Mortgages

MOM - Multi-Option Mortgage

The mortgage that does it all!

MOM is a unique mortgage that takes care of all your financing needs now and in the future, with flexibility and convenience! The beauty of the Multi-Option Mortgage is that you can have a number of different loans under one simple plan, each with its own term and rate, so you get the lowest borrowing rates possible!

Access your equity of up to 75% of your home’s appraised value, any time, for needs such as a vehicle, home renovations, tuition, vacation or a cottage!
Apply only once! Future borrowing is streamlined and efficient; there’s no need to re-apply for future loans.
Protect yourself from interest rate increases by splitting your mortgage into multiple loans, each with its own interest rate, term and repayment schedule.
Choose your own repayment terms from any of these mortgage options: Advantage, Classic, Prime Buster or Line of Credit.

Classic Mortgage

No penalty for early payout or lump sum payments of any amount when paying because your house has sold or you are paying from your own resources
6 month to 7 year fixed rates available
Interest payments are eligible for our common share profit sharing program

Cash Back Mortgage*

Choose from a variety of terms and receive a percentage of your principal back in cash. Other options include:

Maximum prepayment of 25% of the original amount can be made anytime during the year plus you can increase the original payment by 25%
Available on both new and renewing mortgages
Can apply the cash back rebate to the principal on your mortgage
If the mortgage is paid out before the end of your term, a payout penalty will be levied.

*Cash back terms, rates, and values are subject to change

Advantage Mortgage

You can lower your payments with this type of mortgage and still enjoy these other benefits:

Maximum prepayment of 25% of the original amount can be made at any time during the year plus you can increase the original payment by 25%
Available on both new and renewing mortgages
Payout penalties will be applied if paying out your mortgage before the end of your term

Line of Credit Mortgage (LOC)

By using a mortgage on your home to secure an LOC, enjoy repayment flexibility and convenience when borrowing new funds down the road. Features of this mortgage include:

LOC limits can be established for up to 75% of the appraised value of your home
Obtain new funds anytime provided your balance does not exceed the pre-established limit
Choose from a wide variety of payment options
CWCU’s premium rates apply
Eligible for life and disability insurance
Can be set up as a second mortgage provided CWCU has the first, and the total of the first mortgage and the LOC does not exceed 75% of the value of your home
Access your funds through the Call Centre, counter withdrawals, cheques, ATM transactions, Internet, TeleService, or your Global Payment™ card

Low Down Payment Mortgages

Through an agreement with Canada Mortgage and Housing Corporation (CMHC), home ownership is possible with as little as a 5% down payment.

KickStart Mortgage

We will give you a down payment of 5% of the value of the home.

Interest rate is calculated at the same rate as the 5 year Classic Mortgage
You may make extra payments throughout the year of up to 10% of the original mortgage amount (available in year 2 of the mortgage and thereafter, annually)
The KickStart Mortgage is not available to renewing mortgages
If paying out before the end of your term, a payout penalty applies

Prime Buster Mortgage

Take advantage of our lowest variable rate and options for high prepayments:

A variable rate of Prime minus 0.50%
The rate is guaranteed to not exceed the current 5 year Classic Mortgage rate
You may increase payments by up to 25% annually
Prepayments of up to 25% of the original mortgage amount can be made annually
If the mortgage is paid out before the end of your term, a payout penalty applies
If interest rates increase and you would like a fixed rate, you can move to a 3 year or longer Classic Mortgage rate. Prime Buster prepayment clause still applies.

3 Steps to Getting a Mortgage

Step 1: How do I qualify?
You, and if applicable, your co-applicant, must meet 2 key financial conditions:

Your housing cost, including the monthly principal and interest payment, tax payment and utility costs, should not exceed 32% of your gross income;
All of your debt payments including your housing payment should not exceed 40% of your gross income

Stop by or call us and we would be pleased to perform a complete review of your eligibility for mortgage financing.

Step 2: Obtaining Pre-Approval
It assures you of the amount Common Wealth Credit Union will finance for you, subject to any conditions specified such as a credit check, employment verification, or an appraisal of the property.

Step 3: Life & Disability Insurance
Protect your investment with life and disability insurance. Single or joint coverage at group rates can pay out your mortgage in the event of the death of the insured mortgage holder. A disability claim will cover a number of mortgage payments for you or your co-applicant until a return to work is possible.

Mortgage Options to Suit Your Lifestyle

All of our mortgage products have the following special features:

A variety of payment options - weekly, bi-weekly, or monthly
90 day rate guarantee - from the day you obtain your pre-approved mortgage
Property tax account - save for your property taxes with each mortgage payment. CWCU pays your property taxes annually at no charge.
Assumability - an approved buyer can take over the balance of your mortgage if you sell your home
Portability - enables you to move your existing mortgage amount and rate to another property