​Find the perfect mortgage for your perfect home.

Our local experts are here to help at every stage of your homebuying journey

What kind of mortgage are you looking for?

Product Overview

BDCU Mortgage

Overview

Our conventional mortgage flexes to meet your needs, offers great rates and prepayment terms and is backed by our team of local experts.

Key Features
  • Flexible prepayment options
  • Highly competitive interest rates
  • Peace of mind

Sagen Insured Mortgage

Overview

If a 20% down payment is not an option for you, a SagenTM mortgage may be the perfect solution. 

Key Features
  • 5% Down Payment
  • Competitive interest rates
  • Flexible prepayment options

CMHC Insured Mortgage

Overview

CMHC insured mortgages can be a great option when a 20% down payment is not possible.

Key Features
  • 5% Down Payment
  • Competitive interest rates
  • Flexible prepayment options

Enjoy the advantages of a Biggar & District Credit Union Mortgage

  • Highly competitive rates – fixed and variable options available
  • Flexible prepayment options – our mortgage experts will help you determine what will work best for your needs
  • Portable – Take your mortgage with you if you move
  • Personalized support – Our team of local mortgage experts will make sure you have personalized advice and a plan for every step of the way
  • Mortgage Protection Insurance – Life, Critical Illness, Disability and Loss of Employement insurance coverage available
  • Skip a payment – We know life happens. Skip a payment once a year if needed

Types of mortgages

Unsure about the difference betwen a Conventional and Insured Mortgage? This short article will help.

Conventional Mortgage: A minimum of 20% of the purchase price is required for your down payment. Down payment can be cash savings, money from investments, equity in other property, a gift from family or a combination of these sources. Keep in mind you will  need funds set aside for closing costs. You can apply for a conventional mortgage at any financial institution or mortgage broker. 

Insured mortgage: A mortgage with less than 20% to as low as 5% down payment. The two companies that BDCU works with are CMHC and SagenTM (was Genworth). Since it is an insured mortgage through these companies there are strict application guidelines. Your lending specialist will be able to discuss with you the requirements for the application and submit the application for you.  There is a premium that is associated with insured mortgages. This premium is paid to the insurance company and can be applied directly to the mortgage so you do not have to pay that cost up front.
Your finances will be tested against the current 5 year bench mark rate with the Bank of Canada. You will need to show proof of down payment from the following sources: equity in other property, cash savings, RRSP or other investments, cash gift. Check out CMHC and SagenTM for more information.


​Need advice?

Meet with one of our Local Mortgage Experts. They'll be happy to guide you through every step of the process.

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