Windsor Family Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Windsor Family Credit Union: Your Trusted Partner for Mortgages in Canada
History as a Mortgage Lender in Canada
Founded in 1941, Windsor Family Credit Union has built a solid reputation over the decades. Originally formed to meet the financial needs of Windsor-area residents, WFCU has since expanded its services across Ontario. The credit union is a trusted mortgage lender offering personalized solutions to homebuyers, whether they are first-time buyers or seasoned homeowners.
Types of Mortgage Products & Programs
WFCU offers a wide range of mortgage products to suit various customer needs. Here’s a breakdown of the key mortgage options available:
Residential Mortgages: WFCU provides both fixed-rate and variable-rate mortgages with flexible terms to ensure you find the right option for your home purchase or refinancing.
Commercial Mortgages: The credit union also offers financing for commercial properties, with customized solutions for businesses looking to expand or acquire property.
Home Equity Lines of Credit (HELOC): This allows homeowners to tap into the equity of their homes, offering flexibility for large purchases or renovations.
First-Time Home Buyer Programs: WFCU offers special mortgage products for first-time homebuyers, including assistance with down payments and government programs such as the First-Time Home Buyer Incentive.
Minimum Credit & Income Requirements
Windsor Family Credit Union is dedicated to helping a wide range of applicants, whether you’re salaried, self-employed, or a contract worker. Below are some key eligibility requirements:
Minimum Credit Score: While requirements may vary depending on the mortgage product, WFCU typically looks for a credit score of 600 or higher for approval. However, they may consider applicants with lower scores on a case-by-case basis.
Income Requirements: For salaried employees, WFCU looks for stable and verifiable income. For self-employed individuals, a minimum of two years of consistent income is generally required.
Stated income programs may also be available for those with unique financial situations, such as contract workers or self-employed individuals.
First-Time Home Buyer: WFCU offers special programs to assist first-time buyers with lower down payment requirements and more flexible qualification criteria.
Mortgage Underwriting Criteria for Approval
Windsor Family Credit Union evaluates several factors when underwriting a mortgage application. Key criteria include:
Credit History: A comprehensive review of the applicant’s credit history.
Debt-to-Income Ratio: WFCU assesses the ratio of your debt obligations to your total income to ensure you can comfortably manage mortgage payments.
Employment Stability: Lenders prefer applicants with steady income, whether from full-time employment or a successful self-employed business.
Property Appraisal: A property appraisal may be required to ensure the home’s value supports the mortgage loan.
Locations Serviced and Branch Presence in Canada
Windsor Family Credit Union has several branches throughout Windsor and Essex County. While it is primarily known for its strong presence in Ontario, WFCU also offers services to customers across Canada via online banking and customer support, ensuring accessibility for all Canadians.
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Mortgage Application Checklist
To streamline the mortgage application process, WFCU recommends the following checklist for applicants:
Proof of Income: Pay stubs, tax returns, or other documentation of employment and earnings.
Credit History: Consent to pull your credit report for evaluation.
Down Payment Information: Details about the source of your down payment.
Identification: Government-issued photo ID, such as a driver’s license or passport.
Property Information: If refinancing, provide details about your current mortgage and property value.
How to Start a Mortgage Pre-Approval
Starting your mortgage pre-approval with WFCU is easy. Simply:
Complete an Online Application: Visit WFCU’s website to begin your pre-approval application.
Provide Required Documentation: Submit your proof of income, credit report consent, and other necessary documents.
Wait for Review: WFCU will assess your application and provide you with a mortgage pre-approval offer outlining your eligible mortgage amount and interest rate.
How to Get Mortgage Rates
WFCU offers competitive mortgage rates that can vary based on your credit score, down payment, and the type of mortgage you’re applying for. To get the best mortgage rates:
Online Mortgage Calculator: WFCU provides an online tool where you can input your information to receive estimated rates.
Contact a Mortgage Broker: RateShop Mortgages works closely with WFCU brokers to ensure you get the best available rate.
Mortgage Rate Alerts: Sign up for mortgage rate alerts from WFCU to stay informed about market changes and rate promotions.
Mortgage Pre-Payment Options
WFCU offers flexible pre-payment options to help you pay down your mortgage faster and save on interest. Available options include:
Pre-Payment Privileges: Make lump-sum payments of up to 20% of your original mortgage balance each year without penalty.
Increased Payment Options: Increase your monthly payments by up to 20% to reduce your mortgage term.
Double-Up Payments: Make double your regular mortgage payment at any time, allowing you to reduce the overall interest you pay.
For expert advice on your mortgage options or to explore more about Windsor Family Credit Union’s offerings, connect with a RateShop Mortgage broker today. With their dedicated support and personalized service, they will help guide you to the best mortgage solution tailored to your needs.
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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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