Mortgages

Common Wealth Credit Union offers a wide variety of mortgage options to suit your needs. Download the list of mortgage options available to you here.

CMHC’s Homebuying Step by Step guide can help make things easier for you when purchasing a home. Check out this link for more information.

www.cmhc-schl.gc.ca/en/co/buho/hostst/index.cfm

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.
Portability - enables you to move your existing mortgage amount and rate to another property