
For parents of international students seeking the comforts of home while studying in Nova Scotia, CUA offers the flexible Foreign Resident Mortgage. Now, parents are able to purchase a home for their child without being residents themselves. Removing this barrier will enable international students to make a home in Nova Scotia, creating lasting impact beyond the day they earn their degree.
Features and Benefits
- Designed for foreign residents who do not have official status in Canada.
- Applicants can purchase a new or existing home, for a child or immediate family member who is attending school in Nova Scotia.
- Qualifying homes include residential housing (one or multi-unit) and contractor-built turnkey purchases. Self-built properties do not qualify.
- The maximum mortgage amount is $600,000 CAD.
- A minimum down payment of 35% is required.
- A second CUA savings account must be opened, containing an amount equal to 12 months of principal, interest and property tax payments, which is held as security.
- A five-year fixed term with a fixed interest rate to be determined based on application.
Learn More
To learn more about CUA’s Foreign Resident Mortgage or to determine if it’s the best product for you, book an appointment with one of our advisors. Alternatively, you can call 902.492.6500 or visit one of our branches to speak with a Financial Advisor.
Owning a home fills you with pride and excitement when you can customize it to your style and needs.
If you’re considering a home renovation project like building a garage or renovating your kitchen or bathroom, CUA’s Home Renovation Loan can help turn your dream into reality.
Features and Benefits
- Low rates provide an affordable alternative to using a credit card or high-interest loan.
- Flexible repayment options of monthly, semi-monthly, bi-weekly or weekly. Choose the option that works with your budget and we will deduct the payment automatically from your account.
- Up to 10 years amortization.
- No penalty for extra payments or early repayment.
Speak with a member of the CUA team to learn more about budgeting for a home renovation!
Ready to Apply Online?
You can also apply by connecting with a member of the CUA team by visiting a branch, by calling our Customer Contact Centre at 902.492.6500 or by booking an appointment with a Financial Advisor.
Homes come in all shapes and sizes and CUA wants to help you get into yours.
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Canada Mortgage and Housing Corporation (CMHC) chattel loan insurance program (CLIP) is available for loans secured by eligible mobile or modular homes located on sites with short term leases or owned land.
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Through CMHC, financing is available up to 95% of the purchase price.
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Can purchase new or existing mobile / modular homes that meet the current CSA standards.
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Payment options to suit your lifestyle with monthly, semi-monthly, bi-weekly or weekly payments.
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CUA can collect and remit property taxes on your behalf (municipal administration fees may apply).
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Creditor Life, critical illness, disability and loss of employment insurance available.
How can my Mortgage put Money in my Pocket?
Open the door to your financial future with CUA's Cash Back Mortgage. You can receive 7% (up to $25,000) of the mortgage amount in cash back.
CUA offers the Cash Back Mortgage on new, refinanced, transferred in and renewed residential mortgages.
Features and Benefits
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Funds are credited to your account on the day of closing or date of renewal.
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Residential properties only.
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Cash back can be used for purposes including deed transfer tax, closing costs and moving expenses or paying loans, lines of credits and credit cards.
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Cash back cannot be used as a source of down payment.
You can apply for our Cash Back Mortgage by booking an appointment with one of our advisors. You can also connect with us by phone at 902.492.6500 or in one of our branches. To qualify, you’ll need to meet the borrowing criteria.