Whether you are buying your first home or renewing your mortgage, we offer flexible repayment and prepayment options for your home purchase or renovation.
This innovation is a great way to substantially reduce the interest you pay on your mortgage. Our competitive interest rates with no hidden charges or penalties get you mortgage-free as quickly as possible.
CMHC or SagenTM insured mortgages
Home equity financing
Life and disability insurance
Group homeowners’ insurance, with bi-weekly payment option
Builder's mortgage loans
Construction mortgages
20% prepayment privilege
Portability
Speak to one of our Consumer Lenders before you buy, and we'll show you all the advantages of having your financing in place with a Niverville Credit Union pre-approved mortgage.
Get a manageable mortgage that gives you the peace of mind knowing that your home or renovations will be affordable.
Helps you determine what you can afford
Get a guaranteed interest rate
A pre-approved mortgage puts you under no obligation and is free to obtain
We can do fast pre-approvals, usually within two days
If you need to borrow money for a renovation or major purchase, a home equity loan or equity line of credit could be right for you.
With a home equity loan or equity line of credit, you pay a lower interest rate than you would with a personal loan, and you can repay the loan over a longer period for more manageable monthly payments.
All home equity loans and lines of credit can be repaid at any time without penalty.
From pre-approval to signing the deal, read on for our guide to mortgages and mortgage options.
A conventional mortgage is a mortgage loan that is equal to or less than 80% of the lending value of the property.
The lending value is the property’s purchase price or market value—whichever is less. For a conventional mortgage, the down payment is at least 20% of the purchase price or market value.
If your down payment is less than 20% of the home price, you will typically need a high-ratio mortgage.
A high-ratio mortgage usually requires mortgage loan insurance. CMHC and Sagen are major providers of mortgage loan insurance. Your lender may add the mortgage loan insurance premium to your mortgage or ask you to pay it in full upon closing (this is the member’s choice but is highly recommended).
Your lender will tell you about the term options for the mortgage. The term is the length of time that the mortgage contract conditions, including the interest rate, will be fixed.
The term can be from six months up to five years. A longer term lets you plan your finances better. It also protects you from interest rate increases. Think carefully about the term that you want, and don’t be afraid to ask your lender to figure out the differences between a one, two, or five-year term mortgage.
Learn about how fixed and variable mortgages affect your interest rate.
A fixed mortgage interest rate is a locked-in rate that will not increase for the term of the mortgage.
A variable rate fluctuates based on market conditions. The mortgage payment remains unchanged.
A closed mortgage cannot be paid off, in whole or in part, before the end of its term without penalty.
With a closed mortgage you make only your monthly payments—you cannot pay more than the agreed payment. With Niverville Credit Union you can pay up to 20% without penalty each year on the declining annual balance. A closed mortgage is a good choice if you’d like to have a fixed monthly payment. It’s easy to plan your monthly expenses, but it’s not flexible. A closed mortgage may be a poor choice if you decide to move before the end of the term, or if you want to benefit from decreased interest rates.
An open mortgage is flexible. That means that you can usually pay off part of it, or the entire amount, at any time without penalty.
An open mortgage can be a good choice if you plan to sell your home soon. It can also be a good choice if you want to pay off a large sum of your mortgage loan. Most lenders let you convert an open mortgage to a closed mortgage at any time for a small fee. Niverville Credit Union does not charge a fee for this service.
Amortization is the length of time to repay the entire mortgage debt. Many mortgages are amortized over 25 years.
The longer the amortization, the lower your scheduled mortgage payments, but the more interest you pay in the long run. If each mortgage term is five years, and the mortgage is amortized over 20 years, you will have to renegotiate the mortgage four times (every five years).
A mortgage loan is repaid in regular payments—monthly, biweekly or weekly.
More frequent payment schedules can save some interest costs by reducing the outstanding principal balance more quickly. The more payments you make in a year, the lower the overall interest you pay on your mortgage.
Our mortgage advisors can help you through your mortgage journey.
We offer options like personal loans and RRSP lines of credit.
Explore our range of registered accounts like TFSAs and RRSPs.
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