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WELCOME HOME!

We offer competitive rates and helpful advice for every step of your home buying journey. Apply for mortgage pre-approval online or call us at 1-888-597-1083 to get started.

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CHOOSE THE RIGHT MORTGAGE FOR YOU

Whether fixed or variable, open or closed, you'll find the perfect fit.


Buying Your First Home

Buying a home is an extraordinary adventure that comes with a lot of questions. You don’t have to figure out your plan alone. We're here to help.

Buying Your Next Home

Buying your second home is kind of like having a second child; you already know what to expect because you've done it once but there are some significant differences. Let's walk through those together. 

Renewing or Switching

 Your mortgage may have been a perfect fit five years ago, but then again, so was your bathing suit. Let's find the mortgage that's the right fit for you today. 

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Mortgage Features



Flexible Schedule

Choose a payment schedule that works for you and your budget. Our payment options are designed to time with your paycheque. Choose either weekly,  bi-weekly, semi-monthly or monthly payments.

120-day Rate Guarantee

Still looking for the perfect property? It takes time, we get it. Your pre-approved rate is guaranteed for 120 days. Keep hunting!

Prepayment Options

Prepay your mortgage by up to 20% of the original amount each year (conditions apply).

Flexible Options

Choose between fixed or variable mortgage rates and between open or closed mortgage terms.

Skip a Payment

Sometimes life hands us a lemon (occasionally it plants a lemon grove in our backyard). Skip a payment when the unexpected happens (conditions apply).

Mortgage Protection

Choose coverage options to ensure your mortgage payments will be made in the event of a job loss, illness or death.

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FEATURED MORTGAGE RATES



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View all mortgage rates


​Rates are subject to change without notice and are available on approved credit. Terms and conditions may apply.

*The fixed mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us at 1-888-597-1083 for further details.

**This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions.


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MORTGAGE PRE-APPROVAL

Lock in your rate with our 120-day rate guarantee. Apply for mortgage pre-approval online or call us at 1-888-597-1083 to get started.

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​​Being a member is rewarding. Switch your mortgage to Island Savings and get $1,000 cash back 

Already have a residential mortgage and looking to make the switch to Island Savings? Get $1,000 cash back when you switch to a new Fixed or Variable Rate Closed Term mortgage! 

See offer terms and conditions below.

​​Special mortgage offer FAQs 

Q: I already have a mortgage with a different lender. Can I still get cash back? 
A: Yes, you can! If you switch your existing mortgage of $150,000 or more from another financial institution to Island Savings, you can qualify for cash back, pending you meet the eligibility requirements.  

Q: What type of mortgages qualify for the cash back offer? 
A: The offer is available on residential Closed Fixed Rate Mortgages with a minimum term of 3 years as well as the 5-Year Closed Variable Rate Mortgage. 

Q: When will I receive my cash back? 
A: The $1,000 will be deposited to your chequing account at Island Savings on the day your mortgage is funded. 

Q: I already have a mortgage at Island Savings – can I get this offer if I refinance my mortgage? 
A: Refinances and renewals of existing mortgages aren’t eligible for this offer. 

Q: What happens to my cash back if I close my mortgage before the end of my mortgage term? 
A: If you close your mortgage prior to the end of the term, you will be asked to repay the cash bonus amount in full.  

Q: How do I take advantage of this offer? 
A: To take advantage of this offer, apply for mortgage pre-approval online or call us at 1-888-597-1083 to get started.  

​Special mortgage offer terms and conditions

Mortgage Transfer-In Program – terms and conditions  


For mortgage transfers, First West Credit Union will pay, when applicable, $1,000 towards the discharge of the existing mortgage held at another financial institution, the re-registration of the new First West mortgage as well as property valuation fees. The offer excludes mortgage prepayment charges (“breakage fees”) that may have to be paid.   

Eligibility:  

To be eligible for this offer, each borrower and each mortgage loan must meet the following eligibility requirements on the effective date:   

