Buying a Home
Buying a home is a big deal. It’s exciting, life changing and can sometimes be a little confusing, too. But not to worry—Northern can help you make sense of it all from start to finish, protecting you from the pitfalls and tailoring your mortgage to fit your uniquely Northern life.
All Northern Credit Union Mortgages have flexible payment options (weekly, bi-weekly, semi-monthly or monthly) and come with a rate guarantee for up to 90 days.
Fixed-Rate Mortgages offer peace of mind and no surprises. Locking in one rate for the duration of your mortgage term, you can budget for consistent payments and easily track your progress.
Variable-Rate Mortgages provide a floating rate tied to the prime lending rate. As prime rates go up and down, your rate will fluctuate. When the market is stable, this option is typically less costly.
Open Mortgages mean that you can pay your mortgage off or sell your home at any time without penalty. Rates are typically higher, but if you want to avoid being tied down, expect to sell your home soon or anticipate making a large lump sum against your mortgage in the near future, this is the option for you.
Closed Mortgages tie you to a fixed term in exchange for a lower interest rate. You’ll know exactly what your financial expectations are, plus you’ll have the option to make a lump sum payment (up to a certain amount) on your mortgage anniversary date.
Mortgage Insurance can help give you peace of mind. 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 Offer may be changed, withdrawn, or extended at any time, without notice.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.