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.

Answer #1 - Mortgage Insurance

First off, let me start by saying thanks for all your participation in our little survey on Mortgages. That is exactly the type of feedback we’re looking for from our members, as communication can not only help you but help us as well.

By the looks of things there seems to be a bit of apprehension in all the aspects of searching out the perfect mortgage for your home purchase, so over the next couple weeks we’ll be taking time to answer all your questions.

We’re going to start with Mortgage Insurance and work our way from there, and for this we contacted our Credit Union’s CUMIS representative Shelley Brown, and asked her what type of insurance is available.

“We offer insurance protection on all of our mortgages. Our members are able to protect themselves with Life, Critical Illness, Sickness and Accident Coverage and Loss of Employment Coverage. This coverage can be applied for at any time during your mortgage, so if you have not protected yourselves, please contact HCCU’s Mortgage Department for more information.”

Thanks Shelley! And like she said if you’re looking for more information feel free to comment below or contact our mortgage department at either branch.

Don’t forget to check back in a few days for more answers to your mortgage questions.

A Mortgage Survey

With the snow disappearing from the front lawns of homes, many of you will begin the search for that perfect home of your own. HCCU is interested in knowing where the trepidation may lie so we can help you through this important process. Please take a quick second to complete the survey so that we can start providing some answers in the coming weeks.

more at twiigs.com...

We thank you for your time. If there’s something we missed please feel free to comment, and remember to check back in the coming weeks for some answers to your questions.

Our First Interview

One of our very own, who had recently become engaged, has just finalized the deal on buying her first home. We sat down with HCCU Office Supervisor Sarah Dunsmuir to ask how she and her fiancé found the experience of buying their first house.

Let me begin by saying congratulations. How does it feel to be a first time home buyer? Exciting! I’m really looking forward to the Freedom and Independence that comes with owning my own home.

How long were you in the market for? We had been talking about getting our own place for about a year now, but we started our actual shopping three months ago and finally found a place that suits our needs.

What kind of planning was involved in the process? To begin with we had to figure out how we could afford such a thing. We both were carrying some personal debt and didn’t have anything set aside for a down payment. These were all things we knew we’d require.

Who helped you with all the decisions around home ownership? Well we first talked to a mortgage representative at the Credit Union. She told us what kind of deposit we would need to buy a house in the price range we were hoping for.

Did your family help you with any of the planning? To be honest they were just a pain. Just kidding, they did provide moral support along the way.

How were you able to save up the down payment? The first step was taking a look at our current situation. We were able to consolidate all our debt with a personal loan through the Credit Union. This eliminated both our car loans and the two credit cards we had. Then we cancelled the one card to keep spending under control. This freed up a lot of income to use towards our savings and helped eliminate some of our debt so we could qualify for the mortgage. We then laid out a budget for our spending and began to put aside every extra penny.

What other costs are you expecting? Well we’ve all ready put the down payment towards the house. We know we have lawyer’s fees, and since we’re only putting down 5% of the purchase price as a down payment we have our fee to CMHC (Canadian Mortgage and Housing Corporation). That will get us in the door, then we start saving to furnish the place.

Any advice for others in your position? Save early and save often. I can’t stress that enough. Also keep credit to a minimum. Especially the high interest credit cards. That kind of debt should be consolidated immediately.

Thanks Sarah, and Good luck with the new home.

If you have any questions regarding home ownership please, comment below or contact us here at the HCCU and we’d be happy to help.

HCCU is Handing Out iPods

There are quite a few things that I associate with the coming of spring. There’s the first exposure of muddy grass on everyone’s front lawns. There’s that final dump of snow that always seems to be the big one. Let’s hope what I’m referring to can be the one we just experienced. Of course there are the chirping birds, and the budding trees, and the streets packed with people on that first moderately warm day all dressed like they’re strutting down the promenades of South Beach. And then there is the HCCU Spring Raffle, which is once again upon us.

The HCCU Spring Raffle is always one of our biggest fundraisers generating more than $15,000 for the Cancer Assistance Program over the past 10 years.

During those years we’ve given away such prizes as Barbeques, Patio Sets, Bicycles, Tiger-Cat Tickets, Spa Packages and this year, to keep with the theme of modernization, we have two iPod Nano’s to give away.

We’ll also have a few additional prizes made up of Tim Horton’s Gift Certificates.

All of these prizes have been bought by the Credit Union and donated to the raffle so that all of the proceeds go directly to the Cancer Assistance Program to assist in their amazing cause.

As usual tickets are $2.00 each or 5 for $5.00 with the draw to be held on Thursday May 1st.

So get yourself in to the office and score yourself a chance to win. But cross your fingers cause you’ll have to be luckier than me.

In two weeks time is our Annual Meeting and if you’ve never been this is definitely the year to attend.

Why you ask?

Fist off the Annual Meeting is an important part of the Credit Union’s democratic existence. It is where you the members can vote on who sits on your Board of Directors. The Board of Directors is a crucial element to any Credit Union as they are charged with the conduct and management of its affairs.

You yourself can also run for a position on the Board if so inclined.

Secondly, you get to learn a bit about how your Credit Union is operating. You get to hear from your Credit Union managers on how we preformed throughout the fiscal year. You’ll hear from both our internal auditors and external auditors on what their reporting has found. It gives you a chance to ask any questions you have regarding where your Credit Union is heading. Any concerns you may have on the present or future.

Thirdly, you’ll get to be introduced to our new General Manager Malcolm Stoffman, and hear from him where he sees your Credit Union heading.

Last but not least, as with everything relating to your Credit Union, it’s a warm and friendly atmosphere, including food and refreshments, gifts and prizes including a cash prize of $100!

We’d love to see you out there. If you do plan to attend or if you have any questions regarding the Annual Meeting leave a little note in the comments below.

HCCU Annual Meeting – Tuesday, March 4th 2008 beginning at 7pm at Liuna Station. 360 James St N. Hamilton ON

A Little Credit Union Humour

Considering the poor weather we've had these last few days we thought we'd brighten your day with a little Credit Union humour.

Click the banner below to see a spoof on the famous Mac vs. PC ads with a Credit Union twist.

Reminds us of a certain Participation Rebate.