REFERRAL PERKS®
For a limited time, earn $200* for you and your friend for every successful referral.
For a limited time, earn $200* for you and your friend for every successful referral.
Learn how an FHSA helps you save for a mortgage faster.
Learn which savings option is the best for your financial goals.
Explore this step-by-step complete guide to starting a business in British Columbia.
Home ownership is a dream for many. It is also one of biggest financial decisions you will ever make. Whether you’re buying your first home, renewing your mortgage, or just dreaming about your own space, we break down everything you need to know.
A mortgage is the loan that you apply for from a credit union, or a bank, to cover the cost of the home you want to buy. You’ll be paying back the money you borrowed plus the interest until you’re eventually mortgage free!
If you need a loan for a car, to go to school or to pay off some consumer debt – they work differently than a mortgage. A mortgage is:
Purchase Price | Minimum down payment required |
$500,000 or less | 5% of the purchase price |
$500,000 to $999,999 | 5% of the first $500,000 10% of the portion aboce $500,000 |
$1 million or more | 20% of the purchase price |
An amortization period is the total length of time it will take to pay off your mortgage. This could be anywhere from 15, 20 or 25 years. You choose. The most common amortization period is 25 years. Depending on the size of the down payment, the amortization period can be longer or shorter. The amount of time that it takes you to pay off your mortgage will affect the amount of interest that you pay.
We offer open and closed mortgage types; along with the option to convert between a variable closed mortgage term to a fixed-rate closed mortgage term without any penalties. This offers the flexibility to change before the end of your term and provides piece of mind knowing you’re not locked into one type for the entire duration.
Now that you know more about mortgages, what should you do next? At the very least, you should open a First Home Savings Account (FHSA). FHSAs are tax-free savings accounts with annual contribution limits of $8,000, and a lifetime limit of $40,000. If you are a Canadian resident between the age of majority (19 years in BC) and up to 71 years, looking to buy your first home, you can start contributing to your account.
Great news: FHSA's are now available from our trusted financial partners, Qtrade Advisor and Qtrade Asset Management. Open your account today by talking to one of our advisors to get started.
It’s important to get the right mortgage for you. It is one of the biggest financial decisions you will ever make and impacts many years of your life! If you have been thinking about buying a home, now might be the right time as interest rates are starting to increase.
To understand the type of mortgage you could qualify for, use our mortgage calculator and speak to a mortgage advisor, or apply for a mortgage online today.
You are solely responsible for confirming that your FHSA, TFSA and RRSP contributions are within your allowable limits set by Canada Revenue Agency (CRA). All rules and contribution limits for FHSAs are set out by CRA and applicable legislation apply. Information about FHSAs is based on what is currently available from the Canadian government and may be subject to change.
Financial planning services are available only from advisors who hold financial planning accreditation from applicable regulatory authorities. Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Aviso Financial Inc. Qtrade Portfolios is a division of Aviso Financial Inc.
Everything is easier with a little help.
We acknowledge that we have the privilege of doing business on the traditional and unceded territory of First Nations communities.
© First West Credit Union. All rights reserved.