The Horizon Credit Union is here to assist you with your property purchase needs.
Whether buying a home in the city, on an acreage, a farm or business, we have a mortgage that is right for you.
Horizon Credit Union offers both conventional mortgage and Canada Mortgage and Housing Corporation mortgages and will pre-approve your mortgage so you can house hunt with confidence.
First Time Home Buyers Plan
 If neither you nor your spouse (common-law spouse) has owned a home that was your principle residence before or in the last 4 calendar years, the Home Buyers Plan allows you to withdraw up to $20,000 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying residence. If you and your spouse both have RRSP plans with more that $20,000 in them, each of you could withdraw up to the $20,000 for your home purchase. You will be required repayment each year for up to 15 years to repay the amount you have withdrawn.
A great opportunity to have these dollars work in two ways for you:
- Lowering your taxes and taxable income the year you originally contributed to the RRSP;
- Providing you a down payment on your property without being taxable income to you for up to 15 years. (Any money not repaid into the RRSP in the year it is due, is considered taxable income to the plan holder for that year).
A conventional mortgage requires a down payment of a minimum of 25% of the purchase price to qualify. Horizon Credit Union Conventional Mortgages offer some benefits too. If you have 25% down payment on your home there is substantial interest cost savings over mortgages that are higher financed.
Don’t have 25% down payment? Then The Canada Mortgage & Housing Corporation policy allows anyone to purchase a home with as little as a 5% down payment for a primary residence. (o.a.c.)
Whatever your mortgage needs, a Horizon Credit Union mortgage with no prepayment penalty may be just what you’ve been looking for. Call for details.
Builders or Construction Mortgage
Horizon Credit Union offers you financing while your home is being constructed in a way that saves you interest dollars. The mortgage proceeds are disbursed in stages so you can pay your contractor or bills as the home is being built, but you do not have to pay interest on the full balance of your mortgage. So if you are planning to build a home, see Horizon Credit Union to obtain your financing before you build.
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