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Residential Mortgages



Your choice, your dreams, your home. 
 

Whether it's the thrill of buying your first home, the joy of helping a loved one with a down-payment, the excitement of transforming your house into your dream sanctuary, or purchasing a holiday hideaway, Turtleford Credit Union is here to support you.  

Our down-to-earth mortgage specialists, brimming with local insights, ensure that every decision is made with your best interests in mind. Experience rapid, efficient service when you speak with a specialist within 24 business hours. Pre-approved mortgages give confidence in your purchase and peace of mind with a solid 90-day rate guarantee.  

Stride with certainty toward your property goals, bolstered by the unwavering assurance that comes from partnering with Turtleford Credit Union — where confidence in your home financing choices becomes as solid as your dreams.

 
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Phone Us

(306) 845-2105
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Email Us

LendingTeam@turtlefordcu.ca

 
Explore our Mortgage Products 
 

Conventional Mortgage 
Our conventional mortgages include competitive rates, straightforward repayment terms and support from a team of mortgage specialists dedicated to helping your homeownership dreams become a reality.

Features: 

  • Borrow up to 80% of the appraised value or purchase price of the home (whichever is less) 
  • 1-5 year term options 
  • Up to 25-year amortization 
  • Fixed or variable repayment options 
  • Competitive interest rates 
  • Prepayment flexibility 
  • Optional insurance coverage to protect your investment 

CMHC Mortgage 
Mortgage financing through CMHC (Canadian Mortgage Housing Corporation) with flexible down payment options.
Buy a home with as little as 5% down payment 

Features: 

  • Borrow up to 95% (refinancing up to 80%) of the appraised value or purchase price of the home (whichever is less)
  • 1-5 year term options 
  • Up to 25-year amortization 
  • Fixed or variable repayment options 
  • Competitive interest rates 
  • Prepayment flexibility 
  • Optional insurance coverage to protect your investment 
 
Meet Our Lending Team 
 


Julie Brendle 
Loans Manager


Melanie Locke
Loans Clerk/ Loans Officer 


Darcey Jenkins 
Loans Officer


Patricia Fink
Loans Officer 
 
Chat with a mortgage specialist today. 


 
Mortgage FAQ's
  • Amortization is the total length of time for the total repayment of your mortgage. The maximum number of years is 25. 
  • The term is the length of time that you have agreed to for repayment and interest rate. Term lengths can range from 1 to 5 years. 
  • Variable rate means that the interest rate can fluctuate up or down in alignment with changes in prime rate. 
  • A fixed rate means the rate will not change for the length of the term, regardless of what happens with the prime rate. 
  • Depending on the type of mortgage you qualify for, the down payment can be as low as 5% of the purchase price. 
 
  • Yes, if you have a down payment of less than 20%, you’ll need mortgage insurance.
 
  • Yes, you will be required to have fire insurance on your structure (house) for your mortgage. And while not required, additional insurance you can consider are life, disability, loss of employment, and critical illness.
 
  • A mortgage doesn’t typically have a co-signor. Rather, a mortgage would have a co-owner. If you find that you do not qualify for the mortgage on your own, you may consider adding someone to the property and mortgage. This means that person would have a claim on the property and be equally responsible for the mortgage repayment – this person would need to qualify for this loan and have the capacity to repay it within their TDS and GDS ratios.
 
  • A guarantor is someone who will guarantee the repayment of the mortgage. If you are not able to qualify on your own, you may ask a family member or close friend to be a guarantor of your mortgage. It is important to note that the guarantor would need to qualify for this loan and have the capacity to repay it within their TDS and GDS ratios and/or have collateral to offer in support of the mortgage. It is also important to note that a guarantor does not have ownership of the property being mortgaged.
 
  • Absolutely! We highly recommend mortgage pre-approvals to eliminate any guesswork when you are looking for your dream home.
 
  • An appraisal is required for most mortgage loans. An appraisal is a good practice to ensure that the price you are paying for the new home is in line with the market, and not overinflated. It provides an unbiased opinion of a home’s value.  
  • This is also good to know: An approved mortgage loan will reflect the lesser of the appraised value or purchase price. For example, a house is listed at $300,000 however it was appraised at $275,000. This means that the maximum mortgage amount would be $275,000 less the down payment. 
  • TDS (Total Debt Service) refers to the total amount of money that you must pay towards all of your debt obligations, including principal and interest payments, divided by your gross income.  

  • If your TDS ratio is 40%, you can think of it like this – for every $1.00 you earn before taxes and deductions, $0.40 goes to your debt obligations.  

  • It’s important that your TDS ratio does not exceed 40%, or you may not qualify for a loan or mortgage. 

  • GDS (Gross Debt Service) refers to your total housing expenses (mortgage payments, property taxes, and insurance) divided by your gross income.  

  • You want to keep your GDS ratio under 30%, or you may not qualify for a loan or mortgage. 

  • A net worth statement is a snapshot in time of the value of your assets and liabilities.  
  • To prepare a net worth statement, in one column list all the assets that you own along with their dollar value (even if you have a loan against it). This can include investments, major assets like a home and vehicles, pension plans, etc. 
  • In another column, list all the liabilities that you have – this includes loans, credit cards, mortgages, etc.
  • Your net worth is the difference of your total Assets minus your total Liabilities. 
  • A credit score is a number that is provided from a major credit reporting agency – there are 2 in Canada – which reflects how well you manage credit. 
  • You can learn more about credit reporting here Credit report and score basics - Canada.ca 
  • If you don’t have a credit score yet, there are ways in which you can begin to build it. We would be happy to discuss ways to help you with this. 
 
What to Bring to your Appointment  

Here is a list of information that will be required from you and should be brought to your appointment with a loans officer. 

  • Basic Information (Name, Mailing & Civic Address, Phone number, Email)
  • Social Insurance Number 
  • Photo ID 
    • Photo ID must be government generated 
    • Examples: Drivers License, Passport, Indian Status Card 
    • Photo ID CAN NOT be expired 
  • Second Form of ID 
    • Examples: Health Card or Birth Certificate 
  • Net worth statement 
    • Please bring in a statement of your Assets & Liabilities 
  • Employment Civic Address
  • Income verification 
    • We will require some form of income verification. Tax returns are preferable, T4's may also be used in lieu. 
 

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Thursday 8:30am - 4:30pm
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