Mortgages

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.

specials

Your Mortgage Options

At AWCCU Financial, you have your choice of mortgages and options. We offer:

  • Open - gives the borrower the option to repay any amount of the mortgage, in part or in full, at any time without penalty.  Interest rates are typically higher on open mortgages.  We offer 6 months - 5 year open mortgage at a fixed rate
  • Fixed - gives the borrower peace of mind because their mortgage payment and interest rate are guaranteed - they will not fluctuate for the term chosen.  It allows the borrower to repay portions of the mortgage amount through extra payments called "prepayment privileges" - without an interest penalty.  If a fixed mortgage is paid out in full prior to the maturity date of its term, an interest penalty is usually applied.  We offer a 1 year open mortgages at a fixed rate - or closed mortgages with terms from 1 to 5 years.
  • Closed - Closed typically does not allow extra payments or early repayment without incurring penalties - but not at WCU - we allow you to repay up to 20% of the original borrowed amount of your mortgage each calendar year!  Interest rates are typically lower on closed mortgages.
  • Variable - means the interest rate on your mortgage is not locked in - it will fluctuate as market interest rates fluctuate.  It offers the potential for significant savings of interest costs if interests rates decline - conversely, if interest rates rise so will the interest rate and payment on your mortgage. We offer a 5 year closed mortgage with a variable rate.  
  • Terms from 1 to 5 years.  At the end your chosen term, you can renew your mortgage at prevailing interest rates or pay it out in full.  
  • Amortization periods of up to 25 years - amortization refers to the lifetime of the mortgage.  It is the number of years over which the repayment of your mortgage is calculated.
  • Convenient and flexible repayment options - you can set up your payments to fit your income streams and preferences: weekly, bi-weekly, semi-monthly or monthly.

Got questions? We are happy to walk you through your financing options and build a mortgage solution to suit you, your repayment preferences and your homeownership dreams!

Pre-Approved Mortgages

So you've decided you're ready for homeownership? How exciting!  We would love to help make your dreams of owning a home a reality!

Pre-Approved Mortgages are really a win-win for everyone:

  • You will have peace of mind know that you are approved for a mortgage before you even begin shopping,
  • You will save time, by only looking at properties you know you can afford, plus
  • Your realtor will be better equipped to serve you, knowing you are a serious buyer and only showing you the homes that fit you and your criteria, 
  • You will have more negotiating power when sellers can be assured that you have secured the necessary financing,
  • You will feel confident when you are ready to make an offer by having your financing in place, and
  • We'll even guarantee your rate for 30 days while you are shopping! 

Stop in to speak with one of our Mortgage Specialists - not only are they some of the most professional and well-trained, but they are your friends and neighbours, so they care about you, your dreams and your community!

Transfer your Mortgage

Transferring your mortgage to AWCCU Financial is not only simple and easy to do, it’s affordable and it makes a lot of sense. We'll contact the financial institution currently holding your mortgage and make all the arrangements for you.

Keeping you Protected

Mortgage Protection is a very simple and affordable way to protect you and your loved ones from unexpected financial loss.

Mortgage protection, offered in partnership with CUMIS, provides:

Security

Protect against the unexpected by safeguarding your assets and your family.

Peace of Mind

Payment protection allows you the freedom to enjoy your life, worry free from financial stress for you or your loved ones.

Affordable Coverage

We have affordable group rates available for credit union members. If you compare the cost of the insurance against the cost of replacing what you may lose without it, you will see its true value.

Convenience

Enrolling is easy. Plus, we offer a 30-day free look. If you aren’t satisfied, cancel within the first 30 days for a full refund.  

Coverage Options

Life

CUMIS pays the insured mortgage balance plus accrued interest plus settlement interest up to age 75 to a maximum of $1,000,000 plus any mortgage pre-payment penalty.

Disability

CUMIS pays the insured monthly mortgage payments to a maximum of $3,000 per month for 24 months (per claim) up to age 75.

Involuntary Loss of Employment

CUMIS pays the insured monthly mortgage payments to a maximum of $3,000 per month for nine months (per claim) up to age 75.

Critical Illness

CUMIS pays the insurable balance at date of diagnosis of a critical illness plus accrued interest plus settlement interest and any mortgage pre-payment penalty for cancer, stroke or heart attack. Maximum coverage is $1,000,000 and coverage ceases at age 75.