First Ontario Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
FirstOntario Credit Union:
A Trusted Partner for Your Home Financing Needs
History as a Mortgage Lender in Canada
Founded in 1939, FirstOntario Credit Union is one of the largest credit unions in Ontario, serving over 126,000 members with assets exceeding $5 billion. With more than 80 years of experience, FirstOntario has earned a reputation for financial stability and community-focused banking, offering comprehensive mortgage solutions tailored to diverse client needs.
Types of Mortgage Products & Programs
Residential Mortgages:
Fixed-Rate Mortgages: Predictable payments with terms ranging from 1 to 10 years.
Variable-Rate Mortgages: Rates that fluctuate with the prime rate for potential interest savings.
High-Ratio Mortgages: Available for buyers with down payments as low as 5%.
First-Time Home Buyer Programs: Incentives, reduced rates, and guidance tailored for new buyers.
Self-Employed Mortgages: Flexible qualification criteria and stated-income options.
Commercial Mortgages:
Financing for office buildings, retail spaces, industrial properties, and multi-residential units.
Customized solutions with competitive interest rates and flexible repayment terms.
Minimum Credit & Income Requirements
First-Time Home Buyers: Minimum credit score of 620, stable income, and down payment proof.
Salaried Employees: Consistent employment history (at least 6 months), pay stubs, and T4 slips.
Contract Employees: Proof of two-year employment history within the same industry.
Self-Employed Applicants: Two years of business financials and Notices of Assessment.
Stated Income Programs: Available with alternative verification for self-employed clients.
Mortgage Underwriting Criteria for Approval
FirstOntario evaluates key factors such as:
Creditworthiness: Minimum credit score requirements based on the mortgage type.
Debt Service Ratios (GDS/TDS): Maximum ratios of 39% GDS (Gross Debt Service) and 44% TDS (Total Debt Service).
Employment and Income Stability: Verification through documentation or tax returns.
Property Appraisal: Ensures the market value aligns with the loan request.
We'll find great rates like this one from one or our several lending partners across Canada.
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5 Year - Fixed Term from
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It is our job to get your lowest possible rate. Your rate qualification depends on certain factors, such as credit score and home equity as per regulations.
*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Locations Serviced and Branch Presence in Canada
FirstOntario operates 32 branches, primarily in the Greater Hamilton, Niagara, and Southwestern Ontario regions. This extensive local presence ensures personalized service, in-depth market understanding, and face-to-face consultations.
Mortgage Application Checklist
When applying for a mortgage with Shinhan Bank, the following documents are typically required:
Proof of income (pay stubs, T4s, or NOA for self-employed).
Employment verification letter or contracts.
Credit report and history.
Government-issued ID (driver’s license, passport).
Property details (MLS listing or purchase agreement).
Proof of down payment (bank statements or investment records).
How to Start a Mortgage Pre-Approval
Initial Inquiry: Complete an online application on RateShop’s portal.
Document Submission: Provide essential financial and identification documents.
Consultation: Discuss options with a FirstOntario mortgage specialist to finalize pre-approval terms.
How to Get Mortgage Rates
Current rates are accessible through RateShop’s platform or directly from FirstOntario Credit Union. Rates vary based on loan terms, applicant profiles, and market conditions.
Mortgage Pre-Payment Options
FirstOntario offers flexible pre-payment plans, including:
Annual Lump-Sum Payments: Up to 20% of the original mortgage balance.
Increased Regular Payments: Options to increase regular payments without penalty.
Double-Up Payments: Allows making extra monthly payments to reduce interest.
By partnering with FirstOntario Credit Union, RateShop Mortgage ensures clients benefit from competitive rates, flexible programs, and expert guidance, making homeownership accessible and affordable.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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