Residential Mortgages

  • Available for purchasing, constructing or renovating a home
  • Pre-approval available - gain confidence with the knowledge that your financing has been approved
  • Competitive interest rates - fixed or variable
  • Term and repayment plans that suit your financial needs
  • Choose between open or closed term options.
  • Property taxes can be included in repayment terms
  • Loan Insurance is available

Conventional Mortgages

A Radius Credit Union conventional mortgage is issued when you borrow no more than 80% of the property's purchase price or appraised value (whichever is less). This saves you money because you are putting a larger down payment towards the price of the house than you would with a CMHC mortgage and since you are financing a smaller amount, you will save money in interest costs over the term of your mortgage.

Because a conventional mortgage does not require the approval of CMHC, you will save money by not having to pay CMHC insurance. You will also have your mortgage completed quicker because you do not have to wait for CMHC to approve the mortgage as well as Radius Credit Union.

Radius Credit Union provides fixed rate terms from 1-5 years and variable interest rates, up to 25 year amortization and your payments can be set up weekly, bi-weekly, semi-monthly or monthly.

CMHC Mortgages

CMHC (Canada Mortgage and Housing Corporation) mortgages allow the purchaser to borrow up to 95% of the purchase price or appraised value (whichever is less) of the residential property. CMHC charges a premium for this insurance which varies depending upon the amount financed and the percentage of the down payment. This premium is then added to the mortgage amount. Radius Credit Union provides fixed rate terms from 1-5 years and variable interest rates, up to 25 year amortization and your payments can be set up weekly, bi-weekly, semi-monthly or monthly.

 

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