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Mortgages

 

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With a little help from the Lending Specialists at Your Neighbourhood Credit Union, we can make those major purchases easier with a variety of lending options.

Owning a Home

We know...there’s no place like home! We offer a variety of flexible mortgage products, each designed to make owning and paying for your home easier, whether you want to pay for your home sooner, or need to have more manageable payments today.

Fixed Rate Mortgage
A fixed rate mortgage carries a set interest rate for a specific period of time; payment of the principal and interest remains the same throughout the term, protecting you from rising interest rates.

Variable Rate Open Mortgage allows you to pay as much of your mortgage balance as you wish without any penalty, potentially saving thousands of dollars in interest over the life of your mortgage.

Variable Rate Closed Mortgage
Our unique 5-year Shielded Rate Mortgage allows you to take advantage of low interest rates, but also protects you when rates begin to rise. Your rate will never exceed the predetermined ceiling rate.

CashBack Mortgage
What could you do with a few thousand dollars when you move? We have a mortgage that pays you - the higher the mortgage, the greater your CashBack rewards!

Flexible payment options and Extra payment privileges
Making more frequent payments can substantially reduce the cost and life of your mortgage. You have the option of making weekly, bi-weekly, semi-monthly, monthly, accelerated weekly or accelerated bi-weekly payments to coordinate with your pay period. Pay off your mortgage sooner with one of our extra payment options, available each anniversary year:

  • Increase Your Payment Option: You may increase the amount of your regular mortgage payment by up to 20% once in each anniversary year. The increased payment amount will go directly toward your principal, paying off your mortgage faster. For example: If your mortgage payment is $1,000 per month, you can increase it up to $1,200 ($1,000 x 20%).
  • Annual Lump Sum Payments: You may make non-cumulative lump sum payments up to 20% of the original principal balance of your mortgage. For example: If the original principal was $150,000, you can make up to $30,000 ($150,000 x 20%) in extra payments throughout a 12-month period in combination with any of the following payment options:
    • Double-Up Payments: You may double-up your payments on any regular payment date and make as many double-up payments as you like, as long as the payment is made on a regularly scheduled payment date. This surplus is applied directly against the principal balance of your mortgage. For example: If your monthly mortgage payment is $1,000 you can increase your payment up to $2,000 ($1,000 x 2) on any regularly scheduled payment date.
    • Additional Regular Payments: You may make additional payments up to the amount of any regular payment, as long as the payment is made on a regularly scheduled payment date. A minimum amount of $100 is required.

Other Home-Buying Features

Pre-Approvals
Apply before you buy - your pre-approved mortgage will guarantee your rate for up to 90 days (up to 180 days on new construction); you’ll know how much you can afford and what your payments will be. If rates should decline during this period, we’ll give you the lower rate.

Transfers
Moving your mortgage to Your Neighbourhood Credit Union is easy, and you can also take advantage of our CashBack option.

Refinancing
We want you to have the best rates available. If we can make your payments more manageable, or free up equity you’ve built in your home, talk to us!

Mortgage Insurance
Mortgage insurance is an economical safeguard that gives you peace of mind. You can also choose to add disability, critical illness and job loss coverage; unlike coverage you may have through work, benefits are tax-free. Applying is easy, just ask your Mortgage Specialist for details.