North Peace Savings and Credit Union

Apply for a Mortgage

You've found the right home, now you need the right mortgage to go along with it. Look no further than North Peace Savings and Credit Union for the ultimate choice in mortgages, terms and rates!  Our Team of mortgage specialists will take the time necessary to review each option with you, answer your questions and ensure we've put together a financing package that works for you.  After all, you're more than a customer.  You are one of us - a neighbor and fellow member - owner of North Peace Savings and Credit Union.

Step One: How Do I Qualify?

While there are a number of steps we will guide you through when applying for a mortgage, there are generally two key financial conditions that any applicant must meet:

1. Consider your household income, before deductions, for you and, if applicable, your co-applicant.  Your housing cost, which includes the monthly principle and interest mortgage payment, tax payment and utility cost should not exceed 32% of your gross monthy income.
2. Add any other payment you may have, such as a car loan or other personal debt payments or a credit card payment, the total should not exceed 40% of your gross income.

Stop by or call us, and we will be pleased to perform a complete review of your eligibility for mortgage financing.  If you wish to begin on your own, we carry a variety of information to take you through the steps of determining how much you can afford and the details to consider when purchasing a home.  To quickly see how different rates, terms and payment can affect your own household budget, check out the mortgage calculator on our web site.

Step Two:  Obtaining Pre - Approval

Obtaining pre - approval mortgage financing is the perfect way to make shopping for your home a little more stress free.  A pre - approved mortgage assures you of the amount North Peace Savings and Credit Union will finance for you, subject to any conditions specified such as a formal credit check or an appraisal of property you hope to purchase.  You will be able to shop with confidence knowing how much you can afford to spend.

Step Three:   Life & Disability Insurance

Your home may be the most expensive asset you ever own. Plan to protect your investment with economical life & disability insurance.  Single or joint coverage at group rates will pay out your mortgage in the event of the death of an insured mortgage holder.  A disability insurance will cover a number of mortgage payments until a return to work is possible.

Mortgage Options to Suit Your Lifestyle

Regardless of the mortgage you decide to choose, NPS&CU promises to work with you to set up the mortgage that best suits your financial lifestyle and goals by offering these special features on all of our mortgage products:

• A Variety of Payment Options - Weekly, bi-weekly, monthly or semi-monthly frequencies are available to match your budget.  Remember,  you can pay your mortgage down faster by paying weekly or bi-weekly.
• 90-day Rate Guarantee - for added peace of mind we also provide you with a 90-day rate guarantee from the day you obtain your pre - approved mortgage.  This protects you from interest rate fluctuations between the date of your pre - approval and the date your mortgage funds are advanced.  If rates go up while you are home shopping you receive the guaranteed rate. If rates fall, you enjoy the lower rate!

Please contact our friendly and experienced lenders for more information or contact us online to get started on your loan application right away.