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Mortgage Centre
Pre-Approved Mortgages | OWCU Home Equity Line of Credit
- First mortgages are available for amounts up to $ 185,000.
- Available terms are: 6 months (open), and 1, 2, 3, 4, or 5 years.
- Appraisals are required at the borrowers cost.
- Interest rates always competitive.
- Life insurance is available.
- Note: The OWCU cannot mortgage properties outside of the Province of Ontario.
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With a pre-approved mortgage from the OWCU, your financing is arranged “before you buy”.
It’s a great way to buy the home of your dreams. An OWCU Pre-approved Mortgage lets you shop for the house you want, negotiate, and then close the deal. You know your price range before you buy…so there are no surprises afterwards.
Based on the information you provide us and a satisfactory credit review, you’ll know, without obligation, the amount you can borrow, the interest rate, your level of payments and your payment schedule.
This information makes it easy to know the price range you should consider.
Then, when you find the home you want, you’re assured the financing is ready, subject to a satisfactory property appraisal.
Of course, the final terms and mortgage amount will be based on the value of the home you choose.
Guaranteed Interest Rate! Once you’ve received the approval of your mortgage, your mortgage rate and payments are guaranteed if you complete your home purchase within a specified period after the date of confirmation. So even if the mortgage rates increase during that time, we’re committed to you at the rate on your Confirmation.
Ask about convenient term options to fit your situation.
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OWCU Home Equity Line of Credit
- If you are a homeowner, using the equity in your home can really be the smartest way to borrow money. The equity in your home is the difference between the value of your home and what you owe on it.
- A Home Equity Line of Credit with OWCU can provide you with up to 75% of the appraised value of your home.
- A Home Equity Line of Credit may allow you to secure a larger borrowing limit than with a regular loan or line of credit, and at a lower interest rate.
- Two distinct advantages of this type of line of credit are its very flexible repayment terms, (interest only, lump sum, or blended payments) and a convenient one time loan arrangement. And of course, interest is calculated only on the amount you use.
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