About Chinook Financial Rates

A division of Connect First Credit Union, Chinook Financial mortgage rates and all mortgage products & services are member and community driven. Mortgage-related information tends to seem complicated to many people, especially first time home buyers looking for a new mortgage, and this is where digging in and researching various scenarios about mortgages is helpful. Everyone has unique mortgage goals, whether it be restructuring a mortgage, renewing a mortgage, utilizing home equity, refinancing a mortgage, taking out a second mortgage, or a new mortgage; Chinook Financial mortgage rates and terms are designed to meet those goals. Mortgage terms go hand in hand with mortgage rates (a general way to understand this is that the longer the term on a mortgage for increased stability, the higher the interest rate). Mortgage rates vary between lenders, as does the mortgage products, so it is a good idea to check around and get a base knowledge of what the average mortgage rates are for the mortgage product you are interested in. Regulations in the mortgage market change from time to time, which does directly affect mortgages and the ability to gain approval on a shorter or longer term mortgage. Home buyers want to ensure they are increasing their 'buying power', which translates into more money being applied to the principal loan.
There are many crazy 'angles' within the mortgage market that leave home buyers scratching their heads. A good example of this is how mortgage rates are calculated (compounding is variable, depending on the lender & loan type, like how Canadian mortgages with a fixed rate are compounded semi-annually so that, twice a year, unpaid interest gets added to the principal). Each lending institution has proficient mortgage advisors on hand to help home buyers with understanding mortgages and work closely with the home buyer (like Chinook Financial mortgage rates and knowing how different rates are applied to different mortgage products). When a home buyer has a large down payment and money saved to be applied to a new mortgage, a lender will be more inclined to offer mortgage products that are geared for such scenarios financially. If the scenario is refinancing or renewing a mortgage, especially one that has held a previous lower interest rate, renegotiating interest rate & terms has its pros and cons (breaking a mortgage before its contract term end will most likely have a hefty penalty attached to it). Mortgage rates are only a part of what makes up a mortgage, and since no one can predict interest rate movement, it is wise to also focus on the characteristics of the mortgage products and how they are designed to perform individually.

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