Mortgages
Your home may well be the largest investment you'll
ever make. Choosing the right lender can make it the most enjoyable
as well.
At Lambton Financial Credit Union, we love making members feel
at home. You'll find our mortgage products as flexible as our
people and our service second to none.
Conventional Open Mortgage
- Up to 80% of the appraised value or purchase price of your
home, whichever is lower
- Available in 1-, 2- and 3-year terms
- Allows you to pay your mortgage down or pay it out at any
time with no penalties (subject to standard discharge fees)
- Can be amortized up to a maximum of 35 years
- Buy-down feature lets you buy the rate down if you are in the middle of a term and want to take advantage of lower rates
Conventional Closed Mortgage
- Up to 80% of the appraised value or purchase price of your
home, whichever is lower
- Available in 1-, 2-, 3-, 4-, and 5-year terms
- Can be amortized up to a maximum of 35 years
- Repay up to an additional 20% of the original balance per year
- Increase regular payments by up to 20%
- Limitations and penalties related to early repayment of the mortgage may be waived if you are purchasing a new home and refinance through the Credit Union
Hybrid Mortgage 
- Combines a fixed rate conventional mortgage and a variable rate Equity Line of Credit
- Borrow up to 80% of the value of your home
- Provides you with the benefit of both variable and fixed interest rates
- Reductions in principal on the fixed portion may be used to increase the borrowing limit on the line of credit portion
- Pay off the outstanding balance of the line of credit portion at any time without penalty
- Variable rate portion may be converted to a fixed interest rate at any time
- Can be amortized up to a maximum of 35 years
- Limitations and penalties related to early repayment of the fixed rate portion may be waived if you are purchasing a new home and refinance through the Credit Union
High Ratio Mortgage
- Allows for a mortgage greater than 80% of the value or purchase price of your home
- Your mortgage must be insured and approved by both Lambton Financial and the insurer
- The insurance premiums can be added to the mortgage amount
Cash Back Mortgage
- Unique to Lambton Financial by giving back 5% of the principal amount of your mortgage request
- Very popular option for first time home buyers as 5% takes a considerable chunk out of closing fees
- Available for conventional and high ratio mortgages dependent on all other approval processes
- Requires a commitment for a fixed term of five years
Construction Mortgage
- Enables you to work more effectively with a general contractor or to be your own contractor
- Available as both conventional and high ratio mortgages
- Some terms and conditions apply; contact your branch for all of the details
Home Equity Lines of Credit
- Variable rate interest
- Up to 80% of the appraised value or purchase price of your
home, whichever is lower
- Can be operated through an existing or new account
- Minimum monthly payment as low as interest only
Creditor Insurance available through CUMIS
Insurance Services
*Rate is dependent on credit status and security offered |
