Good Friday
Cambrian Credit Union will be closed on March 29 for Good Friday.
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New envelope-less Cambrian ATMs
Our new ATMs no longer require envelopes for cash or cheque deposits. To learn more and view the list of new ATM locations, click the link below!
New ATMs
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Notice of AGM
Join us virtually at our 65th Annual General Meeting on April 16th.
Pre-register today.
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Director Election
Cast your vote for the 2024 Election of Directors today!
Vote today.
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Buy a cottage with a Cambrian mortgage

Finance your cottage with a residential mortgage rate.

Why Cambrian? Our purpose is to save, solve and simplify.

Lock in our Best Rate Guarantee and save thousands with a low residential mortgage rate.

Save with residential mortgage rates.

When you get your cottage mortgage with Cambrian, you benefit from getting a residential mortgage rate.

And when it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

Save even more with our Special Offer Mortgage Rates for cottage mortgages.

For example, on a $500,000 cottage mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $4,810 less interest cost.

Lock in your mortgage rate with Cambrian’s Best Rate Guarantee.

On the date you apply for a Cambrian mortgage, either online or with a Personal Banking Advisor, we automatically lock in our fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.

Take advantage of local expertise.

We have extensive experience with cottage mortgages. Our advisors intimately know the Manitoba market because they live and work here.

For example, we know that many local cottages are on government or leased land, so we finance those as well. And many Manitobans have cottages in Ontario, so Cambrian also finances cottages in Northwest Ontario.

Contact us to review the details of the cottage property you would like us to mortgage.

Get personalized, honest advice about your mortgage.

At Cambrian, we make what you may consider complicated, like buying a cottage, simple.

We evaluate each situation individually and make our honest recommendation based on what we feel is best for your overall financial wellness. We will listen to your needs and clearly explain all your options so that you can make the decision that is best for you.

Save thousands with our Special Offer Mortgage Rates

When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

For example, on a $350,000 mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $3,370 less interest cost over the 5 year term.

Special Offer Mortgage Rates cannot be combined with any other mortgage offer.

Special Offer Mortgage Rates apply to new purchase, transfer and refinance for residential and cottage mortgages. Excludes rental property and commercial mortgages. Must have net new funding of $200,000 or more. Rates subject to change without notice.

3 year fixed special offer
5.30
%
4 year fixed special offer
5.20
%
5 Year Fixed Special Offer
5.05
%

Reach us when and where
you need us.

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Same-day response to your mortgage application.
  • Online applications will be reviewed within one business day.
  • Credit decisions are made locally ensuring a quick turnaround time.
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Our average call response time is under 1 minute.
  • When you have questions, you can reach us in minutes (not hours).
  • Our contact centre representatives are personable and local.
You don’t need to come into the branch.
  • Book a meeting online to meet with an advisor by video or phone.
  • You can meet with any of our available advisors at the time that suits you best.

Top 5 things to know about buying a cottage

1. Have your down payment ready

When purchasing a cottage, you need a minimum down payment of 25% of the purchase price of the cottage. You cannot use the Home Buyers’ Plan to fund a cottage mortgage, which means you’ll need to tap into your other savings or the equity of your home.

2. Know what you want in a cottage

Buying a cottage can provide joy and relaxation for your family for years to come, but there are many things to think about before going out and buying your slice of paradise. Here are things you should consider:

What types of activities are you looking for?

How will you get to the cottage?

Where do you want to purchase?

What are your options for water and electricity?

3. Understand the costs involved in ownership

Cottages have different expenses than a residential home. A water-accessible cottage means you’ll need to buy and maintain a boat. Consider the cost of gas to travel to your cottage as well as any additional costs for drilling a well or pumping water from the lake or keeping the cottage heated over the winter.

You may also consider renting a cottage in your chosen region to get a sense of what to expect if you decided to buy your own.

4. Get pre-approved

Before cottage-hunting, it’s important to first get pre-approved for a mortgage. This will confirm the maximum mortgage you can afford so you can keep your search within your price range.  And it will also make you a more attractive buyer since your financing has been pre-approved with a financial institution.

5. Save time

You can complete the mortgage process with us without needing to step foot in a branch. You can apply online, meet with an advisor via video and we can send the mortgage documentation to your lawyer for signature.

Find these tips and more in our helpful blog articles:

Frequently
Asked Questions

What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?

The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.


The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a 3-month interest penalty will apply.  


The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.


Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.

Can I get notified when Cambrian mortgage rates change?

Yes, you can sign up for alerts when interest rates change.

  1. Login to Online Banking
  2. Select your name in the top right menu and click "Profile & Settings"image.png
  3. Under "Alerts" click the arrow beside "Rate Changes"image.png
  4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.

Yes, you can sign up for alerts when interest rates change.

1. Login to Online Banking

2. Select your name in the top right menu and click "Profile & Settings"

Profile.jpg

3. Under "Alerts" click the arrow beside "Rate Changes"

Mortgage-Rate-Alert.jpg

5. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.

Do you offer mortgages for cottages outside of Manitoba?

Cambrian can finance cottages in Manitoba and Northwest Ontario. Contact us to review the details of the property you would like us to mortgage.