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Loans and Mortgages for a First Time Home Buyer at Osooyos Credit Union

Loans and Mortgages for a First Time Home Buyer at Osooyos Credit Union

Osoyoos Credit Union has been providing loans and mortgages to its members for over sixty years.

If you’re a first time home buyer, your mortgage is coming up for renewal or you’re applying for new loans and mortgages, a financial advisor at Osoyoos Credit Union can assist you in finding the best rate on your mortgage.

 

Credit Union Mortgage

 

At Osoyoos Credit Union, we are a community-focused, member-owned and governed organization. In order to provide our members with the best financial services and products, we offer members a variety of mortgage options. A major benefit of working with a credit union is our willingness to work with you and your individual financial circumstances.

We offer open and closed mortgages, Canadian Mortgage and Housing Corporation insured mortgages, variable or fixed rates, with a variety of terms and amortizations, as well as life and disability insurance for your protection. Our closed mortgage terms allow you to prepay a percentage of the original principal balance in each calendar year, subject to the terms of the mortgage agreement.

There are several types of mortgages as well as payment plans, including weekly, bi-weekly, monthly, or semi-monthly.

Weekly mortgage payments are typically a better option than monthly payments in the long-run. Weekly payments will reduce your amortization period, which is the period of time it takes you to pay back your loan. Weekly payments can reduce this period of time by months or even years. The faster you pay your loan back, the less interest you’ll pay.

Depending on the current interest and mortgage rate, you might benefit from holding on to the proposed interest rates for longer at the time of your mortgage. Mortgage terms can vary from 6 months to 5 years. Typically longer mortgages mean higher interest rates.

Your Financial Services Officer at Osoyoos Credit Union will work with you to secure the best mortgage rate and plan to suit your needs and lifestyle. In the meantime, doing some research and knowing the different options will help you understand your options.

Mortgages For First Time Home Buyers

 

Purchasing a house may be one of the biggest investments you make in your lifetime. If you’re a first time home buyer, purchasing a home and finding a mortgage can be an overwhelming task. Our goal is to make the process easier and to find you your best rate possible.

At Osoyoos Credit Union, we value service over profits, which means working with you closely to help you secure your best rates and fees on loans and mortgages. We offer rates that are competitive with the big banks, which is excellent news for our members, as you could save exponentially when you choose our financial services.

loans-and-mortgages-for-a-first-time-home-buyer-at-osooyos-credit-union

Pre-Approved Mortgages and Loans

 

Pre-approved mortgages and loans provide you with a specific budget that you can afford. It secures the financing of significant purchases, including your first home before finalizing the purchase.

This allows you to clearly understand what you can afford to spend, provides leverage during negotiations and gives the purchaser “peace of mind”. The pre-approved period is for a set time so that members know exactly what their interest rate and payments will be.

If you’re already a member of Osoyoos Credit Union, or considering becoming a member, you’ll benefit from our variety of financial service, including low rates on mortgages and loans.  

Keep your finances simple at Osoyoos Credit Union. We can help with all your financial needs; your savings, checkings, line of credit, credit cards, and all your loans and mortgages.

Mortgage Secured Line of Credit

 

A mortgage secured line of credit enables you to use the equity you have acquired in your home to purchase an investment property, top up your RRSP and many other options. The line of credit requires monthly interest-only payments calculated on the closing daily balance and charged monthly, directly to the account. Available subject to regular lending criteria.

If you have further questions and would like to contact us about your financing options, our financial advisors are always happy to help. We can address any concerns you may have about mortgages and loans, or any other financing questions you may have.

 

Contact Osoyoos Credit Union today for personalized mortgages and loans, financial advice for first time home buyers, and other financial services.