|
|
|
Residential Mortgages
| |
| Steel Centre Credit Union has a mortgage product to meet your needs. |
We have CMHC insured mortgages, conventional mortgages, collateral mortgages and pre approved mortgages.
CMHC insured mortgages require 5% down payment, and the funds to cover closing costs. (i.e.: legal fees, deed transfer, etc.)
Conventional Mortgages or Collateral Mortgages The borrowed amount cannot exceed 80% of the purchase price or the appraised value, whichever is less.
Pre Approved Mortgages are approved based on the information provided by you and are subject to verification of information prior to disbursement.
Amortization periods can be up to 25 years. Payments may be made weekly, bi-weekly, bi-monthly or monthly.
|
|
| Some of the requirements for approved mortgages include: |
Proof of down payment equal to 5% of the purchase price from non borrowed funds
Proof of funds for closing costs equal to 2.5% of the purchase price.
Borrower qualifications with satisfactory credit rating and industry standard debt service ratios
Stable and confirmable income
Water test if applicable
Acceptable appraisal if applicable
Life, Disability, & Critical Illness Insurance available at competitive rates.
|
| |
|
|
|
|
|
