Types of Affinity mortgages
Affinity Credit Union has a range of mortgage products and solutions in place.
- Straight-rate mortgage
A straight-rate mortgage assumes that your mortgage payments and interest rate remain stable throughout the term. These mortgages are available for one to five-year terms at rates ranging from 5.29% to 5.74%. With a straight-rate mortgage, you can make one extra payment per year.
- Variable-rate mortgage
A variable-rate mortgage assumes that your interest rate fluctuates with the Prime Rate. Available for a 3-year term, a variable-rate mortgage features the rate of the Prime Rate minus 0.35%. With a variable-rate mortgage, you can make one extra payment per year and increase your payment amounts.
- CUFlex mortgage
A CUFlex mortgage provides payment flexibility and allows for extra prepayments at any time without penalties. CUFlex mortgages are available for terms of 6 months to seven years, with the posted rates ranging from 6.00% to 6.60%.
- AffinityEQ
With an AffinityEQ mortgage, you can borrow up to 80% of your property’s value at a mortgage-level rate. An AffinityEQ mortgage allows for extra prepayments without penalties. Property types eligible for this mortgage are vacation homes and bare land.
- Home Equity Line of Credit
A home equity line of credit (HELOC) allows you to borrow money against your home’s value. You can repay your line of credit right from your chequing account and make extra prepayments at any time, penalty-free.
- Construction mortgages
Construction mortgages are available to apply for in the planning phase of building your home. Property types eligible for this mortgage are primary residences, vacation homes, and residential rentals. During your home’s 12-month construction phase, you can pay only interest. The minimum down payment amount for a construction mortgage is just 5%.
How to apply for an Affinity mortgage?
To apply for an Affinity mortgage, you can either book an appointment with a mortgage advisor online or call the Affinity Contact Centre at 1.866.863.6237. Or, you can skip a visit to a branch and invite a Mobile Mortgage Specialist to visit you.
There is also an option to fill out an online pre-qualification form on the Affinity website.
Requirements
To apply for an Affinity mortgage, you must be a Canadian resident of at least 18 years old — the age of majority in Saskatchewan.
When applying, be sure to provide your income verification:
- The last two paystubs, most recent T4, NOA, a letter from your employer, or last year’s year-end paystub for salaried employees
- Copies of your T1 General, Corporate Registry Search, and T2125 for the last three years for self-employed individuals or business owners
Business owners running a corporation or partnership should also provide the financial statements for the last three years.
In addition, prepare the list of assets you own and financial liabilities you have.
Pros and cons
Here are the definite benefits of Affinity mortgages:
- An opportunity to choose between a fixed (straight) and variable interest rate
- Extra prepayment opportunities available once a year
- Construction mortgages available
- An opportunity to invite a Mobile Mortgage Specialist to visit you
The drawbacks of Affinity mortgages are:
- Limited early repayment opportunities
- Availability of variable-rate mortgages for a three-year term only
How to make a payment?
You can pay for your Affinity mortgage by transferring funds between your accounts via online, mobile, and telephone banking, at an ATM, or in person at your local Affinity branch.