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: Members can save money by paying off their mortgages quicker with either a lump sum, or by increasing the amount or frequency of payments, all without penalty. When members sell homes having a Wainwright Credit Union mortgage, they may use the proceeds of the sale to pay out the mortgage without penalty. Members having to sell before the end of their terms find this feature 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.
• Free Mortgage Transfer: Members can transfer their mortgages from other financial institutions over to Wainwright Credit Union without hassle and at no cost. We even help with the transfer fees, up to $150. Mortgage Portability: If there is money to be saved, and if it makes sense, 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 amount. Payment Options: We offer monthly, semi-monthly, bi-weekly and weekly payment choices to match members’ cash flow.

Types of Residential Mortgages

• Cash-back: Members can bypass years of having to save for a down payment on a home. We offer the 5.0% down payment as a cash back on new residential mortgages for single-family homes. The cash-back option is ideal for members who have good credit ratings, but who have been unable to save the down payment on a home.
• No Money Down: No more renting! No more saving for a down payment! Home ownership just got easier with Wainwright Credit Union’s No Money Down mortgage. Now your dream of owning a home can become a reality.
• Capped Rate: Members can float their mortgages 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 3-year and 5-year terms.

Mortgage Options

• Property Taxes: Wainwright Credit Union will include property tax in the mortgage payment if members so desire. With this service, members make periodic payments throughout the year, rather than having a large tax bill once a year. The tax payments accumulate in a special account, earning interest, and are remitted to the municipal authority when due.
• Mortgage Insurance: We offer Mortgage Protection (life and disability) or Term Level Insurance. 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.
• Pre-approval: Before members actually start looking for a home, they can meet with their Personal Account Managers to discuss a mortgage. Once pre-approved, members can then shop for their homes, confident that their funding is already in place.

Closed Mortgage Option

Members who are looking for stability in their interests 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. Further information and service is available from our Personal Account Managers.