2021 FALL Mortgage Special

Take advantage of our FALL MORTGAGE CAMPAIGN today! 

For over 65 years, Creston & District Credit Union has been helping residents of Creston Valley with the purchase, renovation or construction of their home.  Whether you are a first time home buyer or an experienced homeowner looking for something new, we have the mortgage product that fits your needs.

*Please note that by choosing to 'Apply Online', you will still be required to meet with a Lending Services Representative to complete the application process.

Conventional Mortgage

There are so many terms to learn when you consider borrowing to purchase a home.  A conventional mortgage is one where a buyer pays a minimum of 20% (as a down payment) of the purchase price of the home.  The remainder is borrowed and is termed a conventional mortgage.

High Ratio Mortgage

It is expensive to buy a house.  In today's market it is difficult to save an adequate down payment because home values have been appreciating so much, for so many years.  Through its crown corporation Canada Mortgage and Housing Corporation (CMHC), the government encourages home ownership by insuring high ratio mortgages.  As a result, purchasing a home is easier and the down payment can be as low as 5%.

Please visit Canada Mortgage and Housing Corporation for the benefits of a low down payment mortgage or come in to our branch and speak with one of our experienced and knowledgeable lenders who assist you in better understanding CMHC's guidelines.

CreditMaster® Mortgage

If you're like most people, your home is your single largest investment.  You want the mortgage on your home to work for you by being flexible, convenient, and helping you meet your family's changing financial needs, whatever they are and whenever they arise.

The CreditMaster® Mortgage offers more options, giving you the choice to mix and match the terms in any combination that works for you.*

With a CreditMaster® Mortgage, you can:

  • have both long term rate stability and low short term rates by segmenting your mortgage into various loan types (i.e. fixed rate mortgage and line of credit)
  • customize to suit your individual needs for any length and any type of mortgage offered by CDCU
  • make monthly payments as low as interest only without penalties on open terms or lines of credit
  • readvance on your mortgage* as your financial needs change without having to pay a new set of legal fees

* subject to credit approval

Mortgage Products

We have several options to help you choose the mortgage type you are looking for.  Open versus closed, fixed versus variable - let us provide you with the information you need about mortgage options. 


An open mortgage give you the ability to repay any amount of the balance owing at any time, without penalty.  Rates are typically higher than closed mortgages, so you can switch to a closed mortgage at anytime.


Our closed mortgages give you the benefit of better rates than open mortgages.  In our effort to assist you in paying down your mortgage faster, our closed mortgage provide you the following benefits:

  • flexible repayment options such as paying up to 20% of the original principle amount once a year on the anniversary date
  • double up your payments on any payment plan you choose
  • accelerate your payments by choosing weekly or bi-weekly payment plans

Fixed Rate

You get to fix your rate for any term you choose, so that your mortgage payments remain unchanged during that time.  You can still pay up to 20% of the original principle amount once a year on the anniversary date.

Variable Rate

The interest rate fluctuates with our prime rate, though your payments remain the same throughout the term you choose.  So if the prime rate goes down more of your monthly payment is applied to principle.  And if prime rate increases more of your payment goes to interest.  You can lock into a fixed rate mortgage at anytime.

View our mortgage rates

How To Apply

Getting approved for a mortgage is quick and easy.  Once you've gone over the information here, contact our friendly, knowledgeable and experienced lenders who will be happy to help you make one of the most important financial decisions of your life!

Contact us or try our Online Application

Here Are Some Tools to Assist You

We will ask you to bring some things into the branch to help us complete your application.

Mortgage Checklist

For more help establishing your mortgage needs we offer a number of calculators to help you.

Mortgage Calculators