Home Mortgages
About Mortgages
Welcome to homeownership made simple with CLICO Credit Union’s Home Mortgage. Whether you’re a first time buyer or aiming for an upgrade, our competitive rates, extended repayment terms (up to 30 years), and the opportunity for 100% financing make the Home Mortgage the ideal choice. Your dream home is within reach, and with no cap amount once affordability is achieved, we’re here to guide you every step of the way. Invest in your home, your way, with the Home Mortgage.
Features of the Home Mortgage
- Signed consent clause
- Any two forms of identification from the following (Driver’s Permit, National Identification Card, Government Issued Passport, Electronic Birth Certificate)
- Job letter no older than 3 months
- Most recent payslip or Income and Expenditure Statement with corresponding bank statements for the last 2 consecutive years
- Proof of address no older than 3 months (Supporting documentation if the property is not owner occupied)
- Documents in support of your request
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Got any questions? we’re here to help
Frequently Asked Questions
There is no set waiting period, but lending criteria does apply.
To initiate the process, you’ll need to provide two valid forms of photo identification, a current job letter, payslip, and proof of address. Furthermore, additional documentation may be required later in the process.
A mortgage loan is a type of loan specifically used to finance the purchase of real estate, typically a home. In a mortgage loan agreement, the borrower (homebuyer) agrees to repay the lender (usually a bank or mortgage company) over a set period, typically ranging from 15 to 30 years. The loan is secured by the property itself.
The loan amount is determined based on the borrower’s ability to service the loan.
To begin the mortgage loan application process, simply send an email to mortgages@clicocu.com. Our team will guide you through the next steps and provide you with all the necessary information and documentation requirements to complete your application.Â
You must be a member of CLICO Credit Union to apply for the Mortgage Loan immediately. Our team will guide you through the membership process, ensuring you have access to all the benefits and services offered by our credit union. Email us at bdteam@clicocu.com or fill out the form at the bottom of this page.Â
Yes, for the mortgage loan, it is required that you have a minimum balance of 5% of the requested loan amount in your shares.Â
The interest rate for this loan product ranges from APR 4.5% to 6.0%. The interest rates for the Mortgage loan will be determined based on various factors such as your Debt Service Ratio (DSR), Credit Score, and repayment history. Our lending team will work closely with you to provide the most favourable interest rate based on your circumstances.
The Mortgage Loan carries a maximum repayment term of up to 30 years.
Members can access 100% financing of the property once they have accumulated 5% of the property’s value in shares. This accessibility makes it an attractive option for aspiring homeowners.
The preferred form of repayment is via salary deduction.
Yes, this is one of the features of The Mortgage Loan. Consolidating your debts can help simplify your finances and potentially lower your overall monthly payments.
All loans are subject to normal lending criteria. Our lending team will assess your eligibility based on factors such as your terms of employment, income, credit history, and ability to repay the loan.
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