Whether you’re looking to buy or build a new home, ready to renovate your current home, or you’re researching the best option to renew your mortgage, SCU has custom mortgages designed to fit your needs and lifestyle. Even when the housing market fluctuates, you can count on SCU’s steady approach to lending, ensuring you get the best mortgage for you—every time.
The SCU Difference
Unlike federally regulated financial institutions that are required to stress test every mortgage application, SCU has more flexibility in our lending practices. Our lending specialists will work with you to create a personalized solution to suit your mortgage needs. They’ll help you understand your options when it comes to things like amortizations, down payments, and choosing between an insured or uninsured mortgage. Whatever you decide, we’re here to provide you with advice and guide you through every step of the process.
Ask an Expert
We reached out to Charlene Bart, Steinbach Branch Manager, to discuss some common questions we’re hearing from our members regarding new and refinanced mortgages and renewals. Here’s what she had to say.
Are we continuing to hear concern from our members about the rising mortgage rates?
We are still hearing some concern, though it seems the initial shock has worn off. Our members seem to understand that while current rates might feel high, this is mostly in contrast to the low rates we have experienced in recent history.
How are we helping members to adapt to the rates?
We’re keeping communication lines open with our members so we can continue to guide them in the best way possible and ensure they feel financially secure. Our SCU lending specialists are working with members to consolidate their debt or extending their terms and amortizations to give them a bit more breathing room in their monthly finances.
What are members currently most concerned about when refinancing or renewing their mortgages?
We’re still seeing a focus on rates, but our members are also looking for flexibility with repayment options, including interest-only payments and extended amortizations, to help them navigate any financial pressure they might feel. Our goal is to work with them to find a solution that gives them the home they want and a mortgage they can afford. That hasn’t changed.
Bart adds that our members are savvy. They watch the Bank of Canada scheduled rate reviews and Bond rates. And, while current rates are still affecting some borrowers, many members trust this to be a temporary situation.
On the flip side, we are hearing that members are very pleased with deposit rates right now, which provides them with some financial balance between their borrowing and savings.
The bottom line
SCU understands that every homeowner is unique. That’s why we offer custom mortgages designed for you. And, with flexible financing, competitive rates, and an amortization period of up to 30 years, exploring the possibilities has never been easier.
Call 1.800.728.6440 to book an appointment with an SCU lending specialist to discuss your options today,or select the link below to fill out our contact form, and we'll get in touch with you.
