Buying a Home

Northern Credit Union Mortgages have flexible payment options (weekly, bi-weekly, semi-monthly or monthly) and have rate guarantees for up to 90 days. Better still, you can apply for your mortgage online in as little as 30 minutes!

But before you get going, take some time to decide the type of mortgage that best suits your needs:

Fixed-Rate Mortgages

Lock in on one rate for the duration of your mortgage term, so you can budget for consistent payments and easily track your progress.

Variable-Rate Mortgages

Variable-rate mortgages have a floating rate tied to the prime lending rate. As prime rates fluctuate, so does your mortgage rate. When the market is stable, this option is typically more affordable.

Open Mortgages

Pay your mortgage off or sell your home at any time without penalty. Rates are typically higher, but this is a good option if you want more flexibility, expect to sell your home in the near future or anticipate making a large lump sum against your mortgage soon.

Closed Mortgages

Tie to a fixed term for a lower interest rate. You’ll have the option to make a lump sum payment (up to a certain amount) on your mortgage’s anniversary date.

High-Ratio Mortgages

If you have a down payment of less than 20%, you'll require a high-ratio mortgage which includes insurance. 

Conventional Mortgages

Borrow no more than 80% of the purchase price of your home. You pay the other 20% (or more if you choose), which is the down payment.

Second Property Mortgage

Whether you’re looking for an investment property or a camp by the lake, we can help make it a reality. Talk to a Northern advisor about how you can leverage the value of your primary property.

Purchase Plus Improvements Mortgage

Planning to update your kitchen or add a new back porch? We can help make the cost of your reno more manageable by rolling it into your mortgage.

 Borrowed Down Payment Mortgage

Don’t have enough for a down payment? Typically, it means you’ll need mortgage insurance. But on the bright side, you’ll also qualify for our best rate for a 5-Year Fixed Mortgage.

Self-Employed Mortgage

Having trouble qualifying because you’re self-employed? Talk to us. We take pride in helping our members work through their unique circumstances to achieve their financial goals.

No matter which mortgage you choose, we recommend Life and Disability Insurance coverage when making a home purchase to protect you and your family.


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*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.