Financial Success

Buying a House? What Type of Mortgage Is Right For You?

Buying a home and becoming a homeowner is an exciting time in life that requires you to know a bit about the steps to get into your new home and the types of mortgages available.

Knowing the many mortgage options can help you select the mortgage that’s right for you. The 3 key areas to select from include rate type, payment schedule and amortization period (this is the length of time to pay off your new home).


FIXED-RATE: The interest rate and payment amount are locked in over the term. Great for those who want the security of knowing their payments will remain the same.

VARIABLE RATE: The interest rate will fluctuate with the Prime rate over the term of the mortgage. Great for those who think rates will decline so they can pay down more principal.

FIXED & VARIABLE RATE: A mortgage with a mix of fixed-rate and variable-rate components. Great for those who want the security of a fixed rate with the flexibility of a variable rate.


MONTHLY: You make 12 payments a year due on the same day of every month. Great for those who want to keep flexibility in their budgets.

ACCELERATED BI-WEEKLY: Your monthly mortgage payment is divided in two and that amount is due every two weeks. Great for those who want to save in interest and pay off their mortgage faster.

WEEKLY: Your monthly mortgage payment is multiplied by 12 months and divided by 52 weeks to get a weekly payment amount. Great for those who use a weekly budget to keep close track of their finances.


AMORTIZATION PERIOD: 25 years is typical. A great choice for first-time buyers with less than a 25% down payment.

TERM LENGTHS: Term length can range, but many first-time buyers choose 5 years. Great for those who want to lock in their interest rate for a longer period of time.

Speak with one of our North Peace Savings and Credit Union Advisors who will find the right mortgage for you. Get started today! Contact an NPSCU Financial Advisor at 1-877-787-0361

Financial Success | Presented by North Peace Savings and Credit Union

By Financial Success | Presented by North Peace Savings and Credit Union

Shannon Luscombe is a Manager Retail Advisor with North Peace Savings and Credit Union with a decade of experience working within the Credit Union system. She moved from Vancouver Island in 2019 to be with her husband who works in the Oil & Gas industry bringing with her Credit Union knowledge and experience to join the NPSCU team. She has a passion for helping Members succeed in achieving their financial goals, by sharing strategies and advice gained from a combination of education and experience in the financial industry.

Shannon says “the friendly people of Fort St John have made me feel right at home here and I am loving Northern life. I enjoy exploring the Peace region and all the beauty it has to offer with outdoor hiking, biking, and kayaking.”

Book an appointment with Shannon today 1-877-787-0361

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