Mortgages

Conventional Residential Mortgages (Purchase)

  • Will allow the member to borrow up to 80% of appraised value or purchase price supported by appraisal
  • 25 year amortization
  • Fixed terms of 6 months to 5 years are available.
  • Open/Closed Fixed and Open Floating rate options are available.
  • No survey certificates required
  • Variety of payment options. weekly, biweekly, semi monthly, or monthly
  • 20/20 prepayment option (on mortgages secured by owner occupied principal residence ) allows the member to prepay up to 20% of the original principal balance annually as well as increase their regular payment by up to 20%
  • Life/Disability Insurance Available

Residential Mortgages (Equity Take Out)

  • For building, renovating or purchasing a home or revenue property, or debt consolidation
  • Conventional or CMHC/Genworth high ratio mortgages available
  • Fixed terms of 6 months to 5 years are available.
  • Amortization up to 25 years depending on the age of the property and equity
  • No survey certificates required
  • Variety of payment options. weekly, biweekly, semi monthly, or monthly
  • 20/20 prepayment option (on principal residence, otherwise 10% annually) allows the member to prepay up to 20% of the original principal balance annually as well as increase their regular payment by up to 20%
  • Life/Disability Insurance Available 

New Construction Owner Occupied Residential Conventional (20% equity)

  • Member to provide cost estimates, copies of quotes and completed construction budget or contract with builder for turn-key price. Appraisals are utilized to confirm the fair market value of the property after construction, the amount of equity and financing that is required.
  •  Cost overruns are real issues that may occur during construction and the member must have the resources on hand to deal with these, and/or financing alternatives available.
  • Member’s equity is used first, prior to advancing loan proceeds - The loan is provided on a demand basis during construction with interest only paid monthly. Upon completion of construction, the loan is termed out over the remaining amortization period with regular payments commencing at that time.
  • Advanced in 3 to 4 draw downs, based on appraised percentage completed to date on a cost to complete

CMHC/Genworth - Residential

  • These guaranteed mortgages provide an excellent option for members who do not have the 20% equity to utilize a conventional mortgage, and in some cases may allow the members to access up to 95% financing for purchases, second homes or construction.  You can also refinance your home up to 80% of the market value.
  • Purchases of acreages, rental/revenue property, multi unit apartments, mobile homes, vacation properties are also allowable purchases.
  • In exchange for the low equity requirements insurance premiums are charged which vary depending upon available equity and the amount financed.
  • No appraisal required
  • Payment options include weekly, biweekly, semi monthly, monthly. 
  • 20/20 prepayment options apply only to owner-occupied.

New Construction CMHC/Genworth

  • Member to provide cost estimates, copies of quotes and completed construction budget or contract with builder for turn-key price.
  • Builder/Developer must have new home warranty certificate or alternate insurance
  • Self-builder, spec, and general contract constructions eligible.
  • Cost over runs are real issues that may occur during construction and the member must have the resources on hand to deal with these, and/or financing alternatives available.
  • Member’s equity is used first, prior to advancing loan proceeds
  • The loan is provided on a demand basis during construction with interest only paid monthly. Upon completion of construction, the loan is termed out over the remaining amortization period with regular payments commencing at that time.
  • Advanced in 3 to 4 draw downs, based on appraised percentage completed to date on a cost to complete
 

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