If you can afford to make a down payment of 20% or more when purchasing your home, you fall under the “conventional mortgage” category. This means you won’t have to pay additional Mortgage Insurance costs. Beyond that, you’ve got some choices to make. Thankfully, we’re here to ensure that you won’t have to make them alone.
VARIABLE OR FIXED?
A fixed rate mortgage locks in a rate for the length of your term, whereas a variable rate will move up or down as prime rates change. A fixed rate has the benefit of stable payments, while a variable rate offers the potential to save.
CHOOSING A TERM
Typically 1-5 years, your term represents the length of time before your mortgage matures. It’s important to note that his different from your amortization period, which is the length of time it will take to fully pay off your mortgage loan.
OPEN OR CLOSED MORTGAGES?
A closed mortgage costs less, but comes with a set term. Open mortgages let you pay out or pre-pay without penalty, but cost more.
- Local approvals
- Competitive rates and a wide range of options to suit your needs
- Flexible payment options: weekly, bi-weekly, semi-monthly or monthly
- Free pre-approvals with a rate guarantee for up to 90 days
We strongly recommend that you purchase Life and Disability Insurance coverage when making a home purchase to protect you and your family.
*Mortgages approved and committed to must be advanced within 45 days of date of application in order to qualify for the Special Rate Offer. Offer may be changed, withdrawn, or extended at any time, without notice. Applicable to residential mortgages only and subject to Northern Credit Union lending criteria for residential properties. Conditions may apply. Rates are subject to change at any time without notice.