First Time Buyers

Buying your first home is exciting, but it can be complex too - we'll guide you through it. Our first mortgage is available in a few forms to make sure it meets your needs. It can be a conventional mortgage, a Canada Mortgage and Housing Corporation (CMHC) mortgage or a building mortgage. If you're not sure which one is right for you, that's OK. We'll talk about it, pick one and develop a repayment plan that fits your needs.

Product Benefits

  • Expert advice from AWCCU staff
  • A wide range of options to suit your needs
  • Local approvals
  • Competitive rates
  • Convenient, free pre-approvals with a rate guarantee for up to 90 days

Who's Eligible?

All members buying a residential property.

Maximum Amounts

The amount you can borrow depends on your credit history, your ability to repay the mortgage and the value of the property you're mortgaging.

Rates

Your rates depend on the type and length of mortgage you choose, and rates may be discounted or raised depending on the location of your property and its circumstance. Contact us for personalized information.

Payments

Our payments options offer you flexibility. You can choose weekly, biweekly, semi-monthly or monthly schedules, and funds are automatically transferred from a prearranged deposit account based on your payment schedule.

Pre-Payments and Payouts Expand/Collapse

The ability to pre-pay or payout your mortgage differs based on the type of mortgage it is:

Open Mortgage: You can pre-pay or payout at any time without penalty.

Term Mortgage: Each year, on the mortgage anniversary date, you can pay up to 20% of the value of the mortgage at the last renewal date without penalty. You can also choose to increase your payments by up to 20% each year, and you can double one payment per year.  Other pre-payments or payouts may open you up to penalty (talk to your branch for information).

Disability Insurance Expand/Collapse

If you find yourself injured or seriously ill, it can be very difficult to make your payments. That's why we offer you the opportunity to buy disability insurance. This coverage activates if you're off work for more than 30 days due to sickness or injury, and will cover your payments until you're better, or until your mortgage is paid-off (certain conditions apply). We strongly recommend that you purchase this coverage.  (Some restrictions apply.)

Life Insurance Expand/Collapse

Insurance is strongly advised for this product - visit your branch for information about available coverage.  (Some restrictions apply.)

Critical Illness and Loss of Employment Insurance Expand/Collapse

This insurance provides excellent coverage to protect your family when it's needed most. Talk to us about how to qualify.  (Some restrictions apply.)