Wainwright Credit Union is the right choice for residential mortgages because:

No Prepayment Penalty
Our members save money by paying off their mortgages quicker with either a lump sum payment, or by increasing the amount or frequency of payments, all without penalty.
This is a great feature when our members sell their homes before the end of their term and they can pay out their Wainwright Credit Union mortgage in full without penalty. This feature extremely attractive, money-saving, and so different from other financial institutions. The only time we charge a penalty is when members prepay their mortgages using funds from a loan or mortgage from another party.

Free Mortgage Transfer
Our members can transfer their mortgages from other financial institutions over to Wainwright Credit Union without hassle and at no cost. We even help with the transfer fees, up to $150.

Mortgage Portability:
f there is money to be saved, and if it makes sense, our members can transfer the balance of their existing Wainwright Credit Union mortgage towards the purchase of another home in Alberta, with the same rate, term and amount.

Payment Options
We offer monthly, semi-monthly, bi-weekly and weekly payment choices to match our members’ cash flow.

Competitive Interest Rates
Our members can always count on Wainwright Credit Union to have competitive interest rates to ensure they are always getting a good deal. Along with our competitive interest rates ask our staff about our profit share program that helps reduce your interest costs.

Cash-back Mortgage Option
With this interest rate option our members can receive 5.0% of their principal balance back in cash. This option is for new residential mortgages on owner occupied homes. The 5.0% cash can be used for purchasing new furniture, renovations on the house or to help with your down payment.

No Money Down Mortgage Option
Our members can borrow 100% of the purchase price of their home and take up to a 40 year amortization. This product works for our members who have a good credit rating but have been unable to save for a down payment.

Capped Mortgage Rate Option
Our members can float their mortgage interest rate at the Wainwright Credit Union prime lending rate with the option to convert to another rate at any time. The capped rate option is available on 3-year and 5-year terms.
Property Taxes
Wainwright Credit Union will include property tax in the mortgage payment if it fits our member’s needs. The tax payments accumulate in a special account, earning interest, and are remitted to the municipal authority when due.

Group Mortgage Insurance
We offer competitively-priced group mortgage insurance that covers life, disability, critical illness and loss of employment. We hope our members never need to claim on this insurance, but we are happy they and their families are protected if the need arises.

Approved Lender
Wainwright Credit Union is an approved lender with Canada Mortgage and Housing Corporation (CMHC) and Genworth.

Pre-approval
Before members actually start looking for a home, they can meet with their Personal Account Managers to discuss a mortgage. Once pre-approved, members can then shop for their homes, confident that their funding is already in place.