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.
