Mortgages
You’re ready to take the plunge and make a big investment in your future; you're buying a house. Chances are that you are going to need a mortgage to help you with that purchase. A mortgage, the loan to finance the purchase of your home, is probably the largest debt that you will take on. At Your Credit Union, we understand how making a big purchase will impact your finances. We take the time to learn about your financial goals so we can tailor a plan that will work for you today, through to the end of your term.
Top 3 things you need to know about buying your home
Pre-Qualification
What Can You Afford?
Work with Professionals
Find the mortgage to match your needs
Conventional Mortgage
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KEY FEATURES
- A property loan that does not exceed 80% of the purchase price and does not require loan insurance.
- Items such as the principal amount owing, interest rate, term, and payment amount are agreed upon in the mortgage agreement.
- Excellent choice if you are looking to only finance a home
Total Access Home Equity™ (Collateral Mortgage)
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KEY FEATURES
- Apply once to access to up to 80% of your home’s current value*.
- Access the equity in your home any time, for any reason.
- Customize your mortgage into fixed and variable rate solutions or between short and long-term solutions.
- Choose how flexible you want your payments to be. Set your own repayment options, amounts and schedules to suit you.
- Save interest charges by consolidating your existing debt under one product.
- Funds are easily accessible from lines of credit through online banking, ATMs, debit card, your credit union branch, or by cheque.
Construction Mortgage
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KEY FEATURES
- Building your dream home on a lot you already own
- A new home purchase where the builder requires payment in installments as the home is being completed
Purchase & Improvement Mortgage
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KEY FEATURES
- A purchase of an existing home that requires renovation
- Renovations to your current home as part of a mortgage refinance that includes your existing mortgage and construction costs
Get your mortgage your way
Not sure which mortgage is right for you?
We’ll be happy to help you pinpoint the option that best suits your needs.
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Your home ownership dreams may be closer than you think!
A new way to save for your first home
The Tax-Free First Home Savings Account (FHSA) helps Canadians afford their first home by combining the benefits of the Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA). Contributions of up to $8,000 a year are tax-deductible and withdrawals towards your first home purchase would be non-taxable like a TFSA.
Thinking of buying a home?
Try our calculator to find the mortgage to fit your budget.
