Mortgages

Buying a new home is exciting!

At Biggar & District Credit Union we understand that it can also be confusing, and a little bit overwhelming. If you are like most of our members you are asking yourself lots of questions. Can I afford it? What kind of mortgage is best for me? What else do I need to know?

Because we understand, we offer you solid mortgage products and most importantly, people who can help you answer all those questions and help you make sense of it all. Click below to find out more and explore your options.

Can I afford it? Expand/Collapse

Can you?  Ask yourself:

  • Do I have the necessary financial management skills?
  • How financially stable am I?
  • Am I ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance?
  • Am I able to devote the time required for home maintenance?

How much can I afford? Expand/Collapse

The first rule is that your monthly housing costs cannot exceed 32% of your gross monthly earnings. Your calculation for total monthly housing costs need to include your monthly mortgage payment (principal and interest), taxes, utilities and insurance.

Secondly, your entire monthly debt load should not be more than 40% of your monthly gross earnings.

Do you have cash set aside for additional costs associated with purchasing a house? These costs include home inspection fees, property insurance, hookup fees and lawyer fees.

The minimum down payment is 5% (CMHC/Genworth mortgage)

Biggar & District Credit Union Conventional Mortgage Expand/Collapse

When it comes to a solid mortgage, the last thing you need is bells and whistles. What you do need is a great product that flexes to your needs, offers great rates and repayment terms and is backed by a team of specialists dedicated to seeing you achieve your homeownership goals.

With our conventional Mortgage you get:
  • a loan amount of up to 80% of the appraised value of the home or property
  • 1-5 year terms
  • up to 25 year amortization
  • fixed or floating rates
  • open or closed repayment options
  • competitive interest rates
  • flexible repayment options
  • prepayment flexibility
  • Life, Critical Illness, Disability insurance coverage available
  • Prepayment penalty is 3 months interest

Member perks

  • Because you’re a member of Biggar & District Credit Union, your mortgage application will be processed locally by senior management and lending service representatives. That means you’ll always be working with someone who knows and understands you and your goals.
  • The interest you pay may be eligible for equity patronage payment.
  • For your convenience, you can now apply online.


What you’ll need to apply for this loan

  • Current employment information (T4 slips, current tax returns)
  • Current financial information (listing of assets, liabilities and payments)



All it takes is 5% down Expand/Collapse

While a 20% down payment on a home purchase is ideal, it’s not always possible. That’s why there are other options available:
CMHC is Canada’s leading mortgage insurer, as well as Canada’s national housing agency. The CMHC Mortgage Loan Insurance program makes it possible for qualified buyers to purchase a home with as little as 5% down.

Genworth is Canada’s largest residential mortgage insurer. The Genworth Mortgage Loan Insurance Program makes it possible to qualify buyers to purchase a home with as little as 5% down.

If you’re ready to purchase a home, but aren’t able to do so with a full 20% deposit, come and speak with one of our specialists. They can help you achieve your home ownership dreams with a CMHC or Genworth mortgage.

Talk to one of our specialists ... we’re here to help

Donna Robillard Ian Hawkins Peggy Lake

Donna Robillard
Member Account Manager
Biggar Branch

306-948-3539

Email Donna

Ian Hawkins
Member Account Manager
Biggar Branch

306-948-3541

Email Ian

Keaton Donahue
Member Account Manager
Biggar Branch

306-948-3550

Email Keaton

Peggy Lake
Business Development
Manager
Perdue Branch

306-237-9200

Email Peggy

 

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