Choose from a wide selection of mortgage options:
Whether you are purchasing your very first home or just need some extra cash
for renovations Shaunavon Credit Union can help you. We have a wide range of
options to meet your needs:
First Time Home Buyer's Plan
The home buyers plan(HBP)allows you to withdraw up to $20,000 from your
RRSPs to buy or build a home for yourself. If you are married, your spouse
can also withdraw up to $20,000. This program is for first time homeowners,
which means neither of you owned a home in the past four years.
You have to repay all withdrawals to your RRSPs within a 15-year period.
Generally, you will have to repay an amount to your RRSPs each year until
you have repaid the entire amount you withdrew. If you do not repay the
amount due for a year, it will be included in your income for that year.
Canadian Mortgage and Housing Corporation Financing-5% down
Canadian Mortgage and Housing Corporation's (CMHC) Mortgage Loan Insurance
allows you to buy a home with as little as 5% down. Your mortgage is insured
up to 95% of the lending value of the home. It can be a new or a resale
home, as long as it's your primary residence.
Conventional Financing
Pay off your house faster and save on interest by putting at least 20% down.
With a conventional mortgage, the loan amount generally does
not exceed 80% of the appraised value or purchase price of the property,
whichever is less. A cash down payment and a second mortgage if necessary,
usually make up the balance.
Open Mortgages
Allows you the flexibility to pay off some or all of the mortgage loan on any given payment date without a penalty. Terms of one year.
Closed Mortgages
Offers you the security of locking in your interest rate for a longer term of up to 5 years.If you plan to remain a home owner for a few years and your financial situation is unlikely to change, this may be a good option.
Future Advance
Shaunavon Credit Union offers a convenient, hassle free way of gaining extra
cash to finance various types of purchases such as: home improvements, a
vacation, a car, a boat or a stove. A future advance against your mortgage
allows you to borrow against the equity that you have built up in your home.
Usually, you can re-advance funds up to the original amount of your
mortgage.
The original amount of your mortgage is the amount of money that
you had borrowed when you first took out your mortgage with Shaunavon Credit
Union. Special terms and conditions may apply. To find out if you qualify
for a future advance on your mortgage email us or call us.
Benefits of a Shaunavon Credit Union Mortgage
At Shaunavon Credit Union, in most cases you can pay off your loan from your own funds without penalty. This could save you thousands of dollars on your interest payments.
You will also enjoy the flexibility of choosing to make bi-weekly, semi-weekly, semi-monthly or monthly payments.
For your convenience farms and commercial mortgages are set up on a semi-annual payment.
MORTGAGE CALCULATOR
Calculate the payment required to amortize a mortgage loan.
Click here for the mortgage calculator.
