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Cambrian Credit Union
Big banks and brokers aren’t the only mortgage lenders out there—here’s how to save if you’re renewing or refinancing a mortgage in Manitoba.
When Canadians need a mortgage, they often default to the big banks—but there’s a whole other world of financing options to explore. Credit unions have competitive interest rates in Canada, including Manitoba, plus innovative mortgage options you may not be able to find elsewhere. Shopping around can save you thousands of dollars over the life of your mortgage term, enabling you to put those funds to good use in other parts of your budget.
Cambrian Credit Union has several branches in Winnipeg and Selkirk that serve Manitobans across the province. Here’s what you should know about getting a mortgage with a credit union, including how credit unions work, the key benefits of becoming a member, and how you could save money by making the switch.
Whether you’re buying your first home, renewing your mortgage or refinancing a property, you’ll want to find the lowest interest rate available along with repayment terms that meet your needs. This might mean getting a fixed-rate mortgage or a variable-rate mortgage—it all depends on what you can afford, how long you plan on keeping your house, and how much wiggle room you have in your budget.
Some home owners want the predictability of knowing exactly what their mortgage payment is going to be each month, so a fixed mortgage can bring financial stability. Others can withstand some fluctuations in exchange for potential savings, so a variable mortgage gives them that opportunity. But there’s more to consider, and a mortgage advisor can help you figure out which option is the best fit.
If you’re buying a home in Manitoba, Cambrian Credit Union has mortgage options that offer both flexibility and peace of mind. One of its most notable offerings is the Best of Both Worlds Mortgage. You can lock in Cambrian’s lowest fixed rate right now—3.94% for a two-year term—plus, if something changes, you have the option to reset your rate once during the life of your term by locking in for a longer-term mortgage with Cambrian, penalty-free with no blended rates. That’s an incredible offer that provides the reassurance of a fixed monthly payment as well as the opportunity to make a change.
Cambrian Credit Union’s “Best of Both Worlds Mortgage” puts you in control.
If you’re unfamiliar with credit unions, you might wonder how these financial institutions work, how they’re different from Canada’s big banks, and what benefits they offer. Many Canadians have been bank customers for most of their lives and simply never considered other options. Change can be intimidating, but it’s often a good thing when making financial decisions.
Think of it this way: banks have customers, but credit unions have members. Because credit unions are member-owned organizations that put their members first, they’re good at creating innovative, solution-focused financial services.
Credit unions have been around for decades—for example, Cambrian Credit Union was established in 1959. Credit unions offer many of the same financial solutions as banks—mortgages, personal banking, business solutions and investment accounts—but their focus is very different. While banks are for-profit corporations with a focus on generating financial return for shareholders, credit unions are member-owned financial co-operatives that reinvest financial returns back into the organization to benefit members. This means credit unions can often offer lower interest rates on loans and mortgages because, with a credit union, you’re borrowing from a pool of invested money within the co-operative. Credit union profits are also used to enhance the community and help foster innovation in banking tools and services. The local community and the people who bank with credit unions share in the success, rather than shareholders.
We all want to save money, which is why getting a great rate is important, but so is working with a financial institution that takes the time to understand your full financial picture and can help you choose the mortgage option that meets your unique financial needs. Cambrian’s financial experts provide advice that can help you understand your next steps—whatever they might be.
When Manitobans switch their mortgage from one lender to another, they could inadvertently incur fees. Cambrian Credit Union takes care of that challenge for home owners to make switching easier. In most cases, it will cover your mortgage transfer fees when moving your mortgage to Cambrian. Cambrian also offers flexible options like debt consolidation and refinancing, plus their four-month Best Rate Guarantee.
Your mortgage renewal is a great opportunity to shop around and see what Manitoba lenders have to offer for competitive interest rates and repayment terms that fit your needs. You may be able to secure a new mortgage, switch your mortgage or refinance your mortgage through a credit union. In Manitoba, Cambrian’s Best of Both Worlds Mortgage is an excellent option to consider, especially if you need a low interest rate today and also want the flexibility to lock in later. When it’s your time to renew, don’t limit your options—a credit union may be the answer you’ve been looking for.
This is a paid post that is informative but also may feature a client’s product or service. These posts are written, edited and produced by MoneySense with assigned freelancers.
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