First Time Home Buyers

Thinking about buying your first home? Let Healthcare and Municipal Employees' Credit Union assist you on your journey to homeownership. At HMECU, we are committed to helping you every step of the way to home ownership with competitive rates, flexible terms, and expert financial advice.

Click on the tabs below to learn about your Mortgage Features, the Purchase Plus Improvements Program, the Home Buyers' Plan; or click on the Additional Resources tab for some great tools available for first time home buyers.

Join HMECU

Features

Knowledgeable, Friendly Staff

We will discuss all costs associated with purchasing a home. Some costs you may not have thought about including closing costs and lawyer's fees.

Free Financial Planning

Meet with one of our commission-free, salaried Financial Planners. Receive free budgeting advice to get your started on your journey to buying your new home. Our Financial Planners will also help you utilize the latest government first time home buyers' incentives.

Get Pre-Approved

Find out how much you can afford to spend when buying a house, as well as receive a 100 day Best Rate Guarantee.

Best Rate Guarantee

During the pre-approval, you will be quoted a Best Rate interest rate. If interest rates climb while you are looking for your new home, we will honour the rate that you were given during your pre-approval.

On the other hand, if interest rates go down while you are looking for your new home, we will honour the new, lower rate.

Your Choice of Payment Schedule

Weekly, bi-weekly, semi-monthly, monthly or accelerated payments - whatever works best for you!

Pay Off Your Mortgage Faster

Three options are available to help you pay down your mortgage quicker:

  • Prepay up to 10% of the original principal
  • Double up your payments at any time
  • Increase your payments by 25% without penalty

Skip a Payment

At HMECU, we understand that unexpected events come up.  You'll have the option to defer a payment once a year if the need arises. Click here for more information on unexpected events.

Insurance

Ask our helpful staff about your insurance choices to help protect you and your investment. Click here for more information on insurance options.

Purchase Plus

Don't forget about our Purchase Plus Improvements program!

With as little as 5% down payment, let HMECU help you turn that existing or newly constructed house into the perfect home by incorporating tailored improvements immediately after taking possession.

The Purchase Plus Improvements program is ideal for members looking to purchase a home that has great potential but needs a little TLC.

For more information, contact your branch or visit the Genworth Canada website.

Home Buyers' Plan

The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $25,000 in a calendar year from your RRSP's to buy or build a qualifying home for yourself or for a related person with a disability.

The amount withdrawn from your RRSP's is not taxed at the time of withdrawal. You must pay back the full amount borrowed from your RRSP's within 15 years.

For more information, contact your branch or visit the Canada Revenue Agency website.