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Affinity Mortgage of february 2023

Apply for Mortgage from Affinity verified by our specialists. On 08.02.2023 you have access to 6 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 6

Updated
09.01.2023
07:41
Construction mortgages
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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1000
Home Equity Line of Credit
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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AffinityEQ
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Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

CUFlex mortgage
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Rate
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Effective interest rate on the product

6.00% to 6.60%
Variable-rate mortgage
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Term
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Loan term for the financial product

3 years
Straight-rate mortgage
Rating by Finanso®
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Recommended FinScore™
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300
650
1000
Rate
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Effective interest rate on the product

5.29% to 5.74%

Calculation of a mortgage loan at any bank
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Affinity Mortgage of february 2023

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.

FAQ

What is the maximum extra payment amount I can make with a straight-rate mortgage?

With a straight-rate mortgage, you can pay up to 15% of the original principal balance of your mortgage extra each year. The prepayments higher than this allowed amount will result in a prepayment charge.

By what percentage can I increase my Affinity mortgage payments with a variable-rate mortgage?

With a variable-rate mortgage, you can increase your regular payments by 15% and thus pay down your mortgage faster.

How does Affinity calculate prepayment penalties?

Affinity uses two methods to calculate prepayment penalties:

  • The three-month interest penalty calculation method assumes that your penalty equals the three months’ worth of interest based on the amount you prepaid at your interest rate
  • The interest rate differential calculation method involves calculating the difference between the current interest rate on your mortgage and the current posted mortgage rate, less any discount received at the time of negotiating your mortgage term

Keep in mind that you will pay a greater amount based on these calculations.