Co-op Home Loan

Financing your co-operative lifestyle

If you’ve been dreaming of living in a community of like-minded people, it’s no wonder you’re interested in buying into a housing co-op. The benefits of ownership are far-reaching.

So, before we get into the details regarding how our new Co-op Home Loan can help finance your purchase, we have only one thing to say: Welcome to the co-operative life.

How is a Co-op Home Loan different?

Typically, when a homebuyer gets financing for their purchase, the property itself is considered collateral for the mortgage. However, as someone buying into co-op housing, you’ll receive a loan in order to purchase shares¹. So, these – and not the actual property – become the collateral.

If it sounds confusing, we assure you, it’s quite straightforward. And, since no one knows co-operatives like Vancity, we’ll help streamline the process.

The details at a glance

If you’re about to take the exciting step of buying into a housing co-op, we would be thrilled to discuss your financing options. Here are some details to note:

• We offer competitive fixed term and fixed rate options.
• The maximum amortization term is 25 years, or up to Occupancy Agreement.
• The loan to value will be based on the individual co-op unit you wish to purchase.
• A full appraisal of the unit is required.
• The co-op must be a company incorporated under the Business Corporations Act².
• Most importantly, we know co-operatives, and are open to being flexible based on your individual needs.

But it gets even better.

Sure, we pride ourselves on continually striving to be a marketplace leader when it comes to developing our offerings – and our new Co-op Home Loan is evidence of that. However, we also pride ourselves on continually striving to be a marketplace leader when it comes to building prosperous communities.

Let’s talk.

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