Canada Post Service Resumed

Expect delays while service stabilizes. Access your important financial documents online.

Holiday Hours 2024

Cambrian Credit Union will close at 3:00 PM on Tuesday, December 24. We will be closed on December 25 & 26. Happy holidays!

Having issues logging into our newly updated Mobile App?

Follow these steps to resolve the issue.

Learn More

Call for Nominations

The Call for Nominations for the 2025 Board of Directors' Election is now open! We will be accepting nominations until January 3.

Learn more.

Get the right mortgage for your first home

Save money & simplify your first mortgage by financing locally.

set link

Help me choose

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

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

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 $3,340 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

4.10 %

4 Year Fixed Special Offer

3.99 %

5 Year Fixed Special Offer

3.99 %

set link

View all mortgages rates

Try our Mortgage Affordability Calculator to see how much you can afford.

set link

Mortgage Affordability Calculator

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 1 – 5 year fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.

set link

Save $234 every
year with Unfee.

Moving your daily banking account to Cambrian will save you money every year with Unfee.

Bank for free by setting up a monthly direct deposit in your Cambrian chequing or savings account and we’ll refund your service fees every month. With our Premium Account, you will save $234 every year. No minimum balance required.

set link

Start banking for free

Try our Mortgage Comparison Calculator to see how much you can save with Cambrian.

set link

Mortgage Comparison Calculator

Get personalized,
honest advice about your mortgage.

At Cambrian, we aim to make what you may consider complex, like your first mortgage, simpler. We evaluate each situation individually and make our honest recommendation based on what is best for you, our member.

set link

Book a meeting

“My Cambrian advisor ensured we got a peace of mind in purchasing our first home and for myself to payoff loan, he was very thorough and professional. They will go out of their way to give you the best advice and support you throughout the process. I did recommend Cambrian to friends and family who are happy about the service as well. Thank you team!”

‍

Anika

experience with Cambrian

01 / 05

How does applying for my first mortgage work?

Step 1:

Apply online

You can apply for a mortgage online at anytime.

You will need the following information (if joint borrowers, you will need the information for both borrowers):

‍

1. Employment information, including your gross monthly salary (before taxes and deductions)

‍

2. Information about your assets, such as:

• Properties you own

• Vehicles you own

• RRSPs & investments

• Chequing and savings balances

‍

3. Information about your debt payments and liabilities, which include:

• Mortgages

• Loans

• Credit cards

• Rent & lease payments

‍

4. We may also need you to provide us with the following documents:

• Valid photo identification

• Income verification (pay stub, T4, etc.)

• Statements (bank, credit card, etc.)

• Tax return

Step 2:

Book a meeting

We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).

Step 3:

Get pre-approved

We will provide you with a pre-approval confirmation which outlines your maximum mortgage amount and the maximum purchase price that you can afford. You can now go house hunting with confirmed mortgage financing in place - this makes you a pre-qualified buyer.*

‍

*When making an offer to purchase, ensure you leave at least one week to finalize the mortgage financing.

Step 4:

Finalize your mortgage

Once your offer is accepted, let us know immediately.

‍

We will arrange a property appraisal, if required. A formal property appraisal may be required to confirm the value of the home. The amount of mortgage financing is dependent on the value of the home.

‍

We will also help you choose the mortgage option that is right for you. We will clearly explain the different types of mortgages (variable closed, variable open and fixed rate) and the mortgage payment options (monthly, bi-weekly, weekly). You may also choose to make accelerated bi-weekly or weekly payments - this means you’ll make an extra mortgage payment with every scheduled payment, reducing the interest you’ll pay.

‍

Step 5:

Sign mortgage documents

We will draft the mortgage documents for your signature and review together via video or in-person.

‍

If in person, you will sign the mortgage documents in-branch.

‍

If by video, we will send the mortgage documents to your lawyer. You will sign these when you meet with your lawyer to go over all the home purchase documents.

Step 6:

Move in!

On possession date, you get the keys to your new home! Your mortgage payments will start after your possession date, as per the timing detailed on your mortgage documents.

‍

Now all you need to do is make this house your new home!

set link

Start the process by applying online

What are your Payment Protection options?

Payment Protection is optional and covers your mortgage payments in the event you become sick or injured, or pays off your full insured mortgage balance if you pass away.

*Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.

set link

Discuss payment protection with an advisor

Reach us when and where
you need us.

We know your time is precious, so we strive to make your experience quick and seamless.

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.

Set Link

Apply now

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.

Set Link

Get in touch with us

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.

Set Link

Book a meeting

Top 5 things to know when buying your first home:

Cambrian has helped thousands of members become first time home buyers and these are the top 5 things we think you should know.

1. Get pre-approved

Apply to get pre-approved before you start house hunting so that when you find your perfect home, you are ready to make an offer. This will confirm the maximum mortgage you can afford and will make you a more attractive buyer since your financing has already been pre-approved with a financial institution

2. Home buyer assistance

Research the government programs to help first time home buyers including the First Time Home Buyer’s Incentive, the RRSP Home Buyer’s Plan and the First Time Home Buyer’s Tax Credit.

3. Down payment and closing costs

You need to have a minimum down payment of 5% of the home’s purchase price to qualify for a mortgage. If you have less than 20% down payment, you need to have mortgage default insurance; the cost is added to your mortgage amount. You will also need to budget 1-2% of the purchase price for closing costs, which are payable at the end of the process, when you are taking possession of the house.

4. Choosing a mortgage

There are different types of mortgages and each type has a different interest rate. You will need to choose between a variable closed, variable open and fixed mortgage type. The right mortgage depends on your personal circumstances or preferences.

Frequently
Asked Questions

How do I qualify for a mortgage?

To qualify for a mortgage, you must have a minimum 5% of the purchase price of the home as a down payment. You also need to satisfy certain lending criteria to ensure you are financially able to make your mortgage payments.

You may also qualify for the First Time Home Buyers Incentive.

The best way to know if you qualify for a mortgage is to apply or to book a meeting with one of our advisors.

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"

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

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.

How do I calculate how much mortgage I can afford?

With our Mortgage Affordability Calculator, it takes 2 minutes to know how much mortgage you could afford.

The amount of mortgage you can afford depends on household income, monthly personal expenses (debt payments & other) and costs related to the home you want to buy (property taxes, heating and if applicable, condo fees).

The best way to confirm your maximum mortgage amount is to apply to be pre-approved for a mortgage, as we will review and validate your financial situation

What does it mean to be pre-approved for a mortgage?

Getting pre-approved for a mortgage means we will review your financial situation and confirm the maximum mortgage amount that you can afford.

This allows you to narrow your search to the homes you can comfortably afford.

Being pre-approved also gives you several advantages:

You can make an offer right when you find the home you love.
At Cambrian, as soon as you apply to be pre-approved, we lock in our Best Rate Guarantee for you for up to 4 months.

After you submit your application online, we will contact you within one business day to obtain all the required information. Once you have provided the information, your pre-approval should be completed the next business day.

Apply online or contact us for more information.