--- title: What is a Builder’s Mortgage? description: If you are building a new home in Manitoba, learn how you can pay for the new build in stages and your mortgage options. image: https://blog.accesscu.ca/hubfs/What-is-a-builders-mortgage.jpg --- #003B49 [![AccessCU\_Horizontal\_Colour\_pws-1](https://blog.accesscu.ca/hs-fs/hubfs/AccessCU_Horizontal_Colour_pws-1.png?width=199&height=50&name=AccessCU_Horizontal_Colour_pws-1.png "AccessCU_Horizontal_Colour_pws-1")](https://www.accesscu.ca/) Open main menu Close main menu [Mortgage](https://blog.accesscu.ca/tag/mortgage) # What is a Builder’s Mortgage? ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Share this blog post on Twitter](https://twitter.com/intent/tweet?text=I+found+this+interesting+blog+post&url=https://blog.accesscu.ca/what-is-a-builders-mortgage) [Share this blog post on Facebook](http://www.facebook.com/share.php?u=https://blog.accesscu.ca/what-is-a-builders-mortgage) [Share this blog post on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.accesscu.ca/what-is-a-builders-mortgage) ![](https://blog.accesscu.ca/hubfs/What-is-a-builders-mortgage.jpg)   Are you thinking about building a new home? The process can be fun and exciting, but figuring out the financial part can be a journey. Access Credit Union aims to make the process as simple as can be with our Builder’s Mortgage —construct your new home and pay for it in stages as it is being built.       **Direct contact with your Access Credit Union mortgage specialist** Our mortgage experts have considerable experience with construction mortgages and can help you through this complex process. We are available to meet at your convenience to ensure you have all the facts before starting the process. Our team of mortgage specialists has extensive knowledge and experience in the mortgage industry.   **Quick in-house approval process** Our mortgage specialists are the direct decision-makers on approvals. The underwriting process is done right at application time to ensure the member is always aware of their application status. Though no two construction projects are the same, we will consider the value of the land, the purchase price, the cost of materials, and any sweat equity as well as the appraised value in determining the necessary down payment and payment terms. Once construction is underway, you will be required to make regular interest payments on the funds that have been advanced, according to the completion stage of your home. When construction is complete and the mortgage is fully advanced, regular principal and interest payments begin.   **Interest rate locked at the first draw** Members benefit from having the interest rate locked in right at the first draw. There is no risk of interest rate increases. Members will also only pay interest on the funds advanced during the construction process and the interest rate is calculated at their actual mortgage rate. This allows better cash flow as most members are still paying rent/mortgage during the build process.   **Self-insured mortgage** At Access Credit Union, we can provide up to 90% financing on an owner-occupied purchase without involving the mortgage insurer and at a reduced premium. **Ready to get started?** Our mortgage specialists are there for you where you need them to be. Book an appointment online today! ## Related Articles [![](https://blog.accesscu.ca/hubfs/iStock-1373167241.jpg)](https://blog.accesscu.ca/building-a-new-home) [Mortgage](https://blog.accesscu.ca/tag/mortgage) [Lending](https://blog.accesscu.ca/tag/lending) ### [Building a New Home](https://blog.accesscu.ca/building-a-new-home) One of the first decisions you’ll face if you are building a new home is whether to buy land to build on right away or buy land to build on in the future. Read about the... ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/building-a-new-home) [![](https://blog.accesscu.ca/hubfs/Builders-mortgage.jpg)](https://blog.accesscu.ca/builders-mortgage-and-renovation-loans-explained) [Mortgage](https://blog.accesscu.ca/tag/mortgage) [Lending](https://blog.accesscu.ca/tag/lending) ### [Builders' Mortgage and Renovation Loans Explained](https://blog.accesscu.ca/builders-mortgage-and-renovation-loans-explained) ### Renovating, remodeling, or starting from the ground up? We’ll help you get the job done. ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/builders-mortgage-and-renovation-loans-explained) #### Connect with Access Credit Union Follow Access Credit Union on social media for financial advice and news from our member community.  [![facebookwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/facebookwhite_64x64.png?width=45&height=45&name=facebookwhite_64x64.png)](https://www.facebook.com/AccessCreditUnion) [![linkedin](https://blog.accesscu.ca/hs-fs/hubfs/linkedin-6-64.png?width=45&name=linkedin-6-64.png)](https://www.linkedin.com/company/access-credit-union)[![instagramwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/instagramwhite_64x64.png?width=45&height=45&name=instagramwhite_64x64.png)](https://www.instagram.com/accesscreditunion/)