- In these circumstances the First Nation will have developed and membership would have voted on designating lands for specific purpose and/or providing a land code that allows for specific uses
- For the purposes of financing there needs to be a registered lease, a legal document that not only outlines the specific details of the lease agreement, including length of the lease and any payment required, but is also a legal document that can be pledged or “mortgaged” to allow lender financing on-reserve
- These types of agreements provide greater opportunity for truly “marketable” property, a home you can invest in and could potentially sell in the future
- CMHC mortgage loan insurance may be available for leasehold financing on-reserve if the lease – head lease and sublease – have been reviewed as satisfactory to CMHC
- Where there is no lease available you can still apply for a housing loan under:CMHC Insured On-Reserve Housing orFirst Nation Market Housing FundCMHC Insured On-Reserve financing is secured by a Ministerial Loan Guarantee (MLG) along with the guarantee of your First Nation
- First Nations Market Housing Fund is a government backed credit enhancement agreement whereby the First Nation guarantees the loan which in turn is partially backed by FNMHF
- These loans are normally CMHC insured unless the First Nation has made alternate arrangements with the Lender in providing other forms of security to back the Band Guarantee.Any one of our qualified lenders will be pleased to discuss you on-reserve housing options
Residential Mortgages
At Peace Hills Trust we have the unique level of experience to assist you into homeownership, including on-reserve financing options.
We understand the unique aspects of lending on-reserve. Dependent on where you are looking to have your home there may be various options. Many First Nations have developed potential for home ownership through:
- First Nation Land Management Regime
- Designated Lands Under the Indian Act
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Our Mortgages
Peace Hills Trust mortgage products offer you choice and flexibility. Whether you are looking for Conventional Mortgage financing or a CMHC Insured Mortgage our competitive mortgage products and mortgage rates can fit your financial needs and budget.
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6 Month and 1 Year Open Mortgage
Increase Your Options
- Avoid long-term commitments. Make additional payments without penalty
- Pay off your full mortgage balance without a prepayment charge. Renew to a longer fixed-rate term without a prepayment charge
1 and 2 Year Closed Mortgages
Keep Your Options Open
- Short-term Commitment
- Prepay your mortgage up to 10% of the original mortgage amount annually
Peace of Mind and Security
- Protect yourself from unexpected costs and fix your repayment over the term of your mortgage
- Prepay your mortgage up to 10% of the original mortgage amount annually without a prepayment charge
Additional Benefits
- Pay off your mortgage over a longer period and amortize your mortgage up to 25 years. Payment frequency options: weekly, biweekly, semi-monthly or monthly.
- Ask you Account Manager about accelarating your weekly and biweekly payments to pay off your mortgage faster without having to pay a prepayment charge
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Open Term
- Make additional payments at anytime without a prepayment charge
- Pay off your full balance at anytime without a prepayment charge
- Renew at anytime and take advantage of current rates without paying a prepayment charge
Closed Term
- Fixed repayment over the term of your mortgage
- Prepay your mortgage up to 10% of the original amount annually without a prepayment charge
Additional Information and Details
- Pay off your mortgage over a longer period and amortize your mortgage up to 25 years
- Payment frequency options: weekly, biweekly, semi-monthly or monthly. Ask your Account Manager about accelerating your weekly and biweekly payments to pay off your mortgage faster without having to pay a prepayment charge
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- Subject to Canada Mortgage and Housing Corporation Insurance Premiums
- Purchase a home with as little as 5% down
- Finance Purchase plus improvements to assist you make your house your dream home
Mortgage Resource Centre
Click below for information you may want to know about your mortgage with Peace Hills Trust.
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