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Get into the housing market with as little as 5% down!
Community Savings offers lower interest rate for First Time Home Buyers
Insured Mortgage
4.741 5-year fixed
The Benefits of an Insured Mortgage
Lower Down Payment
Insured Mortgage allows for a down payment as low as 5% of the purchase price.
Build Home Equity
Get into the housing market to build home equity sooner than you expected. Learn more
First-Time Programs Available
The Federal Government offers attractive First Time Home Buyer programs
Our Affordability Calculator is a no-risk tool to better understand
what you can afford to spend on a new home.
For first-time buyers, saving a down payment can be the hardest part of buying a home. The Federal Government offers first time home buyer programs that you can take advantage of.
Home Buyers Plan (HBP): Allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy a qualifying home for yourself. The HBP allows you to withdraw from your RRSP and pay back the withdrawn funds within a 15-year period. Your RRSP issuer will not withhold tax on withdrawn amounts of $35,000 or less
Pre-approved mortgages let you know how much you can afford, what your interest rate will be and what your monthly mortgage payments will look like. Getting pre-approved can help you narrow your search down to a specific home type, size or neighbourhood. Please contact us to speak with a mortgage specialist about getting pre-approved or simple apply online for a free pre-approval.
If you have less than 20% saved for a down payment, you’ll probably have to get mortgage loan insurance. It protects banks and other lenders against the risk of mortgage default . Insurance premiums on mortgage loans are calculated as a percentage of your total loan amount. They’re based on factors including the size and source of your down payment. In general, the smaller the down payment is, the higher the insurance premiums will be.
To qualify, you will need to meet your mortgage lender’s existing qualifications as well as the underwriting standards of the mortgage insurer.
If you have questions about eligibility requirements, please contact us to speak with a mortgage specialist to get all the answers you need.
See more FAQs about Insured Mortgages
A CSCU Mortgage Specialist is just a click away!
We can help you make sense of your options, answer any questions, and guide you towards a mortgage solution that works for you.
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above all else.
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Bank with purpose
We exist to unify the working community to build a just world.
As a Member, you are choosing to bank with a conscience and a
purpose.
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Advice and great packages
Take advantage of our great first time home buyer package and
personal service.
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604-654-2000
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Affordability Calculator
How Much can You Afford?
We believe in providing the working community with a fair opportunity
at a better life by empowering them with banking products and
investments that are always in their best interest.
We put our member’s hopes, dreams, financial needs, and
wants above all else. British Columbians who choose to bank with us
are choosing to bank with a conscience and a social purpose. We are
deeply committed to our community’s economic and social well-being -
We exist to unite working people to build a just world.