There are so many reasons to use a credit union for your mortgage – and with the new stress test regulations they might just have the perfect mortgage for you.
Credit unions have very competitive rates – sometimes better than the big banks, outstanding conditions, and they might just have the perfect mortgage for your situation. But for some reason – maybe just a lack of public knowledge – people shy away from credit unions when it comes to financing their mortgage. Well it’s a good thing you have a mortgage agent to show you all your options because by overlooking credit unions you could be missing out on the perfect mortgage for you.
Credit unions are provincially regulated, unlike banks which are federally regulated. This means that they do not follow exactly the same regulations that banks do which can be very useful in a variety of scenarios.
You might consider a credit union if:
1 – You are building a new home
2 – You are purchasing a property with acreage
3 – You are buying in a rural area
4 – Listen up because this is the big one – you are worried about the new stress test rules.
That’s right, credit unions have different rules when it comes to stress testing as well. OFSI – the government agency that wrote B-20, introducing the new stress test regulations, is a federal agency – they do not regulate credit unions.
“I will not.”
If any of these scenarios describe you call me and let’s talk about how we can get you set up with a mortgage through a credit union.
How credit unions can help with those other scenarios:
- Building a House – Credit unions have different regulations on how “draws” are set up which make it easier to get funding throughout the different stages of building.
- Buying a Property with Acreage – Traditional banks can be very picky about homes and property with acreage attached to them.
- Buying a House in a Rural Area – Traditional banks can also be very picky about WHERE your home is. Basically, they are worried about getting their investment back should you default on your mortgage.
For more info about credit unions contact me and check out this link: