First Ontario Credit Union (Company Overview) - Canadian Mortgage Lenders
First Ontario Credit Union is based out of Ontario and offers a variety of different mortgage services and products. They cater to both first time home buyers as well as people more experienced in real estate. Their main office is located in Hamilton, Ontario, and they also have another major office in St. Catherine’s, Ontario. They were also the 2010 National Credit Union Innovation Award winner.
First Call Real Estate Program
First Ontario Credit Union offers a unique program called the “First Call Real Estate Program” which is managed by Canada’s leading real estate agent referral service, All-Purpose Realty. This program is designed to help customers find a real estate agent easier by having one referred to them. First Ontario also offers a number of different credit lines, including a home equity line, a secured line and an unsecured line of credit.
Mortgage Rates and Payment Plans
First Ontario Credit Union offers a guaranteed rate with their mortgages for up to 90 days, which is less than other financial institutions. The rate is also locked for up to 7 years depending on certain factors, which is about average. Their website is easy to navigate and also has a lot of information regarding mortgages, which can be very helpful. This credit union also allows customers to pay off their mortgages faster by either making monthly, bi-monthly, weekly or even accelerated payments. Each year clients can also decide if they want to increase their payments by up to 20%, which is typically lower than other institutions, but will still save money on interest costs.
Customers of First Ontario Credit Union have the option of pre-paying their original mortgage by as much as 20%, which will shorten their mortgage terms, and they are allowed to skip one payment a year, which will protect in cases of unforeseen circumstances like job loss or illness.
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