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Secured

Credit Unions

Mortgages

Eligibility

Annual Revenue:

  • Required income history to prove ability to pay off mortgage amount (dependent on total mortgage amount and terms)

Time in Business:

  • No fixed amount. Time in business will factor into the total eligible funding amount

Other:

  • Required down payment

Typical Range

Up to $5,000,000

Features

Payment Schedule:

  • Weekly, bi-weekly, semi-monthly, monthly

Timeliness to Fund:

  • 90-day guarantee on pre-approved mortgages

Origination & Interaction Model:

  • Application can be started online for pre-approval but a screening call or meeting is required

Other Features:

  • Being provincially regulated, CUs have more mortgage options available to members than the big bank