Residential Mortgages

Do you want approval within 24 hours?

Community Credit Union has a mortgage product to meet your needs.
Community Credit Union offers First Time Home Buyers Mortgage (CMHC insured), Conventional Mortgages, Collateral Mortgages and Pre Approved Mortgages

First Time Home Buyers (CMHC insured) require 5% down payment, application fee and the funds to cover closing costs. (i.e.: legal fees, deed transfer, oil top up, etc.)

Conventional Mortgages or Collateral Mortgages require 25% down. The borrowed amount cannot exceed 75% of the purchase price or the appraised value, whichever is less.

Pre Approved Mortgages are approved based on the verbal information provided by you and are subject to verification of information prior to disbursement.

Amortization periods available from 1-25 years, with interest rates open for 1 year or closed for terms of 6 months, 1,2,3,4, & 5 years. Payments may be made weekly, bi-weekly, bi-monthly or monthly. Pre payment terms are also available consisting of doubling you regular payments &/or the privilege of applying 20% of the outstanding balance at anytime throughout the year. Our terms are flexible and made to suit your needs.
Some of the requirements for approved mortgages include: 

  • Proof of down payment equal to 5% of the purchase price from non borrowed funds.
  • Proof of funds for closing costs equal to 2.5% of the purchase price from no borrowed funds (CMHC insured only).
  • Borrower qualifications with satisfactory credit rating and industry standard debt service calculations.
  • Stable and confirmable income.
  • Water test if applicable.
  • Acceptable appraisal if applicable.

Life, Disability, Loss of Employment & Critical Illness Insurance also available at competitive rates.


™ Experience the Difference Logo is a registered trademark of Community Credit Union of Cumberland Colchester Limited, 2014