Mortgages

Member Savings offers a full range of mortgage products to meet your needs. We offer financing for all types of homes, including condominiums and vacation properties.

Mortgage loans can be granted for up to 80% of the appraised value for a conventional mortgage or up to 95% for a high ratio mortgage with insurance from Genworth or CMHC.

The normal maximum amortization period for the mortgage is 25 years, however longer amortizations are available with high ratio mortgages. Amortization means the length of time it would require to "retire" (or pay off) the mortgage loan, with certain payments at a specified interest rate.

The mortgage may be at a variable rate and remain completely open or have a specific rate and term. The term is the period of time for which the interest rate and payments are specifically established. Terms of six months up to five years are available.

Credit unions pioneered repayment schedules to align with paydays. We offer weekly, bi-weekly, semi-monthly, as well as the traditional monthly payments.

Mortgages are open for a 25% prepayment annually without penalty. This could result in a tremendous reduction of interest paid and payments can be increased by 25% of the initial payment amount.

Mortgage life insurance is available, protecting the family from losing their home in the event of tragedy.

We are pleased to discuss your mortgage needs anytime. We encourage members to obtain "pre-approved" mortgages from us: based on certain criteria, knowing you have the financing in place can really assist you in looking for a home. Call any branch, we would be pleased to help.

Not sure how much you can afford to borrow?

Take advantage of our Life Events Planner. There are over 20 calculators to help you assess your current financial situation.

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