The variety of interest rates, repayment terms, and down payment amounts can make anyone's head spin. Do you want to buy a house but are confused by the number of offers from different organizations and banks? We advise you to contact a source that knows everything about it! BCU Financial Mortgage Services is a mix of the most suitable and honest conditions. At the same time, the company focuses on interest rates laid down by the Bank of Canada.
Let's examine the main conditions and how to open the loan and get it approved.
Four Types of Credit Union Mortgage Services
The company has been on the market for over 71 years. Many banking institutions cannot boast of this. BCU Financial is based on stability. Therefore, your money, credits, and loans are in good hands. More here www.bcufinancial.com.
Here are four tariffs:
● Fixed Rate. It's one of the popular BCU Financial mortgage services. The essence is a fixed interest rate that does not change.
● Variable Rate. This tariff is the opposite of the previous one. The interest rate is variable. The company checks and adjusts your bills every three months. They may be higher or lower. The changes depend on the situation in the Canadian bank.
● Closed Mortgage. Clients can repay the established amount early without penalties.
● Open Mortgage. You can pay any amount without penalties. However, the interest rate in this case may be higher than in similar tariffs.
Having understood the basics, let's consider the process.
BCU Financial Mortgage Services and The Application Approval Process
You will need to determine your capabilities first. Understanding your finances allows you to plan to buy a house you can afford.
The application process goes through the following stages:
● Collection of all necessary documents. This step includes information on employment and income, absence of debts, etc.
● Submission of an application to the credit union Buduchnist.
● Examine your credit score. It's a scale from 300 to 900. It evaluates your past purchases, how well you've paid your bills on time, and more.
● Specialists process your documents and consider your ability to repay the mortgage monthly.
Remember that BCU Financial Mortgage Services guarantees that your application will be reviewed within no more than 60 days. You should re-submit your request if you have not received a positive response during these two months. We wish you a pleasant housing search and positive results!
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