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CUAdvice: The Right Door For U
We want to help you unlock the door to homeownership. In this CUAdvice article, we share an overview of some of our popular mortgage products and explain the financial scenarios where each one makes the most sense.
Whether you are new to homeownership, renewing a mortgage or wanting a rental property, we have all types of mortgages to support different life stages and financial scenarios. We can find the right door for you.
“I’m having trouble saving for a down payment or other closing costs.”
If you are feeling the pinch of trying to save for a down payment, we have a No Down Payment mortgage that can help.
No Down Payment Mortgage
Receive up to 5% of your home’s mortgage in the form of a loan or line of credit. Members will receive the payment on the day their house purchase closes.
“My house has equity; I would like to use it for updates and consolidating my debt.”
Cash Back Mortgage
Members can receive up to 7% (to a maximum of $25,000) of the total amount borrowed. This mortgage is best suited for homeowners who are renewing or refinancing.
The cash gets deposited into their CUA account and can be used for renovations, debt consolidation, moving expenses and more. The funds cannot go toward a down payment.
Both mortgages provide access to cash to help with home-related costs in addition to the mortgage itself, so you can get started sooner with less saved in advance.
“I haven't found the house I want to live in on the market.”
With many subdivisions in new development, you might find the perfect location for your home, but it’s not built yet. Sometimes a new house doesn’t start with a for-sale sign, it starts with a blueprint.
Our Construction Mortgage can help you break ground on your new home and our experts are ready to help guide you through the process, from foundation to finish.
Construction Mortgage
This mortgage is paid in several draws at various points of the construction process. Our CUA mortgage experts will work directly with you or your contractor for all needed approvals and required documents.
We have a detailed CUAdvice article that outlines how the payment draws work and what documents are needed for a successful conversation with a financial advisor.
“I love my current home, but I want an extra space for extended family.”
Multigenerational living is becoming more popular, and a rental property can help support your mortgage payments. We have a Secondary Suite Mortgage product that can help maximize your property’s value or keep your loved ones close.
Secondary Suite Mortgage
This mortgage is applicable to many suite types such as backyard or laneway homes, basement apartments, or in-law suites which might be located within the main home or in a separate area, such as a loft space above a garage. It is a self-contained living space, containing at minimum, a bedroom, bathroom, kitchen, living space and its own entrance.
“If I change a few things about this house, it will be perfect.”
If the foundation is sturdy, the location is where you want to be, but the house needs a few upgrades, this is the option for you.
Purchase Plus Improvements Mortgage
This option is a great way to build equity right away in one convenient payment.
No matter the size of the renovation, this mortgage product can help. You’ll have one simple payment that combines your mortgage and renovation costs, making managing your finances easier from day one. Tackle those renovations on the to-do list early and enjoy added peace of mind. Visit our CUAdvice article to see more about this mortgage and if it is the right option for you.
“I am having trouble finding a banking provider that offers Mobile Home Mortgages.”
CUA offers loans for eligible mobile or modular homes on sites with short-term leases or owned land. This is not a mortgage product offered at all financial institutions, and it is not the same as other mortgages.
Mobile Home Mortgage
CUA knows that homes come in all shapes and sizes and we want to help you get into yours. This mortgage is for new or existing mobile or modular homes on leased land and can finance up to 95% of the purchase price with flexible repayment options.
If buying a home is one of your financial goals this year book an appointment email info@cua.com or visit one of your local branches and speak to one of our Financial Advisors today.
They can review your personal financial details and help you find the right mortgage for you and your family.
Related articles:
• Making your First Home a Reality
• Upfront Costs of Buying a Home