Home Financing

Ready to Unlock Homeownership? Find a Product That Works for You

Buying a home is an exciting time in your life and one of the biggest questions we hear is "can I afford homeownership?" Find answers to this question and more by exploring flexible mortgage products that CUA has available. We'll provide tailored personalized solutions to get you into the home that's right for you. 

Unsure of what the right mortgage is for you? Our Financial Advisors can help you choose from a range of mortgage terms and payment schedules to create a mortgage that fits your needs. Let us help you make your new house a home the easier way with our friendly advice and helpful staff.

View CUA's home financing options below. If you have questions, or do not see what you are looking for, please contact CUA at 902.492.6500, info@cua.com or by booking an appointment online.


No Down Payment Mortgage


Saving for a down payment to purchase a home can sometimes feel like an impossible financial goal to achieve.

We can help. CUA’s No Down Payment Mortgage is available to Nova Scotia residents and can assist you in taking the next step towards home ownership, without having to save up the entire down payment.

How It Works

The No Down Payment Mortgage can provide you with up to 5% of your home’s mortgage amount in the form of a loan or Line of Credit (LOC) to cover the costs of your down payment.

How to apply »

 

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. 


Purchase Plus Improvements Mortgage


You found a home. Now make it your own.

No matter how big or small your renovation plans are, the Purchase Plus Improvements Mortgage can take your home from to-do to ta-da.

How It Works

There is no maximum amount for your renovation, as long as it and the purchase of the home both fit within your budget. Start making improvements right after taking possession of your purchased property.

How to Apply

Book an appointment with a Financial Advisor to review options and next steps, including getting pre-approved for your mortgage. You can also connect with a member of our team at your branch or by calling our Customer Contact Centre at 902.492.6500.

Features and Benefits

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

  • First advance: When the build is roof tight. Monthly interest payments required after first advance at contract rate +1%.

  • Second advance: When the outside walls are constructed and roof is shingled.

  • Third advance: When plumbing, heating, windows, insulation and chimney are installed.

  • Fourth advance: When the entire project is 80% complete.

  • 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.



Home Renovation Loan

 

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!

How to apply »



The Mobile/Modular Home Mortgage

  

Homes come in all shapes and sizes and CUA wants to help you get into yours.

  • 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.
  • Through CMHC, financing is available up to 95% of the purchase price.
  • Can purchase new or existing mobile / modular homes that meet the current CSA standards.
  • Payment options to suit your lifestyle with monthly, semi-monthly, bi-weekly or weekly payments.
  • CUA can collect and remit property taxes on your behalf (municipal administration fees may apply).
  • Creditor Life, critical illness, disability and loss of employment insurance available.


Cash Back Mortgage

 

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

  • Funds are credited to your account on the day of closing or date of renewal.
  • Residential properties only.
  • 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. 
  • Cash back cannot be used as a source of down payment. 

How to apply »



Open Term Mortgage

 

An open-term mortgage lets you make payments ahead of schedule without paying a penalty.

This is a good choice if you think you will be able to pay your mortgage off early, or are looking to sell your home.

For example, if you expect to receive some cash soon – through an inheritance, a bonus, the sale of your home, or other means – an open-term mortgage may be the right fit. However, if you prefer to make regular payments over the long term, you’ll probably save more money and have more peace of mind with a fixed-term mortgage as you will likely have a lower interest rate.

Unsure of what mortgage you can afford? Try our Mortgage Calculator

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.


Home Equity Line of Credit

 

Access the financial freedom to renovate your home, consolidate debts, or any other goals you have in mind.

Apply today for a low interest rate using the equity you’ve built into your home.

  • Peace of mind - life and disability insurance available
  • All relative costs, i.e. legal, appraisal, etc. can be added to line of credit amount
  • Interest-only payments
  • Borrow from or pay down at any time – no need to reapply
  • Credit life, critical illness and disability insurance available 

How to apply »


 

Features and Benefits

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.


Apply

You can book an appointment online with one of our Financial Advisors. Alternatively, you can apply for a CUA mortgage at your branch, or by reaching out to the Customer Contact Centre at 902.492.6500 or info@cua.com.



Ready to Become a Home Owner?

Book an appointment today!

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.

  • 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.

  • Through CMHC, financing is available up to 95% of the purchase price.

  • Can purchase new or existing mobile / modular homes that meet the current CSA standards.

  • Payment options to suit your lifestyle with monthly, semi-monthly, bi-weekly or weekly payments.

  • CUA can collect and remit property taxes on your behalf (municipal administration fees may apply).

  • 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

  • Funds are credited to your account on the day of closing or date of renewal.

  • Residential properties only.

  • 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. 

  • 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.

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