© Summerland & District Credit Union 2020
Mortgages Made Easy
WE'RE HERE TO HELP YOU THROUGH THE PROCESS.
Mortgages that meet your needs
Buying a home is exciting, but it can also be a little intimidating at times. That’s why we’re here to help you through every step of the process. Learn more about the different types of mortgages so you know what to expect. We're also open to working with you to provide customized mortgage solutions to meet whatever your needs may be.
Fixed Rate Mortgages
Guaranteed rate with full payment flexibility.
Fixed Rate Open Mortgage – The security of a fixed mortgage rate with the flexibility to make extra payments without penalty.
Fixed Rate Closed Mortgage – The security of a fixed rate mortgage at the lowest guaranteed interest rate.
Variable Rate Mortgages
With our variable rate mortgage, the interest rate fluctuates in accordance with our credit union’s prime rate. When the credit union prime rate changes, the variable mortgage rate changes as well. Payments on a variable rate mortgage may change from time to time depending on the prime rate. The variable rate mortgage is completely open, lump sum payments, extra payments or pay out of the mortgage are permitted at any time without penalty.
The CreditMaster® mortgage allows you to use the equity in your home as security for future purchases that you would otherwise secure through a personal loan. Buy a new car, go on a fabulous vacation, renovate your home; the possibilities are endless! With a CreditMaster® mortgage you have the flexibility of choosing the term and product that best suits your needs, anything from a 6-month open term to a 7 year fixed rate. Come in and speak to one of our Personal Account Managers and ask about this great mortgage product.
Canadian Mortgage and Housing Corporation (CMHC)
The Canadian Mortgage and Housing Corporation (CMHC) has been providing mortgage loan insurance to Canadians for generations. It allows you to finance up to 95% of the purchase price of your home. C.M.H.C. also offers financing for renovations and second mortgages. Please see one of our Personal Account Managers and find out how you can be a homeowner even if you don’t have the 25% down payment required for conventional mortgages.
Check out their website at www.cmhc.ca for a wealth of information. Whether you are renting, buying or renovating your home you will find everything from home maintenance checklists to help with mortgage information and saving energy.