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Cambrian Mortgage of february 2023

Apply for Mortgage from Cambrian verified by our specialists. On 08.02.2023 you have access to 5 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 5

Updated
09.01.2023
10:07
Switching to Cambrian
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™
0
300
650
1000
Renewing and refinancing
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™
0
300
650
1000
Variable closed 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™
0
300
650
1000
Rate
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Effective interest rate on the product

5.05%
Term
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Loan term for the financial product

60 month

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

Variable open mortgages
Rating by Finanso®
i

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™
0
300
650
1000
Rate
i

Effective interest rate on the product

5.95%
Fixed closed mortgages
Rating by Finanso®
i

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™
0
300
650
1000
Rate
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Effective interest rate on the product

4.60% to 5.50%
Term
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Loan term for the financial product

6 to 60 months

Calculation of a mortgage loan at any bank
Loan amount
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Specify the desired loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
90
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
30
Interest rate
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Choose the interest rate on the loan

1 %
30 %
Type of payments
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Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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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
Cambrian Mortgage of february 2023

Types of Cambrian mortgages

At Cambrian Credit Union, there are both closed and open mortgages. Closed mortgages are available at both fixed and variable rates, while open mortgages are available at a variable rate only.

  • Fixed closed mortgages

Fixed-rate closed mortgages are available for terms of 6 to 60 months at rates ranging from 4.60% to 5.50%, depending on the term length. Once a year, you can prepay up to 20% of your original mortgage penalty-free. You can make either a one-time lump-sum prepayment or make several payments adding up to the maximum of 20% of the original principal.

  • Variable open mortgages

With a variable-rate open mortgage, you can make changes to your loan and repay it at any time, penalty-free. The interest rate for a variable open mortgage is 5.95%.

  • Variable closed mortgages

Variable-rate closed mortgages are available for a 60-month term at a 5.05% interest rate. Whenever you want, you can switch to a fixed-rate mortgage.

  • Renewing and refinancing

Cambrian also offers mortgage renewals and refinancing options. 

Mortgage renewals are available at any time within 120 days of your maturity date. With mortgage refinancing options, you can secure a lower rate or more flexible repayment terms.

  • Switching to Cambrian

If you already have a mortgage with another financial institution, you can switch to Cambrian. In this case, the credit union will cover your transfer fees including the title insurance fees, discharge fees, and property valuation fees. It is also possible to add any prepayment penalties you might have to your Cambrian mortgage to avoid paying out of your pocket.

How to apply for a Cambrian mortgage?

Cambrian accepts mortgage applications online. To proceed with an online application, select “Apply” from the top navigation menu on the website and click “Loan”. Then, fill out an application form with the following details:

  • Your email
  • Whether you are a Cambrian Credit Union member
  • Whether you have completed Cambrian's mortgage affordability calculator
  • Whether you are already working with a Cambrian Loans Officer for this application
  • The product you are applying for
  • The borrowing purpose
  • Whether it is a joint application
  • Whether the loan will be used by or on behalf of a third party
  • Your first name
  • Your last name
  • Your date of birth
  • Your phone number
  • Your email
  • Your address
  • Your housing status
  • Whether you have lived at this address for more than 2 years
  • Your employment status
  • Your employer’s name
  • Your job title
  • For how long you have been working there
  • Your monthly gross income
  • Your other income
  • The financial obligations you have (check all that apply)
  • The assets you own (check all that apply)

Next, review your applicant information and click the “Submit” button.

If you prefer in-person applications, you can book an appointment with a Cambrian advisor.

Requirements

To apply for a mortgage from Cambrian, you must be a Canadian resident aged at least 18 (the age of majority in Manitoba).

You don’t have to be a Cambrian member to apply for a mortgage.

Pros and cons

Here are the advantages of Cambrian mortgages:

  • An opportunity to choose between a fixed and variable interest rate
  • An opportunity to apply online
  • Availability to non-members
  • Up to four-month rate guarantee upon getting a pre-approval
  • Extra prepayment opportunities available for closed mortgages once a year
  • Easy management of your mortgage through online and mobile banking

The disadvantages are:

  • Availability of open mortgages at a variable rate only
  • The availability of mortgages to Winnipeg and Selkirk residents only

How to make a payment?

You can make a mortgage payment via online or mobile banking. You can also pay in person at your local Cambrian branch.

FAQ

Why get a mortgage pre-approval?

First, getting a mortgage pre-approval enables you to define the maximum mortgage amount you can afford. Second, it makes you an attractive buyer in the eyes of the seller because you already have your financing pre-approved. Third, upon getting pre-approval, you can have the mortgage rate secured for you for up to four months.

Is it possible to skip a mortgage payment?

Depending on your individual case, Cambrian Credit Union may allow you to skip your mortgage payment. 

Keep in mind, though, that if you skip a payment, the interest still applies to your mortgage, thereby increasing your outstanding balance.

To get your payments back on track, you may want to increase your regular payments, make catch-up payments, or even refinance your mortgage.

What is the required down payment amount?

To get a mortgage loan, you need to make at least a 5% down payment. You will need to pay the down payment in cash. 

If your down payment amount is between 5% and 20% of the property purchase price, you will have to purchase mortgage default insurance which increases your outstanding balance. To avoid these extra payments, consider making a down payment of more than 20% of the purchase price.