Built just for you
Northern Lights Credit Union offers competitive mortgage rates, flexible payment and term options and professional advice.
Whether you are buying your first home, buying your next home or renewing or refinancing, Northern Lights Credit Union has the products and expert local advice that will make the process smooth and painless.
Buying Your First Home
Purchasing your first home can be one of the most exciting and memorable experiences of your lifetime but make sure you are doing everything you can to make it a positive experience. If you need assistance in finding a home, consider talking to a local realtor. A realtor can help find a home and with the process of making an offer.
A home inspection is strongly recommended and can usually be found by talking to a realtor. You may feel rushed to get in an offer but an inspection may save you a lot of headaches and money down the road.
Buying Your Next Home
There are plenty of reasons to buy a new home: your growing family needs more space, you would like to move to a new area or even a new town or city among many others. You may want to sit down with your family and discuss what is important in a new home and compare that to the real estate prices in the desired area to see if it is practical.
You should have some equity built in your current home through your payments and hopefully some property appreciation. The more you can put down on your next home, the better position you will be moving forward avoiding interest on excess funds.
One thing to consider regarding your current mortgage is breaking the contract and incurring penalties. If you stick with the same lender you can usually avoid these penalties. Ensure you have this sorted out before you make an offer on a new home or you could be hit with an unexpected cost.
Renewing or Refinancing
If you choose to stay with your current lender, renewing is usually a breeze. You may be able to adjust things such as rate, term, amortization and payment schedule at this time.
Refinancing can be a powerful tool if you if you wish to consolidate some other debt or pull some equity from your home to do renovations. If you are changing lenders, ensure you have all the costs associated with a refinance on the table such as new appraisals, legal costs and penalties.