Types of UNI Financial Cooperation mortgages
- Closed fixed-rate 5-in-1 yearly rate resetter mortgage loan. For clients looking for stability in their mortgage payments, there is a closed fixed-rate 5-in-1 yearly rate resetter mortgage at UNI Financial Cooperation. This mortgage loan features the closed fixed 1-year rate throughout the entire 5-year mortgage term, with annual rate revisions. The special rate for a 5-in-1 yearly rate resetter mortgage offered by UNI Financial Cooperation at the moment of writing this review is 5.39%. Upon signing the mortgage, UNI Financial Cooperation will secure the rate for you for 90 days.
- Closed fixed-rate mortgage loan. Another mortgage solution providing payment stability is a fixed-rate mortgage from UNI Financial Cooperation. You can choose between 6-month, 1- to 7-year, and 10-year terms. The interest rate will remain the same throughout your mortgage term. At the moment of writing this review, UNI Financial Cooperation has special rates in place ranging from 5.19% to 5.24% for mortgage terms of 2-4 years. UNI Financial Cooperation secures the rate for you upon signing the mortgage.
- Closed protected variable-rate mortgage loan. To benefit from potential reductions of the interest rate while protecting yourself from significant rate increases, consider a protected variable-rate mortgage from UNI Financial Cooperation. The term for such a mortgage is 5 years. The special protected variable rate offered by UNI Financial Cooperation is 4.70% (6.09% ceiling).
- Closed reduced variable-rate mortgage loan. A closed reduced variable-rate mortgage features a 5-year term and the rate that fluctuates with the rise and fall of the prime rate. The special reduced variable rate offered by UNI Financial Cooperation is 4.25%. You can convert your variable-rate mortgage to a fixed-rate mortgage at any time.
- Home Buyers' Plan (HBP). With the Home Buyers’ Plan (HBP) from UNI Financial Cooperation, you can leverage your RRSP when making the down payment for your first home. The maximum allowed borrowing amount is $35,000, or $70,000 per couple. You can repay the withdrawn amount to your RRSP for 15 years, interest-free. Clients who have little to no savings in their RRSP can borrow the amount they need, deposit it into an RRSP, withdraw this non-taxable amount from an RRSP, repay the loan, and use the tax refund as a down payment for buying a home.
- Open Fixed-Rate Mortgage Loan. With an open fixed-rate mortgage, you can benefit from payment stability as your rate remains the same during the entire term. Unlike with closed mortgages, you can repay your open fixed-rate mortgage in full at any time, penalty-free. The special fixed rates offered by UNI Financial Cooperation range from 5.19% to 5.24% for mortgage terms of 2-4 years.
- Open regular variable-rate mortgage loan. An open regular variable-rate mortgage is available for the terms of 1 and 2 years. The interest rate for this mortgage fluctuates with the rise and fall of the prime rate. You can convert your variable-rate mortgage to a fixed-rate mortgage at any time.
How to apply for a UNI Financial Cooperation mortgage?
To apply for a mortgage from UNI Financial Cooperation, you need to visit their office in person. You can schedule an appointment beforehand by filling out the form on the website.
Requirements
Since the age of majority in New Brunswick is 19, you must be a Canadian resident aged 19 and older to apply for a mortgage from UNI Financial Cooperation.
When reviewing your mortgage application, the UNI Financial Cooperation financial advisors will look at your credit score and your income. The higher your credit score, the better mortgage loan conditions you will get. A poor credit score may result in a lower financing amount, a higher interest rate, a requirement to have a co-signer, or even a refusal to approve your mortgage.
Most likely, you will have to provide information about your sources of income, your gross household income, and other financial obligations you might have.
Pros and cons
Here are the benefits of mortgage solutions offered by UNI Financial Cooperation:
- An opportunity to choose between an open and closed term
- An opportunity to choose between a fixed and variable interest rate
- Special rates for different types of mortgages
- Convenient mortgage loan management through AccèsD
The potential drawbacks are:
- Limited geographic availability of UNI Financial Cooperation offices
- Unavailability of online application
How to make a payment?
There are several ways to pay for your mortgage from UNI Financial Cooperation:
- Through AccèsD or the UNI Financial Cooperation mobile app
- By making a payment in person at a local UNI Financial Cooperation office
- At a UNI Financial Cooperation ATM
