A residential conventional mortgage requires a minimum 20% down payment, saving you money in the long run by putting more towards the price of the home. A conventional mortgage also allows the flexibility of re-advancing additional funds when needed.
Because a conventional mortgage does not require the approval of CMHC your mortgage approval can be completed quicker by our lending team.
Radius Credit Union provides fixed rate terms – from 1-5 years, and variable interest rates, up to a 25-year amortization. Payments can be set up weekly, bi-weekly, semi-monthly, or monthly to match your income.
Canada Mortgage and Housing Corporation (CMHC) allows the purchaser to borrow up to 95% purchase price, with only a 5% down payment required. CMHC charges a premium for insurance on their mortgages, and all mortgages through this program require CMHC approval.
Radius Credit Union provides fixed rate terms – from 1-5 years, and variable interest rates, up to a 25-year amortization. Payments can be set up weekly, bi-weekly, semi-monthly, or monthly to match your income.
At Radius Credit Union we want to work with you to get your first mortgage or get the best of your current mortgage. Did you know we can work with you to transfer you mortgage to Radius Credit Union? We offer competitive rates and great member service – give us a call today to see what we can do for you!
A prepayment penalty fee is a fee that you pay if you change your mortgage contract terms prior to maturity. This includes paying off your entire mortgage early or paying a lump sum payment. The penalty will vary based on the type of mortgage that you have and can change over time.
This calculator can be used to estimate the prepayment penalty/charge that would apply if you prepaid the full amount of your mortgage loan.
Contact Radius Credit Union for a mortgage that fits your budget and needs.
Ⓒ 2022 Radius Credit Union
All rights reserved.
Website designed and managed by Perception Web Management
