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:
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 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.
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.
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.
If you have a down payment of less than 20%, you'll require a high-ratio mortgage which includes insurance.
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.
No matter which mortgage you choose, we recommend 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 Offer may be changed, withdrawn, or extended at any time, without notice.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.