Cambrian Credit Union has several branches in Winnipeg and Selkirk that serve Manitobans across the province. Here’s what you should know about getting a mortgage with a credit union, including how credit unions work, the key benefits of becoming a member, and how you could save money by making the switch.
What type of mortgage is right for you?
Whether you’re buying your first home, renewing your mortgage or refinancing a property, you’ll want to find the lowest interest rate available along with repayment terms that meet your needs. This might mean getting a fixed-rate mortgage or a variable-rate mortgage—it all depends on what you can afford, how long you plan on keeping your house, and how much wiggle room you have in your budget.
Some home owners want the predictability of knowing exactly what their mortgage payment is going to be each month, so a fixed mortgage can bring financial stability. Others can withstand some fluctuations in exchange for potential savings, so a variable mortgage gives them that opportunity. But there’s more to consider, and a mortgage advisor can help you figure out which option is the best fit.
Banking with credit unions vs. banks
If you’re unfamiliar with credit unions, you might wonder how these financial institutions work, how they’re different from Canada’s big banks, and what benefits they offer. Many Canadians have been bank customers for most of their lives and simply never considered other options. Change can be intimidating, but it’s often a good thing when making financial decisions.
Think of it this way: banks have customers, but credit unions have members. Because credit unions are member-owned organizations that put their members first, they’re good at creating innovative, solution-focused financial services.
Credit unions have been around for decades—for example, Cambrian Credit Union was established in 1959. Credit unions offer many of the same financial solutions as banks—mortgages, personal banking, business solutions and investment accounts—but their focus is very different. While banks are for-profit corporations with a focus on generating financial return for shareholders, credit unions are member-owned financial co-operatives that reinvest financial returns back into the organization to benefit members. This means credit unions can often offer lower interest rates on loans and mortgages because, with a credit union, you’re borrowing from a pool of invested money within the co-operative. Credit union profits are also used to enhance the community and help foster innovation in banking tools and services. The local community and the people who bank with credit unions share in the success, rather than shareholders.
We all want to save money, which is why getting a great rate is important, but so is working with a financial institution that takes the time to understand your full financial picture and can help you choose the mortgage option that meets your unique financial needs. Cambrian’s financial experts provide advice that can help you understand your next steps—whatever they might be.
Switch your mortgage—Cambrian makes it easy
When Manitobans switch their mortgage from one lender to another, they could inadvertently incur fees. Cambrian Credit Union takes care of that challenge for home owners to make switching easier. In most cases, it will cover your mortgage transfer fees when moving your mortgage to Cambrian. Cambrian also offers flexible options like debt consolidation and refinancing, plus their four-month Best Rate Guarantee.
