At Wainwright Credit Union, there are many options to help our members purchase a home.

Features of all Wainwright Credit Union residential mortgages

• No Prepayment Penalty on Owner Occupied Residential Mortgages: Our members save money by paying off their mortgages more quickly with either a lump sum payment, or by increasing the amount or frequency of payments, all without penalty.
  This is a great feature when our members sell their homes before the end of their term and they can pay out their Wainwright Credit Union mortgage in full without penalty. This feature is extremely attractive, money-saving, and so different from other financial institutions. The only time we charge a penalty is when members prepay their mortgages using funds from a loan or mortgage from another party.
• Easy Mortgage Transfer: Transferring your existing residential mortgage over to Wainwright Credit Union is easy, and it’s the right choice. Ask to meet with a Wainwright Credit Union Mortgage Professional, who will help you complete an application and then work with you through the mortgage transfer process.
• Mortgage Portability: If there is money to be saved, and if it makes sense, our members can transfer the balance of their existing Wainwright Credit Union mortgage towards the purchase of another home in Alberta, with the same rate, term and payment amount.
• Payment Options: We offer monthly, semi-monthly, bi-weekly and weekly payment choices to match members’ cash flow.

• Property Taxes: Wainwright Credit Union will include property tax in the mortgage payment if it fits our members’ needs. The tax payments accumulate in a special account, earning interest, and are remitted to the municipal authority when due.
• Competitive Interest Rates: Our members can always count on Wainwright Credit Union to have competitive interest rates to ensure they are always getting a good deal. Along with our competitive interest rates, our profit share program helps reduce our members’ interest costs.
• Capped Mortgage Rate Option: Our members can float their mortgage interest rate at the Wainwright Credit Union prime lending rate with the option to convert to another rate at any time. The capped rate option is available on 5-year terms.

• Group Mortgage Insurance: We offer comptetitively-priced group mortgage insurance that covers life and disability to those who qualify. We hope our members never need to claim on this insurance, but we are happy they and their families are protected if the need arises.
• Approved Lender: Wainwright Credit Union is an approved lender with Canada Mortgage and Housing Corporation (CMHC) and Genworth.
• Mortgage Pre-approval: Before members actually start looking for a home, they can meet with one of our trained Mortgage Professionals to discuss a mortgage. Once we have completed the mortgage pre-approval process, our members can then shop for their homes, confident that their funding is already in place.
  

Mortgage Options

Closed Mortgage Option

Members who are looking for stability in their interest rate will find this option attractive. The payment amount is constant during the term of the mortgage. We offer terms of 6 months to 5 years.

Open Mortgage Option

Members choose this option for its flexibility. With an open mortgage, members can pay out, prepay, rewrite or renew at any time without penalty.

If you are interested in a Residential Mortgage, please contact your branch for an appointment or email Wainwright Credit Union.

Helpful Pages

• Moving? Check out this handy moving checklist.
• What do all those words mean? Our mortgage terminology page can help.
• So you’d like to build a home. Check out these construction mortgage details.
• Get a pre-approved mortgage before you shop for your new home. Here’s how.