Dundalk Credit Union now offers low down payment residential mortgages in an effort to make your home ownership dream a reality. In the past year a partnership was developed with Genworth Canada to enable Dundalk Credit Union to offer insured high ratio mortgages to home buyers. In Canada, mortgage insurance is required on mortgages with a down payment of 20 per cent or less. This insurance protects the credit union in case of borrower default.
Mortgage Insurance can help you achieve the dream of home ownership sooner by allowing you to purchase a home with a small down payment, and still benefit from the competitive interest rates that buyers, who have more savings to use as a down payment on a home, enjoy. Mortgage insurance premiums are based on the amount of the mortgage. Our mortgage lenders will be happy to answer your questions and help you get a mortgage that works for you.