Cumberland Credit Union Mortgages

Are you tired of looking at your mortgage principal or your loans balance and feeling it's going nowhere? Borrowing funds for a new home, car or renovation can be costly and overwhelming. It is our job to calculate the numbers and give you our personal guarantee; we will provide the best available product for you. When your mortgage comes up for renewal or you are purchasing a new home for your family, give us an opportunity to bring your dreams and goals to reality. The process of refinancing or transferring your mortgage or loan is actually easier than you think. We'll be here to walk you through from beginning to end, answering all of your questions and providing sound advice. We offer something that no other institution does: Daily Payments. A new 25-year mortgage can become a 19-year mortgage with our daily payment plan.

There are many different types of mortgages available at the Credit Union that are designed to assist you and your family. In general, mortgages are either CONVENTIONAL OR CMHC INSURED. A Conventional Mortgage is a mortgage that requires a down payment of 25% or greater, while a CMHC mortgage requires only a 5% down payment. If the circumstances warrant, the Credit Union often assists members with the 5% down payment. Once you have determined which type of mortgage you need, the next step is to choose the length of term that best fits your situation. The Credit Union offers:

PRIME + 2% FLOATING (The Prime Interest can go up or down at anytime)

1 YEAR OPEN (An open mortgage that gives you the option of paying out early with no penalty, make additional payments, or increase your minimum monthly payment)

3 YEAR CLOSED (Locked in Rate with additional annual payments allowed at no penalty)

5 YEAR CLOSED (Locked in Rate with additional annual payments allowed at no penalty)

Feel good that you have taken the right path to get out of debt faster. Call to make an appointment with our mortgage specialists 250-336-2272 or email our Loans Manager Marion Barkhouse, or the General Manager Tom Harrison. Check out the mortgage and loan payment calculator or apply online for a loan or mortgage:

payment calculator loan application