Mobile, Manufactured and Modular Mortgages

Is your home eligible for True North's prefab mortgage option?

THINK Financial, our in-house, CMHC-approved lender, offers a full-featured, flexible mortgage for mobile, manufactured, and modular homes on real (not leased) property — and can apply to both rural and urban areas, as well as a vacation or second home.

Rates are competitive, and this product includes premium features, including generous pre-payment privileges, potential porting, and a 120-day rate lock-in period.

Your prefab home may be eligible if:

• CSA-certified and already installed on real property
• Owner-occupied principal residence (1-unit dwelling)
• No leasehold or co-ops
• Proper foundation and permanent steps in place
• Foundation suitable for the site's geological conditions (e.g. soil)
• Wheels, axles, and trailer hitches removed
• Your recreational property has 4-season access (not for temporary or seasonal dwellings)
• Additional conditions may apply

Product details:

• Available for home purchase and renewals (not refinances)
• 2-year variable-rate mortgage
• Minimum 5% down payment, default mortgage insurance is required
• 25-year amortization
• Full appraisal and home inspection required
• 120-day rate lock-in
• 20% pre-payment privileges
• Potential porting and recasting of payments
• Available for rural, urban, and some recreational areas
• Additional features, terms, or conditions may apply

Still installing your prefab?

Our prefab mortgage applies to a completed home install.

If your home is not yet installed, we may be able to consider a completion mortgage, which typically involves an arrangement with a developer that requires you to provide a deposit, and the mortgage and funding would commence once the construction process is complete.

Read more about pre-construction, draw, and completion mortgages here: New Build Mortgages

Are there additional fees incurred during the prefab mortgage process?

We don't charge additional lender fees for this type of mortgage, treating the process the same as for a traditional home. THINK mortgages often come with fewer fees and no hidden or made-up fees.

However, a home inspection may be required, which is a cost typically covered by the home buyer/owner.

How our prefab mortgage process works.

1. Talk with an expert True North broker to review your home details and eligibility.
2. Your broker will instruct you on providing property and CSA documentation and financial details.
3. An appraisal and home inspection will need to be scheduled.
4. You'll need legal services for the mortgage process and title insurance (we can recommend a lawyer, if needed)
5. Once your mortgage is approved, your broker will review the closing details with you.
6. Your possession date arrives, and you move into your (pre)fab dream home.
7. Contact your broker when it's time to renew, or use our friendly renewal reminder system.

Mortgages to fit more home choices.

At True North Mortgage, for almost two decades, we've strived to offer Canadian home buyers and owners a wider range of financing options that fit their lifestyle. If your fab home dream screams 'prefab,' we provide 5-star service and unbiased mortgage advice that can help you save thousands.

If THINK's prefab mortgage isn't the right fit, mortgages for pre-built homes might also be available with big banks, other non-bank lenders, or alternative and private lenders that we have access to.

An expert, salaried True North broker can help you explore your options to find the best rate and right mortgage solution for your situation.

Apply with us today, across Canada — online, over the phone, by email, or drop by a store near you.