  • Each borrower must be an individual, and 19 years of age or older.  
  • Each borrower must be a member of First West Credit Union with a chequing or savings account with First West Credit Union and a primary banking relationship. If there is more than one borrower, the borrowers may have a joint account. If a borrower is not presently a member of First West Credit Union, the borrower may become a member subject to regular membership requirements.  
  • The borrower or borrowers must enter into a new mortgage loan. The new mortgage loan must be a closed residential mortgage loan with a term of at least 3 years or greater at a fixed interest rate or a five-year variable rate term. The new mortgage loan must either be a first mortgage, or a second mortgage behind a First West Credit Union first mortgage.  
  • The principal amount of the new mortgage loan must be not less than $150,000. 
  • Residential mortgages are offered by First West Credit Union and are subject to our standard lending criteria, additional terms, and other requirements typical for such mortgages. 
  • The following are not eligible: renewals of an existing mortgage; second mortgages behind a first mortgage held by another lender; third or later mortgages; mortgages with open repayment terms; mortgages securing home equity lines of credit (HELOCs); construction mortgages (except that owner occupied construction mortgage loans may be eligible when converted to a closed term, typically on the completion of construction); mortgage loan autorenewals, where the borrowers do not contact First West Credit Union before the autorenewal is effective; and mortgages which First West Credit Union considers to be stated income, equity lending or similar mortgages or  mortgages sourced through broker channel. 
  • The effective date of the new mortgage loan must be on or after 21 October 2020.  
  • Under a Multi-Purpose Mortgage, a borrower can split the total mortgage loan into sections, each with its own term length and interest rate.  
  • For each property, only one mortgage loan is eligible.  
  • $1,000 will be deposited into the primary chequing account held by the primary applicant at the appropriate division of First West Credit Union.  
  • If the borrower breaks their mortgage prior to the end of the term, any incentives need to be paid back to First West Credit Union. 
  • This offer cannot be combined with any other offer provided by First West Credit Union, unless the combination is approved in writing by First West Credit Union.  
  • All decisions of First West Credit Union with respect to the eligibility of borrowers or the interpretation of these terms are final. 
  • First West Credit Union may terminate, withdraw or suspend this offer at any time, and waive or amend any particular eligibility requirement or other term for a particular borrower or borrowers, at any time, without notice, in its sole discretion.   
  • Nothing in these terms shall be construed to obligate First West Credit Union to approve an application for a mortgage loan or to fund a mortgage loan. 

MORTGAGE OPTIONS

FIXED RATE MORTGAGE

Relax knowing what your payments will be. Your rate stays the same for the term of your mortgage.

Key Features & Benefits

  • Available in terms from 6 months to 10 years
  • Choose from closed, open and convertible fixed rate mortgages
  • Choose flexible payment terms: weekly, bi-weekly, semi-monthly and monthly
  • Save money by opting to increase your payments by up to 20% each year
  • Pay your mortgage down faster by opting to prepay it by up to 20% of the original amount each year


VARIABLE RATE MORTGAGE

A variable rate mortgage typically will offer a lower interest rate than a fixed rate mortgage. However, the interest rate will fluctuate with any changes in our prime interest rate.

If interest rates go down, you could pay off your mortgage faster as more of your payment will go towards paying off your principal. If the prime rate goes up, more of your mortgage payment will go towards covering interest costs.

Key Features & Benefits

  • Your mortgage payment remains fixed for the term
  • Available as open or closed  in terms from 6 months to 10 years
  • Choose from flexible payment terms: weekly, bi-weekly, semi-monthly and monthly
  • Save money by opting to increase your payments by up to 20% each year
  • Pay your mortgage down faster by opting to prepay it by up to 20% of the original amount each year
  • Switch over to a fixed rate mortgage at any time, with no penalty or fee

CONSTRUCTION MORTGAGE

Building a home can be complicated but financing it doesn't have to be. Our progressive draw construction mortgages offer flexible financing to help you build your new home or start a large-scale home renovation or expansion.

How it works

Get advances to pay for building costs. Funds are distributed typically in 3-6 stages (known as draws) throughout the construction period. While construction lasts, you are responsible for interest-only payments. The typical stages are:

  • Purchase of land
  • Foundation: site set-up, excavation, drainage and piping, and slab construction
  • Framing: wall frames, roof trusses, roughing in, plumbing water, plumbing gas, electrical and wrap
  • Lock-up: windows, doors, roofing, drywall, insulation, wiring and plumbing
  • Completion: exterior and interior finishing

After the home is built and ready to occupy, the construction mortgage is converted to a conventional mortgage. 

Key Features & Benefits

  • Available for owner-occupied or rental/investment properties
  • Maximum lending is 80% of appraised value (based on land value and approved plans)
  • Maximum amortization is 25 years
  • Maximum construction term is 12 months 

OUR MORTGAGE RATES


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*The fixed mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us at 1-888-597-1083 for further details.

**This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions.

†Mortgage rates are subject to change without notice and are available O.A.C. Fixed mortgage rates are compounded semi-annually. Variable mortgage rates are compounded monthly. Terms and conditions may apply. Mortgage funds must be advanced within 120 days of the application. These rates are discounted and can not be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact us.

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Resources for buying a home


Mortgage Calculator

Find out how much mortgage you can afford and what your payments might look like.

What is My Home Worth?

Find out the assessed value of your current home and compare it to others in that area.

Advice and Tips

Get insights on buying your home, from understanding your credit score to saving for a downpayment. 

​DOUBLE YOUR PERKS!

For a limited time, we're doubling the Referral Perks® reward for you and a friend you refer. That means you get $100 for every successful referral, up to $500 a year.

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WE'RE HERE FOR YOU

Everything is easier with a little help.

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