Your Neighborhood Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Your Neighborhood Credit Union: Partnering with RateShop Mortgages for Personalized Mortgage Solutions
History as a Mortgage Lender in Canada
Your Neighbourhood Credit Union (YNCU) has been serving Ontario communities since 1945, providing community-focused banking solutions. Formed through multiple credit union mergers, including the significant partnership with Community First Credit Union in 2013, YNCU now serves over 50,000 members with assets exceeding $3 billion. As a full-service financial institution, YNCU offers competitive mortgage products designed to meet the needs of local homeowners and businesses.
Types of Mortgage Products & Programs
YNCU offers a wide array of mortgage products tailored for residential and commercial clients:
Residential Mortgages:
Fixed-Rate Mortgages: Terms from 1 to 5 years, ensuring predictable payments.
Variable-Rate Mortgages: Linked to the prime rate, offering potential savings when rates decrease.
High-Ratio Mortgages: Available with as little as 5% down, subject to mortgage insurance.
First-Time Home Buyer Program: Special rates and incentives to ease the home-buying process.
Home Equity Line of Credit (HELOC): Access up to 80% of your home’s value.
Commercial Mortgages:
Financing for commercial properties, including retail spaces, office buildings, and multi-residential units.
Construction Loans: Flexible financing for residential and commercial development projects.
Minimum Credit & Income Requirements
YNCU’s flexible lending criteria accommodate various borrower profiles:
Credit Score: Minimum 650 for conventional mortgages; options available for lower scores with higher down payments.
Income Requirements:
Salaried Employees: Recent pay stubs, T4 slips, and employment letters.
Contract Employees: Documented contract history.
Self-Employed Borrowers: Minimum 2 years of financial statements or stated income programs.
First-Time Home Buyers: Minimum 5% down payment with mortgage insurance.
Mortgage Underwriting Criteria for Approval
YNCU’s underwriting process considers:
Debt-to-Income (DTI) Ratio: Typically up to 44%.
Loan-to-Value (LTV): Up to 95% for insured mortgages; 80% for conventional loans.
Stress Test: Applicants must qualify at the higher of the contract rate plus 2% or the Bank of Canada’s qualifying rate.
Property Valuation: Independent appraisal required.
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*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
YNCU primarily operates in Ontario, with 17 branches across regions such as:
Hamilton
Kitchener-Waterloo
London
Windsor
Sault Ste. Marie
YNCU’s online banking and mobile services ensure accessible mortgage support throughout Canada.
Mortgage Application Checklist
To apply for a YNCU mortgage, prepare the following:
Government-issued ID
Proof of income: Recent pay stubs, T4s, or business financials
Credit report: Pulled by YNCU
Property details: Purchase agreement or MLS listing
Down payment verification: Bank statements or investment records
How to Start a Mortgage Pre-Approval
Consult a RateShop Broker: Receive expert advice and personalized mortgage solutions.
Submit Documentation: Provide income, credit, and property information.
Receive Pre-Approval: Valid for 90 to 120 days, giving you a clear budget.
How to Get Mortgage Rates
Online: Check RateShop’s website for the latest YNCU mortgage rates.
Broker Assistance: RateShop brokers secure competitive, customized rates.
In-Branch: Visit a local YNCU branch for personalized consultations.
Mortgage Pre-Payment Options
YNCU offers flexible pre-payment features to help you pay off your mortgage faster:
Annual Lump-Sum Payments: Pay up to 20% of the original principal annually.
Increased Payments: Increase regular payments by up to 20% each year.
Double-Up Payments: Make extra payments equal to your regular installment.
Your Neighbourhood Credit Union, in collaboration with RateShop Mortgages, provides tailored, community-focused mortgage solutions. With competitive rates and a commitment to member success, YNCU helps you achieve your homeownership goals with confidence and ease. 🏠
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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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