Mortgage

Mortgage Features

Mortgage Features

 

Whether you are buying a home for the first time, or renewing your mortgage, we understand the importance of working out the best possible mortgage package, so your home is truly affordable.

  • 90 Day Rate Guarantee when you are pre-approved for a mortgage. If rates decrease before you find a house, you will get the lower rate
  • Variable Rate Mortgages allow prepayment at any time without penalty
  • 1 to 5 year fixed rate terms give you the peace of mind of knowing your rate will not increase unexpectedly
  • 10% prepayment permitted annually on fixed rate mortgages without penalty
  • Payments tailored to your budget can be made weekly, bi-weekly, semi-monthly, monthly, etc.
  • Automatic payments can be made from your Compass Credit Union account, or electronically from another Financial Institution
  • Mortgage Insurance available (life, disability, critical illness, loss of employment)
  • High-Ratio mortgages available up to 95% of the purchase price, insured by CMHC or Genworth
  • Amortization periods up to 25 years
  • Mortgages of Lease available on leased land and co-operatively owned land

Tips for planning and managing a mortgage

Choose a Smaller Mortgage

Purchase a home less than the maximum pre-approval amount. This will keep your housing costs lower and allow you to deal with sudden changes in your income, expenses or interest rates.

Pay your mortgage faster

Taking advantage of prepayment options on your mortgage will help you to build equity in your property more quickly, and pay off your mortgage sooner.

Determine the impact of rising interest rates on mortgage payments

Even a small increase in interest rates could have a big impact on your mortgage payments. Take the time now to learn how changing rates could affect your budget may help you avoid financial struggles in the future.

Communication is Key

If unexpected challenges affect your ability to make your scheduled payments, contact your lender as soon as possible. They can work with you to find a solution to any temporary financial setbacks.

Additional costs of purchasing a home

In addition to your down payment, you will need to have funds available for some or all of the following:

Home inspection
Appraisals or Land Survey
Property Taxes that have been pre-paid by seller
Legal Fees associated with the sale
Land transfer taxes
Maintenance or Repairs to be completed before move in
Taxes on High Ratio premium (premium can be added to the mortgage)
Property Insurance
Moving Costs
Furniture and Appliances

Get Pre-Approved

Buying a home can be a very exciting time! It is also one of the biggest financial investments you will ever make! So before you fall in love with your dream home, meet with one of our lenders to determine the amount of mortgage you will qualify for.

A pre-approval lets you know how much you can afford, what your interest rate will be and what your mortgage payments will look like. This can help you narrow down your search to a specific price-range.

A pre-approval is not a guarantee of final mortgage approval. Once you’ve found the home for you, the property still has to be evaluated to ensure the price and condition of the home are acceptable. Provide your accepted offer to purchase to your lender as soon as possible so they can finalize the mortgage.

1 piece of valid identification
  • Valid government-issued photo identification
  • Proof of address and address history
2-3 recent paystubs
  • Proof of income
  • Contact information for your employer and employment history
List of assests
  • Proof of savings and investments
List of liabilities
  • Proof of debt and other financial obiligations
Down payment
  • Proof of down payment source and amount

Contact us for an appointment

Please call any of our branches to be put in contact with one of our lending specialists.