We don’t see a mortgage,
we see home sweet home.
We see banking differently.
We don’t see a mortgage, we see home sweet home.
We see banking differently.
Whether you’re buying your first home, a home-away-from-home or an investment property, Vision can help. Our mortgage specialists are ready to support you with sound advice, attentive service and flexible lending options.
Whether you’re buying your first home, a home-away-from-home or an investment property, Vision can help. Our mortgage specialists are ready to support you with sound advice, attentive service and flexible lending options.
The benefits of banking differently.
Your share of the profit
Last year, Vision Credit Union returned over $34 million in profit shares to our members across Alberta. Find out what your share could be.
Surcharge-free ATMs
Members get ding free® access to more than 1532 credit union ATMs across Canada, in addition to Vision Credit Union ATMs.
100% deposit guarantee
As a Vision member, your deposits are 100% guaranteed by the Credit Union Deposit Guarantee Corporation. This means both the money you put in and the interest earned are safe and secure – up to any dollar amount.
Tiered interest
Save faster by earning higher rates of interest as your account balance grows. Calculated daily, paid monthly.
Residential mortgage
Looking for flexible financing to help you go from big dreams to your dream home? We can help with that. Our lending specialists work with you to arrange financial terms that are convenient and truly affordable, so that your home helps you build a comfortable future.
As a credit union, we work for you.
That’s why we stretch your mortgage dollar with competitive interest rates and no hidden charges or penalties, so that you can be mortgage-free as quickly as possible. Make an appointment with a Vision mortgage specialist today.
Size up your house-hunting budget and learn what you can save through different payment options.
Your down payment: how much is enough?
In Canada, the minimum down payment needed depends on the cost of the home.
- for homes up to $500,000, the minimum down payment is 5%
- for homes that cost more than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
- for homes that cost $1 million or more, the minimum down payment is 20%
Saving for a down payment.
Before you can buy that nest, you need a nest egg. There are a variety of banking options to make growing your savings a little easier, including:
- Automated savings service Set up a regular, automated transfer from your daily banking account to a savings account. You’re less likely to miss the money if small amounts are transferred at regular intervals — twice a month, for example — but small deposits add up over time. Automated funds transfer options are available on our chequing and savings accounts. LEARN MORE
- Tax Free Savings Account (TFSA) A TFSA can be an ideal place to sock away savings for a down payment. Contributions to a TFSA don’t earn an immediate tax break, but any gains you make on your investments are tax free. A TFSA can be used for any savings goal, withdrawals can be made anytime, free of tax, and you can start a TFSA Variable at Vision with as little as $50. LEARN MORE
- RRSP – The Home Buyer’s Plan If you’re a first-time home buyer, the federal government’s Home Buyer’s Plan lets you borrow funds from your RRSP to put towards your down payment. Through the plan, you and your spouse are eligible to withdraw up to $35,000 from your individual RRSPs, interest free. If you repay this amount to your RRSP within 15 years, your withdrawal isn’t taxable. The repayment period starts the second year after you make your withdrawals. Learn about RRSP investments at Vision. LEARN MORE
First Home Savings Account (FHSA)
A self-directed First Home Savings Account (FHSA) is a registered savings account for first-time home buyers to grow their savings tax-free for the purchase of their first home. An FHSA combines some features of an RRSP and TFSA and allows prospective first-time home buyers to contribute $8,000 per year to a maximum of $40,000 over 15 years.
Contributions to an FHSA will be tax-deductible like an RRSP. When a qualifying withdrawal is made, the amount withdrawn is non-taxable, like a TFSA.
Unused contribution amounts can be carried forward to the next year, making your yearly savings goals work for you. Once you’ve purchased your home, any unused savings can be transferred from your FHSA to an RRSP or RRIF tax-free.
To open an FHSA, you must be:
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Between 18 and 71 years of age
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A resident of Canada
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A first-time home buyer
Ready to get started?
Contact your local Vision branch today to learn more and open an FHSA.
Home equity line of credit
If you’re like most people, your home is your most valuable asset. Tap into the equity in your home to purchase a second property, refinance your mortgage, make home renovations and more.
A home equity line of credit works just like a regular line of credit, allowing you to draw what you need and pay interest only on the amount you borrow.
Make an appointment with a Vision lending specialist today.
Financial blogs and community stories
Tools for first time home buyers
Getting into the real estate market is tough. Canada’s mortgage qualification regulations are stringent, and homes cost more than ever before. Fortunately, there are a couple of federal incentive programs to help first time home buyers get into the game.
Say goodbye to your mortgage sooner
Your mortgage payment options determine how much and how often you’ll pay, of course, but they also have a big impact on the final tally for your mortgage.