Types of ACU mortgages

Assiniboine Credit Union provides mortgage solutions for different home-buying needs. In addition, there are mortgage renewal and refinancing options available at ACU.

• Buying a home

If you want to finance a home purchase, ACU can offer both a closed and an open mortgage to you. Closed mortgages are only available at fixed interest rates for terms of six months to five years. The interest rates for closed fixed-rate mortgages range from 4.75% to 5.40% depending on the term. Variable-rate open mortgages are available for a one-year term at a 5.95% interest rate, and variable-rate closed mortgages are available for a five-year term at a 5.05% interest rate.

ACU mortgages feature flexible repayment terms, which means you can select weekly, bi-weekly, semi-monthly, monthly, accelerated weekly, or accelerated bi-weekly payments.

• Mortgage renewals

Once your mortgage term finishes, you can renew your mortgage for another term, provided that the amortization period hasn’t finished yet. You can renew your mortgage at the same rate or select a different one.

• Mortgage refinancing

Mortgage refinancing options allow you to borrow additional funds against the equity you’ve built up in your home, to switch to a shorter term with larger regular payments, or to convert your mortgage into a fixed or a variable-rate loan.

• Specialty mortgages 

For clients with specific home-buying needs, ACU offers customized mortgage solutions. The available options include borrowing against the equity in your current home, financing a house that needs renovations, building a new property, purchasing an income-generating property, or applying for an Islamic mortgage. The latter allows you to finance the purchase of an existing property for use as your primary residence.

How to apply for an ACU mortgage?

To apply for an ACU mortgage, book an appointment with an ACU financial advisor. The advisor will work with you closely to prepare a mortgage pre-approval application for you and request the information required from your side. The application process also assumes your permission for ACU to obtain a credit bureau report.

Requirements

When applying for an ACU mortgage, prepare the following documents and information:

• A copy of recent pay slips, evidence of recent pay deposited electronically, T1 General and associated Notice of Assessment (NOA), and information about additional income sources to verify your employment and income
• Savings or investments statement from within the last 90 days, a copy of the sale agreement for an existing property sale, the withdrawal from RRSP through the Home Buyer’s Plan, or a gift letter to confirm your down payment
• A list of current assets and liabilities, bank account and transit number for payments, and your ACU Pre-Approved Mortgage Certificate confirming your financial situation
• A copy of the real estate listing, a copy of the accepted purchase and sale agreement, the property’s full address, tax estimates, condo fees, and heating costs to provide property details 
• Lawyer’s name, address, postal code, phone, and fax number

Pros and cons

Here are the advantages of ACU mortgages:

• A variety of mortgage solutions available including customized mortgages
• Competitive interest rates
• Both open and closed terms available
• Easy and convenient mortgage management through digital banking services

The disadvantages are:

• No option to pre-qualify for a mortgage online 
• Limited geographic availability of ACU mortgages 

How to make a payment?

You can make a mortgage payment by transferring funds from your ACU bank account to your mortgage loan through online, mobile, and telephone banking. Or, you can pay in person at your local ACU branch.