Local financing for local homes

< Back to all articles

Whether it’s your first house, a summer cottage, or a retirement condo, buying a home is a milestone event and a significant accomplishment.

You’ve worked hard for this big moment and deserve to enjoy the entire experience.

Unfortunately for many home buyers, the fun quickly turns to reality when it comes time to seek financing approval from the bank. As a national organization, the bank must abide by national standards—standards that might not consider your specific situation because they aren’t based in the community where you live.

After being approved by the bank, control of your mortgage remains outside of your community, so to access or make changes to your loan, you must wait for an appointment with a branch representative, file a request, wait for authorization, and then book another branch appointment to find out the results.

That’s a lot of steps to access your loan and it’s certainly not a lot of fun.

This process might be efficient and cost-effective, but it’s not doing you, the customer, any favours.

You have better things to do with your time, like choosing paint colours, picking out furniture, and celebrating the decision to buy your new home.

At credit unions in Atlantic Canada, we make it a priority to keep your home-buying experience enjoyable and hassle-free.

Homeownership should be fun

Credit union approvals happen locally. Our advisors often pre-approve your home financing at your community branch right after speaking with you directly. In fact, most credit union home financing pre-approvals happen the same or next day.

Our home financing approvals are tailor-made for our members. We know our members’ needs because we live in the same community. We understand the local economy, local property values, and the local industries that employ our members. This local knowledge not only helps members spend appropriately but also sets realistic expectations to avoid disappointment. We want to make sure our members aren’t over-extended, which allows them to enjoy life in their new home.

Once your home is financed with the credit union, members are welcome to drop in at any time to view, discuss, or update their loan. No requests, no authorizations, just a conversation with the same person who originally approved your financing.

We put your best interests first because your best interests are in the best interests of the community—our community.

Pay off your home faster

Many people think mortgages aren’t flexible, meaning you’re locked into fixed payments and not able to accelerate your schedule.

Although that may be true at some institutions, credit unions allow members to pay up to an additional 20 percent of the principal every year. This payment can be made as a lump sum or a monthly, bi-weekly, or even weekly payment.

It’s your money and your home, so you should be able to have the freedom to choose how quickly you put equity in your investment.

Get “Total Access” to your home’s equity

With so many different financial accounts, credit cards and lines of credit available today, many people are finding it difficult to keep everything straight. Too many loans in too many places can make it easy to miss payments. Even more importantly, separate loans are often more expensive.

The credit union’s Total Access Home Equity™ allows members to borrow against the equity in their home and consolidate all of their loans into one.      

Using your home gives you the best loan rate of any other financial product.

Our members use their Total Access Home Equity™ for vehicles, renovations, education, lines of credit, and even as a source of capital to purchase a second home or cottage. The equity in your home is your money, and your money should be spent on whatever you want.

Interested in learning more about mortgages or Total Access Home Equity? Find your nearest credit union to chat.