Your Mortgage Match

 

Every mortgage is different, and there are many things to consider when deciding to mortgage your home. Our experts are here to assist you along the way to craft a mortgage that’s as individual as you are!

 

Below is a summary of things to consider when making your mortgage decisions. For a personalized mortgage solution, please call us at 1 877-WESTOBA.

Payments

Westoba offers a variety of payment options to make repaying your mortgage as easy as possible. We recommend setting your mortgage payments to be the same as your regular payroll deposits. Choose from one of the following payment frequencies:

  • Weekly: every 7 days
  • Bi-weekly: every 14 days
  • Semi-Monthly: twice a month, generally 15th and 1st of the month
  • Monthly: Once a month

Member Testimonial

"Choosing Westoba was the best decision we made. From the beginning, the team was available to clarify all our doubts, demonstrating great knowledge in their service." - Erika and Jesse Navarro

Terms

Your mortgage term is the length of time for which your interest rate and payments are guaranteed. When deciding on a mortgage term, it’s important to consider:

Interest rates: In a rising interest rate environment it may be best to lock in your term for a longer term.

How long you will live in a home: If this is your forever home, it may be best to lock in your term for the long term. This way your mortgage repayment will remain the same for the duration of your term

Prepayment

Prepayment is the amount of excess funds you can prepay on your mortgage without incurring any prepayment penalties. Prepayment is disclosed to you at the time of taking out your mortgage and is generally around 20% annually.

For example, if you have a $300,000 mortgage, and the prepayment is 20% annually, you can prepay additional payments up to $60,000 annually.

Tip: If you have debt that carries a higher interest rate than your mortgage, it’s in your best interest to prepay this debt first.

Things to consider

  1. Consider your maximum mortgage payment amount. A good rule of thumb is that your mortgage payments, property taxes, heat, and condo fees (if applicable) should not exceed approximately 32% of your gross (before tax) income
  2. Gather all important documents such as income confirmation, bank statements and identification
  3. Meet with a Westoba team member to obtain a pre-approval
  4. For purchases, ensure that you have access to the required down payment – typically a minimum of 5% – as well as the additional funds you will require for closing costs/fees
  5. Ensure you are protected in the event of the unexpected through insurance coverage. Westoba offers payment protection options to assist with this

Choose the mortgage that's right for you

Program

New to Canada

A program designed exclusively for new Canadians and expats returning from abroad.

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Product

First-Timer

Let us guide you through the buying process, types of mortgages, payment and much more.

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Service

Renew Mortgage

Learn about your renewal options, what you’ll need to consider during the process.

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Program

Purchase + Improvements

Making it easier to finance your home and the renovations of your dreams.

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Product

Builder's Mortgage

Building your own dream home or looking to build a residential property? We can help.

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Buying a second home or property

Exploring the idea of buying a second home or cottage?

Purchasing a second property is an exciting next step. Whether it’s a space for you to retreat to, spend time with family or a place for your kids to live while they are in school – we are here to review your options and make it happen. Read more about buying a home for your post-secondary kids here.

Things to think about:

  • Can you use your primary residence for financing?
  • Can you support a child by co-signing on their first home?
  • Should you apply for a new mortgage?

By reviewing your current situation and your financial goals, our Mortgage Specialists are going to look at your full financial picture. So, whatever second property you’re considering, get started by calling 1-877-WESTOBA or click below!

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Switching Your Mortgage to Westoba

We would love an opportunity to help you with transferring your mortgage to Westoba. We will also assist you with determining whether the switch is in your best interest financially, now or in the future. Switching a mortgage can be done in one of the following ways:

  • Transfer using appraised value. Up to 80% of an appraised value can be transferred to Westoba. This approach allows you to utilize available equity if you wish to do so.
  • If insured through a high ratio insurer, and no equity is available, we may be able to switch your mortgage to Westoba as is, meaning the term and amortization would remain the same.

How much does it cost to switch mortgage providers?

Some associated costs you should be aware of before switching your mortgage might include:

  • Mortgage discharge fee: Paid to your current lender to discharge your mortgage
  • Mortgage registration fee: Charged by the provincial or territorial government to update your property title
  • Mortgage prepayment penalty: Paid to your current lender if you choose to switch your mortgage before your term ends
  • Appraisal fee (property valuation): Charged by your new lender to assess the value of your home

If you want to refinance your mortgage when you switch you’ll also need to cover the associated legal fees. Six to eight months before your term ends is the ideal time to switch providers.

Transfer your mortgage in 3 easy steps

When you switch your mortgage to Westoba, we take care of the details for you. Here are a few easy steps to get you started:

  1. If you are an existing Westoba member, start your switch using Westoba’s Online Lending Application tool.  New to Westoba members can contact a mortgage specialist by calling 1-877-WESTOBA or searching for a specialist in your area.
  2. Sign a Mortgage payout statement allowing Westoba Credit Union to obtain a mortgage payout amount from the financial institution that currently holds your mortgage.
  3. Sign a document to transfer the title on the mortgage to Westoba.
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Refinancing your mortgage

Refinancing an existing Westoba mortgage is a great way to access your equity. The most common purposes of a refinance include:

  • We offer a variety of home equity products with flexible options to suit your individual needs as a borrower
  • Consolidate multiple debts under your mortgage. The benefit of this includes mortgage interest rates allowing for a lower cost of borrowing on higher interest debt
  • Consolidate multiple debts on to a Mortgage loan, which would provide a lower rate and shorter term to have it paid off sooner.
  • Get a Mortgage secure Line of Credit offering low rates and reusable limit.
  • Use the equity for renovations, education, or whatever you wish!

Renewing your mortgage

When your mortgage term has been reached, Westoba will reach out to you to lock into a new mortgage term.

During this process, we will advise what our current rates are as well as inquire whether or not you wish to make any changes penalty-free upon renewal. Renewal is a great opportunity for you to take advantage of utilizing equity, to shorten your mortgage amortization allowing you to become debt-free sooner!

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Mortgage Options

What is a variable rate? How does an open or closed mortgage work? How do you know what is best for your situation? Speak with one of our friendly, professional Mortgage Specialists today and we’ll explain everything and find a mortgage that works for you.

Whether you’re buying your first home, building a cottage or looking to downsize, Westoba has the perfect Mortgage Package for you. Take a look at our options:

With our fixed-rate closed mortgage, you’ll always know exactly what your mortgage payment will be, no matter how interest rates changes.

  • Interest rate is fixed
  • No prepayment allowed
  • 1-5 years

*Ask about our annual prepayment privilege on anniversary date

Get the security of a fixed interest rate and the flexibility to pay off as much of your mortgage as you want, whenever you want.

  • Interest rate is fixed
  • Monthly payments
  • 1-5 years

Going with the flow of changing interest rates might be the option for you!

  • Interest rate fluctuates with prime rate
  • Increase your payments up to 20%
  • Open