Golden Horseshoe Credit Union

Mortgages

Golden Horseshoe Credit Union offers a variety of mortgage options to suit your personal and financial needs as a home buyer. We have 1-year open mortgages for people who want the flexibility of making extra payments on their loan and who do not want to be locked into a long term at a fixed rate. We also offer closed mortgages for people who want the comfort of knowing that their rate or payments will not change for the duration of their term.

The credit union has flexible payment options through our payroll deduction so that you can make your mortgage payments according to your schedule, whether it is weekly, biweekly or monthly. There is also the option of purchasing life and/ or default insurance through our reputable insurance companies so that you have peace of mind in knowing that you are covered in case of death or payment default. We also offer annual rebates on all of our mortgages and there are no renewal fees on the maturity date.

Mortgage Special

The credit union is offering a Fall Mortgage Special where we will cover your registration and appraisal fees if you get your mortgage with us!* That is a savings of over $700! This mortgage special is for people that are looking to purchase a new home, refinance their existing mortgage, consolidate their debt using the equity in their home or to payout an existing mortgage with another financial institution. We have very competitive mortgage rates with our 5-year closed mortgage at 3.99%** and our flex-line mortgage at our prime rate of 4.00%**.

If you have a family member, friend, or co-worker looking to purchase a new home, refer their mortgage business to us and we will pay your credit union banking fees for 3 months!***

*This mortgage special applies to a minimum 3-year closed mortgage term on a mortgage amount of at least $50,000. Mortgages are subject to credit approval. **Rates are subject to change at any time. ***Bank fees covered include POS purchases, ATM, EFT’s/AFT’s, cheque writing, bill payment and internet banking fees.

Conventional Mortgages

A conventional mortgage is a type of mortgage loan that is no more than 80% of the appraised home value , therefore requiring a down-payment of at least 20%. The credit union offers 1st and 2nd conventional mortgages for the purpose of refinancing or purchasing a home that are either open or closed with terms from 1-5 years.

Low Down Payment Mortgages

A low down payment or high ratio mortgage is a loan greater than 80% (to a maximum of 95%) of the appraised home value . This type of mortgage loan must be default insured through Genworth Financial. The credit union offers first mortgages in this category that are either open or closed with terms from 1-5 years.

Flex-line Mortgages

A Flex-line mortgage is a home equity line of credit. It is suitable for someone who has equity in their home and wants the flexibility of making payments as low (minimum is interest only) or as high as they want. The amount that you can borrow is up to 80% of the appraised value of your home. Our Flex-line mortgage rates start at a competitive variable rate of prime which is currently 4.0%* for a first mortgage.

For questions regarding any of our mortgage options or to start the application process today, please contact one of our experienced lenders either in person or by phone. To apply for a mortgage online, please go here.

*Rate is subject to change at any time. Mortgage is subject to credit approval.