Mortgages

Buying property can be exciting and challenging, regardless of whether it's your first home, your fifth, a Forest Estates, recreational or other property. Most consumers know that interest rates will effect the total amount that is paid for a mortgage. However, there are other important considerations. For instance, while monthly payment schedules are available, we encourage our members to make weekly or biweekly payments that coincide with their paycheques. Based on a 25-year mortgage, Rochdale's weekly and biweekly plans allow members to save on average up to 6 years in payments.

There are a wide range of options and features available with mortgages. For instance, the term (the length of the mortgage contract, which is usually a portion of the time it will take to pay off the mortgage in full) can vary from 1-5 years.

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We describe a few of these below. Our Financial Services Representatives would be pleased to meet with you to discuss your options and determine which mortgage best suits your needs. You may visit a branch, phone, fax, or mail in your request. Please click on Locations.

You may choose the interest rate option you prefer. A fixed rate will provide you with the security of knowing how much interest you will pay throughout your term. Variable interest rates are subject to change, based on changes in the Rochdale Credit Union prime rate.

A variable rate option is more attractive if you establish your mortgage when interest rates are high or if interest rates are falling. At the end of the term, you may choose to pay off the balance of the mortgage, or a new term will be renegotiated. In this case, the interest rate will be adjusted upward or downward based on prevailing rates.

If you contact us before you begin house hunting, we will review your financial situation with you and determine the mortgage amount and rate that will be available to you. You then have the security of knowing your price range before you begin shopping. We generally guarantee the rate for up to 90 days, which is beneficial in cases where interest rates are rising.

Other additional features may also be useful for you. These include Prepayment options, which allow you to pay up to 10% of the principal amount of the starting mortgage, each year, in addition to your regular payments. As well, if you think interest rates will be increasing, you can request an Early Renewal, allowing you to lock your mortgage in at a rate that blends the current rate with the rate you are paying on your existing mortgage.

Blending is beneficial if you sell your home and purchase a new one during the mortgage term. The balance on your existing mortgage is, in essence, transferred to your new home and the new interest rate will blend your existing rate with the current rate.

Members who take out a Credit Union mortgage may, at their option, save the expense of a new survey on the residential property, if the mortgage is $200,000 or less. Rochdale does not require an up-to-date survey, so members may save the cost of a full survey. As well, the lawyer's mortgage certification process will be faster if the survey requirements are waived.

For your peace of mind, Term Life for Mortgages and Group Mortgage Insurance Products are available. These products protect your home for you and your loved ones. Should anything happen to you during the term of your mortgage, your loved ones will be able to maintain their existing standard of living.

Because we use encryption methods as part of our security measures, you can rest assured that your personal information will remain confidential. Our approval process takes place locally and doesn't have to be forwarded to a big-city head office, so we are able to contact most on-line applicants within one business day to clarify information or provide a response. Click here for an On-line Mortgage Application