Mortgages

Glace Bay Central Credit Union has a mortgage product to meet your needs. We offer CMHC insured mortgages, collateral mortgages and pre-approved mortgages.

CMHC Insured Mortgages require as low as 5% down payment and funds to cover closing costs. (i.e.: legal fees, deed transfer, oil top up, etc.)

Collateral Mortgages require 20% down. The borrowed amount cannot exceed 80% of the purchase price or the appraised value, whichever is less.

Pre Approved Mortgages are approved based on the verbal information provided by you and are subject to verification of informtaion prior to disbursement.

Amortization periods available from 1-25 years. Payments may be made weekly, bi-weekly or monthly. Our terms are flexible and tailored to suit your needs.

Some of the requirements for approved mortgages include:

  • Proof of down payment.
  • Proof of funds for closing costs.
  • Borrower qualifications with satisfactory credit rating and industry standard debt service calculations.
  • Stable and confirmable income.
  • Water test if applicable.
  • Acceptable appraisal if applicable.


Life, Disability, Loss of Employment & Critical Illness Insurance also available at competitive rates.

 

 

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