Envision Financial

Construction Mortgage

This mortgage is for you if:

  • you want to have a home designed and built to suit your style
  • you’ll need funds advanced during the construction period
  • you have your eye on a building lot or already own one
  • you're prepared to work with a designer and builder

Overview

Key Features & Benefits

  • Four to six draws to cover construction costs as the build progresses
  • Contractor or self-built options
  • Up to 75% of land value available at first draw
  • Up to 75% of appraised value converted to conventional mortgage upon occupancy
  • Pre-approval available
  • Interest only payments during construction

Here's what is required

  • Building plans including specification of materials, cost estimates, site survey plans and lot services to be completed
  • Appraisals and progress inspections at each draw and upon final completion
  • Construction builder contract (fixed price)
  • Builder’s all risk insurance, HPO registration and home warranty insurance
  • Title/mortgage registration

More advice on building and financing a home

 

Contact an Envision Financial branch to set up a meeting with one of our construction mortgage specialists and get all the information you need to build your dream home.

Protection Options

Types of Protection

Mortgage life insurance

Mortgage insurance helps your family retain its home if you (or your co-borrower) die before the mortgage is paid off.

  • Pays the outstanding balance of an insured mortgage up to $1,000,000.
  • Premiums are based on your age and the amount of your mortgage when you apply for coverage
  • Available for purchase between the ages of 16 and 69 (with coverage ending at age 75)

Disability coverage

A disability rider ensures that your mortgage payment will be made in the event you are ill, or injured, or unable to perform your usual job.

  • Available for purchase between the ages of 18 and 69. Joint coverage is available at no additional cost (benefits based on 100% unless specified).
  • Benefits start after you have been off work for 60 days and continue up to 24 months for each period of continuous disability.
  • Since benefits are paid directly to your mortgage at Envision Financial, there are no tax implications.

Loss of employment

A loss of employment rider ensures that your mortgage payments will be made should you become involuntarily unemployed.

  • Covers your mortgage payments up to a maximum of $3,000 per month.
  • Available for purchase between the ages of 18 and 69. Joint coverage is available for no additional cost (benefits based on 100% unless specified).
  • Benefits are paid after you've been off work for 60 days and continue for up to 9 months for each claim.
  • Since benefits are paid directly to your mortgage at Envision Financial, there are no tax implications.

Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full.

  • Coverage amounts must equal life coverage and must be between $1,000 and $1,000,000.
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

Eligibility

What You'll Need

To apply for a mortgage, you'll need to be at least 19 years of age in order to sign all the legal stuff.

Ready to apply? Applying for a mortgage with us is easy!

Online

Applying for a mortgage online just takes a few minutes and just four easy steps!

In Person

If you're more comfortable coming in to see us, we'd be happy to open a new account for you or make changes to your existing account with us.

By Phone

If you’d like to call us, here is a complete list of our branch and insurance office numbers.