HCCU Releases a New Website

On June 6th HCCU will be launching their newly designed website and I must say I’m extremely excited about this release. The new website, which will still be located at www.hccu.on.ca has be designed to be information rich and user friendly all while helping to bring important information to you, our members.

Of course the look and feel of the site is a drastic change from our current one. Just click on either image for a larger look and you will see it's a more modern approach to your Credit Union, but still contains that comfortable, personal touch. The first thing you’ll notice is the large information space currently dominated by the "There's no Wii in Win" campaign. This section will be a rotating gateway to new products and promotions from HCCU. See something that catches your eye, but has rotated past to the next offer? You’ll be able to click on the smaller image boxes located below the main display to lock on to that product and read more about it.

Beside our rotating product display will be three important features of the new web site. One is our ever popular quick rates, giving you the up to date information on the current Prime Rate, US Exchange rates as well as our loan mortgage and deposit rates. It’ll also contain a link to all of the Credit Union’s product rates, just as our current Quick Rates does. Below that you’ll find the "Mention it to Malcolm" box. Here you’ll have a direct link to our CEO Malcolm Stoffman where you can share any concerns, questions or praise you may have regarding the HCCU. Below that will be our HCCU 2.0 section. This includes a link to our HCCU Blog, and to our new Facebook group, where if you have a Facebook account you can sign up to receive HCCU updates and promotions directly to your profile. We expect some exciting things to come from both these developments.

Above the rotating product display is the file folder menu bar. Here you`ll find a link to everything that has to do with HCCU. Under "Personal Financial Services" you`ll find links to all your day to day credit union needs like account information, loan and mortgage info, and the ability to apply for any account or lending product online.

Under the "About HCCU" is where you’ll find more information about us the Credit Union. Things like our contact information, hours of operation, and a history of the credit union.

Finally, Under "Tools and Resources" you’ll find information on are partners, current and archived newsletters, financial calculators, and online applications to many of our products.

Of course, we know the primary reason to visit the HCCU website is to access your online banking, which is why we`ve placed a bright green button in the top right of every page that will take you directly to the log in screen so you can access your account with ease.

As you can see there has been a lot of work on developing this site with you in mind. We hope you like the new feel of the HCCU online experience and look forward to your feedback.

Answer #4 – Lawyer's Fees and Closing Costs

We’ve come to the end of our journey through mortgages and by now you’ve seen that there is a lot of information to take in and it’s best to talk to a professional, like our Sarah did, in order to get the best advice.

So when it came to answering questions regarding closing costs, and lawyers fees we went to a professional we trust, Peter Dudzic of Dudzic Law, to get you the right answers.

“Closing costs are comprised of numerous fees, once your lawyer receives instructions for your new mortgage, the property is searched, the mortgage is prepared in electronic format, fire insurance confirmation obtained, tax information obtained, mortgage payout statements will be obtained, they will attend to the clients to sign and attend to the registration of the mortgage. Fees are $500.00 plus GST and disbursements of approximately $450.00 comprised of sub searches, execution search, tax certificate, register mortgage, register discharges, miscellaneous (cheque certification, photo copies faxes etc.) Title insurance is required and Land Transfer Tax will make up the majority of your costs and the amount varies with each property. The total rough estimate is approximately 1.5% of your purchase price.”

For more information regarding lawyer’s fees you can reach Peter Dudzic of Dudzic law office at 905-528-4251 or at peter@dudziclaw.com

This wraps the answers to our mortgage survey. Of course, if you have any additional questions about what we’ve covered or would like information on something we didn’t covered please feel free to contact either of our resident mortgage professionals.

At our Mohawk Branch - Kathy Gordon – 905-383-3395 ext 103 or kgordon@hccu.on.ca

At our King St Branch – Anita Williamson – 905-529-9445 ext 107 or awilliamson@hccu.on.ca

Answer #3 - Who is CMHC?

In our last post we touched on what is required by a down payment, but many of us just don’t have the 20% to put down on the purchase of a house. That is when we turn to CMHC – Canada Mortgage and Housing Corporation. So who exactly is CMHC?

According to their website, “Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. We are committed to helping Canadians access a wide choice of quality, affordable homes, while making vibrant, healthy communities and cities a reality across the country. CMHC works to enhance Canada's housing finance options, assist Canadians who cannot afford housing in the private market, improve building standards and housing construction, and provide policymakers with the information and analysis they need to sustain a vibrant housing market in Canada.”

What does this mean to you, who is looking for a mortgage. Basically CMHC insures your mortgage for a premium allowing you to purchase a home without the full 20% down payment.

The premium charge from CMHC depends on the % of your down payment. 5% down is 2.75%, 10% is 2% and 15% is 1.75%, this premium can be added to your mortgage & is a onetime fee. Eg: a mortgage of $100,000 with 5% down would be $95,000, your CMHC premium of 2.75% added to the mortgage is $2,612.50 bringing your total mortgage to $97,612.50

Answer #2 – Requirements of a Down Payment

In the second part of our response to our Mortgage Survey, we are going to take a look at the Requirements of a Down Payment? For this we’ve gone to our resident expert, and HCCU’s Manager of Lending, Anita Williamson.

“The minimum down payment requirement is 5% which would be a high ratio CMHC (Canada Mortgage & Housing Corporation) insured mortgage. To avoid this cost a conventional mortgage requirement is 20% down. Source of funding would be cash from own resources, sale of property, gift, or an RSP if you’re a first time buyer.”

Thanks Anita, and if you have any additional questions regarding a Down Payment or any other lending question, Anita can be reached at our King St. Branch at 905-529-9445 or by e-mail at awilliamson@hccu.on.ca You can also reach Kathie Gordon at our Mohawk Rd. branch at 905-383-3395 or kgordon@hccu.on.ca

Stay tuned for more answers to our Mortgage Survey.