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

  • Secure Your Dream Home with CCU Members Rates

    The Home Mortgage from CLICO Credit Union offers competitive rates ranging from 4.5% to 6%, ensuring that members access some of the best rates available in the market for their home financing needs.

  • Up to 30 Years for Comfortable Payments

    Enjoy extended repayment terms with the Home Mortgage, offering up to 30 years for payment. This ensures that members can comfortably manage their monthly payments and achieve homeownership without unnecessary financial strain.

  • 100% Financing

    Unlock the potential for homeownership with the Home Mortgage. Members can access 100% financing of the property once they have 5% of the property value in shares, making it an accessible option for aspiring homeowners.

  • No Cap Amount

    The Home Mortgage is designed to cater to varying property values. Once members can afford it, there is no cap amount, providing flexibility for individuals with diverse housing preferences and needs.

  • Invest in Your Home, Your Way

    Whether you're a first-time homebuyer or looking to upgrade, the Home Mortgage empowers you to invest in your home on your terms. Enjoy the benefits of homeownership with a tailored and affordable mortgage plan.

  • Continue earning while borrowing

    Unlike other loans, this loan allows you to continue earning dividends on your shares, ensuring your money works for you even as you pursue your financial goals.

  • Requirements

  • 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

 

Got any questions? we’re here to help

Frequently Asked Questions
Can’t find what you’re looking for? don’t hesitate to reach out!
How Soon Can I Access a Loan After Becoming a Member?

There is no set waiting period, but lending criteria does apply.

What Documentation Do I Need to begin my Mortgage loan process?

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.

What is the Mortgage Loan?

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.

How Is the Loan Amount Determined?

The loan amount is determined based on the borrower’s ability to service the loan.

How Do I Apply for The Mortgage 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.

Can I Apply For The Mortgage Loan If I’m Not A Member Of CLICO Credit Union?

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.

Do I Need to Have A Minimum Share Balance To Apply For The Mortgage Loan?

Yes, for the mortgage loan, it is required that you have a minimum balance of 5% of the requested loan amount in your shares.

What Is the Interest Rate For This Loan?

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 delinquency history. Our lending team will work closely with you to provide the most favorable interest rate based on your circumstances.

What Is the Repayment Period for The Mortgage Loan?

The Mortgage Loan carries a maximum repayment term of up to 30 years.

How Much Can I Borrow with The Mortgage Loan?

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.

How Can the Loan Be Repaid?

The preferred form of repayment is via salary deduction.

Can I Use the Mortgage Loan To Consolidate My Debts?

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.

Are There Any Specific Eligibility Criteria For The Mortgage Loan?

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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