Posted on August 25, 2020

Live Your Condo Dreams with Financing Tailored to You

When it comes to condo living, 390 On the River has it all: generous balconies with stunning views, luxe finishes and appliances, fantastic amenities (like a heated parkade), and a riverside location close to Winnipeg’s entertainment district. If it seems like this is out of reach, you might be pleasantly surprised by the customized financing Steinbach Credit Union is offering exclusively for 390 On the River buyers.

There’s a lot to consider when you’re shopping around for a mortgage. Since everyone’s financial situation is different, SCU works closely with each buyer to find the right solution based on their full financial picture. It’s not just about securing a mortgage, but rather, creating a tailored plan that suits all of your savings and borrowing needs.

 

Unique mortgage solutions

As with most financial institutions, you’ll be able to choose between a variable or fixed-rate mortgage. SCU is offering special rates for 390 On the River buyers, from 1.55% to 2.10%, depending on the type and term you choose.

But it’s not just highly competitive rates that matter, so SCU has built in solutions to meet a variety of needs and situations.

Maybe you’re a bit short on a typical down payment? While a 20% down payment is considered standard, SCU has a low down payment option for those who haven’t amassed as much in savings but can carry the cost of mortgage payments.

Perhaps you’d rather pay a bit more in the long-term to reduce your monthly or bi-weekly payments? As a 390 On the River buyer, you can amortize your mortgage over a period of up to 35 years — a decade longer than the typical 25-year amortization. Yes, you will pay more interest in the end, but it can be the ideal solution for some people.

An additional attractive feature of SCU’s offering is you’ll have prepayment privileges, which allows you to prepay up to 20% of the principal (the initial value of your mortgage, before interest) each year — which helps you pay off your mortgage faster.

 

Easy application process

One of the great things about buying a new condo suite at 390 On the River is the ease of the process. If you choose to finance your mortgage with SCU, a specialist will walk you through the application process and keep it as simple as possible. And because you’re buying a new unit as opposed to a previously owned condo suite or house, you won’t have to worry about getting a property appraisal or survey, and there are no closing costs.

 

Pre-Approved Line of Credit

390 On the River buyers who finance their mortgage with SCU will be pre-approved for an unsecured line of credit up to $30,000. The big benefit of a line of credit is it typically has a lower interest rate than a credit card or personal loan, so they really come in handy when you’re making big purchases or have an unexpected sizable expense (like vehicle repairs) that you’ll need to pay off over a few months. Much like their mortgage solutions, the added line of credit is all about making your homeownership journey as simple as possible.

 

To get in touch with an SCU lending specialist, check out our page on this limited-time, exclusive offer.

 

Want to see what your life could be like at 390 On the River? Contact our agents today for a tour.

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