But is it?
At Northern Birch Credit Union, our mortgage specialists are out-of-the-box thinkers who understand the value of home ownership and the equity gained by investing in real estate.
And it all starts with a mindset focused on your goal.
The journey to homeownership begins with a budget. Lewis Carroll wrote, “If you don’t know where you are going, any road will get you there.” While that advice might make for an excellent adventure for Alice and her friends, reaching your financial goals requires planning.
The first step towards homeownership is a plan. Our mortgage specialists are here for you, helping you establish a clear pathway to purchasing the home you dream about. We start with your financial goals.
We invite you to ask questions and we start with the assumption that there are no foolish questions. If you have never gone through the mortgage process or if a decade of time has lapsed since you negotiated your mortgage, you will have many questions. Making sure you are clear on the ins and outs of purchasing real estate is very important. Your real estate agent is not a mortgage specialist. Before you sign the purchase papers, you need to know what you are signing.
In recent months we have received many phone calls from homeowners who have negotiated less than optimum mortgages. With rising interest rates and changes in the cost of living, they are struggling to maintain their payments.
We encourage those calls because, as out-of-the-box thinkers, we can help navigate economic challenges.
All financial institutions follow an established set of processes and regulations to finance a large capital purchase. We have the added advantage of flexibility in understanding your personal situation. As a provincially regulated credit union, we have more opportunities to adjust the terms of the mortgage than federally regulated chartered banks.
More than that, we come from a heritage of entrepreneurs who came to Canada as refugees and immigrants. Our mothers and fathers worked hard to build their financial strength, especially through real estate. We take your financial history and credit score into consideration. After all, the numbers matter.
But we also look at your character and history. Our mortgage specialists have years of experience lending to what many financial institutions think of as a risk. That includes people who are self-employed, buying co-op housing or looking into co-ownership.
Chartered banks do not offer mortgages for co-op housing. It’s a unique housing opportunity, often offering lower home costs. The Estonian community built creative and affordable housing more than 60 years ago. With very little capital, our parents and grandparents worked together to provide equity-based housing at a competitive cost.
At Northern Birch, we help to carry on that tradition. Our mortgage team understands co-op housing and continues to be leaders in the field in the Toronto market.
Another specialty mortgage is co-ownership. It’s more complex than a single-family mortgage and requires a professional to walk with you through the process.
Thinking outside of the box may include your family. Parents, you can give your children a hand up by providing a partial or full down payment when they are ready to purchase a home. It may even be financially advantageous for you. Our team can help you set up the mortgage to the best advantage of all parties.
Another creative option is to buy a home together with one or two of your siblings, pooling your equity to strengthen your financial position. Better yet, consider purchasing a property with investment potential, an apartment or suite that can provide rental income to help you with the mortgage.
We walk through the mortgage process with you, which can at times seem overwhelming. Our mortgage specialists can help you negotiate the best rates and mortgage terms for your situation.
At Northern Birch Credit Union, our first priority is your financial well-being—and we do it by thinking outside the box and bringing creative solutions to the table.
If you have questions about new mortgages, refinancing or want to learn more about special member rates, make an appointment with one of our mortgage specialists by calling 416-465-4659. To learn more about mortgages or to use the mortgage calculator, go to northernbirchcu.com.
