Variable Rate Mortgages
Buying a new home or refinancing? KCCU is the place to turn for all your mortgage needs. We are here to help every step of the way. We put YOU first. We give you honest advice and the best rates, terms and conditions.
A Variable Rate Mortgage is the right product for you if you want a mortgage rate that moves with the prime rate (KCCU base rate). This is ideal when you believe interest rates are falling or if you aren't sure how long you are staying in your home. Most variable rate mortgages are fully open and allow you the flexibility to convert into a fixed rate mortgage. Your privileges are outlined specifically in the attached schedule re: prepayment (the terms and conditions of early repaymentyour individually-tailored mortgage)..
Variable Mortgages are also ideally suited to construction mortgages, short term situations when you are considering or actively selling your home. The shorter the amortization, the higher the payment and the lower the amount of interest paid over the life of the mortgage. Longer amortizations give you a lower payment and better cash flow but have higher interest costs over the life of the mortgage. Ask a lending specialist at KCCU to explain the pros and the cons for your specific situation.
Simply fill out an application or call one of our three branches and provide us with details regarding your upcoming purchase or refinance. To review your application we will need to gather information about where the property is located, the purchase price, the closing date, how much money you have for a down payment and where the down payment is coming from (i.e. sale of existing home, your own savings, gift, etc.) and a payment amount you can afford.
If this application is for a mortgage pre-approval, please provide us with the amount you are considering to purchase a home, the details regarding your down payment and the payment terms you are looking for. Our lenders at all three locations would be happy to assist in all your mortgage needs.
First Time Homebuyer? If you need financing and have less than a 20% downpayment we can help with our partner CMHC (Canada Mortgage and Housing Corporation)