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First-time Home Buyers


Buying your first home?

Buying your first home is an exciting time and a big decision. We know there is a lot to consider, and it can be hard to know where to start. Our experts are here to guide you through the process, while keeping your financial wellbeing at heart.


Before You Buy

If you’re thinking about becoming a homeowner, here are some things to consider before taking the plunge:

Strong financial foundation

You have enough money for a down payment and closing costs, and you’re prepared to cover home maintenance expenses in addition to your usual expenses.

The right advice

Once you've made the decision to purchase a home, you'll need to work with your lender to determine the best mortgage for you and your situation.

Flexible schedule

Set yourself up for success with a flexible payment schedule (monthly, biweekly or weekly) that suits your life and budget.

Competitive rates

All mortgages are not created equal. When you choose Sunrise Credit Union, you can have confidence that no matter which mortgage you choose, your rate will always be competitive.

First Home Savings Account (FHSA)

Start saving for your first home tax-free with the First Home Savings Account. CLICK HERE to learn more.

Get the right
tools & advice.

Our experts are here to offer you guidance and trusted advice in this exciting time.


Fixed-Rate or Variable Rates

One of the first decisions for home buyers and mortgage shoppers is whether to select a fixed-rate or variable rate mortgage. No matter which you choose, Sunrise Credit Union's mortgage rates are always competitive. You'll also receive a payment schedule that suits your life and budget.

Fixed-Rate Mortgage

A fixed-rate is when the interest rate is set and does not change over time. The amount you pay monthly will stay the same the entire term of your loan. 

A fixed-rate mortgage can be a bit of a gamble, as rates may decrease, but it does provide cost certainty and making it easier to budget.

However, fixed rates tend to be slightly higher to counter the effect of rates rising in the future.

Variable Rate Mortgage

A variable rate mortgage sees the interest rate change throughout the term of your mortgage – sometimes for the good and sometimes for the bad.

Financial institutions base the rate change on an index, which is usually reflective of changes in the national economy or the rate of inflation. If that index increases, so does your rate and the amount of your payment.

If the index goes down, so does your rate and the amount of your payment. Therefore, a variable rate mortgage is more unpredictable and harder to budget for than a fixed-rate mortgage.