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AWCCU offers a variety
of mortgage programs for home financing. We offer a
wide range of loan programs to meet every home financing
need.
Get
more for less.
At AWCCU, you'll get more value and personalized service
out of your mortgage loan for a lot less... less interest to pay, less time spent
waiting for approval and closing, and less hassle overall than with most other
mortgage lenders.
We know that buying a home,
whether it's your first or latest, is probably the biggest
purchase you'll ever make. You deserve a simplified
process and a knowledgeable mortgage professional to
assist you.
We'll make
it easy for you with great benefits, such as:
Competitive fixed-and
variable-rate loans
Fast approvals and closings
Choose options that fit your needs.
Fixed
Rate Mortgage -
Want security and predictability? Then the popular,
traditional fixed-rate mortgage can simplify your life
because the monthly principal and interest payment never
changes over the term of the loan. If you plan to stay
in your home for a long time, this may be the perfect
choice for you. Choose from a 1 to 10 year term with
a 20 - 20 pre-payment option.
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Variable
Rate Mortgage
- Prefer more flexibility? With a variable-rate
loan, you can start out with a lower interest rate and
lower payments. The rate may increase or decrease after
the initial mortgage term. This plan can work for you
if you think you may move after a few years.
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3-year
convertible - Fixed Term
You can be locked into a fixed rate at any time during
contract period.
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5-year Lower than Prime - Fixed Term
Rate will always be 1/4% below prime and can be converted
to fixed rate at any time.
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5-year rate capped - Fixed Term
Your mortgage rate is capped at a pre-determined ceiling.
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High
Ratio Mortgage
If you have between 5% and 25% of the purchase price
as your downpayment, you can apply for a high-ratio
mortgage. Usually these have to be insured through CMHC
(Canada Mortgage and Housing Corporation) or Genworth.
These are mortgage insurance companies. Purchasing insurance
is a common way of qualifying for a mortgage when you
have less than 25% equity. The insurance premium is
charged only once (per mortgage), when the mortgage
funds are advanced. You can pay the premium yourself,
but most people choose to add the funds on top of the
mortgage.
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Second-Mortgage
– At first mortgage rates
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Bridge
Mortgage -
Many real estate transactions require bridge financing.
This occurs when the closing date of the home you are
selling may not match the date of the home you are buying.
In fact you may not receive the proceeds from the sale
until after you want to purchase. With a "firm"
sale of your home you can usually "borrow against
the sale" of your home. This is what is referred
to as bridge financing or obtaining bridge loans. This
financing (the bridge) is advanced and then paid back
once the sale of your own home closes at a later date
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