Q: I already have a mortgage with a different lender. Can I get cash back?
A: Yes you can. If you switch your existing mortgage of $150,000 or more from another financial institution to Valley First or Enderby & District Financial, you can qualify for cash back, pending you meet the eligibility requirements.

Q: What type of mortgages qualify for the cash back offer?
A: The offer is available on residential closed fixed rate mortgages with a minimum term of 3 years as well as the 5-year closed variable rate mortgage.

Q: When will I receive my cash back?
A: The $1,000 will be deposited into your chequing account at Valley First or Enderby & District Financial within 5 days of your mortgage being funded.

Q: I already have a mortgage at Valley First or Enderby & District Financial. Can I get this offer if I refinance my mortgage?
A: Refinances and renewals on existing mortgages are not eligible for this offer.

Q: What happens to my cashback if I close my mortgage before the end of my mortgage terms?
A: If you close your mortgage prior to the end of the term, you will be asked to repay the cashback amount in full.

Q: How do I take advantage of this offer?
A: Apply for mortgage pre-approval online or call us at 1-888-597-8083 to get started.

For mortgage transfers, First West Credit Union will pay, when applicable, $1,000 towards the discharge of the existing mortgage held at another financial institution, the re-registration of the new First West mortgage as well as property valuation fees. The offer excludes mortgage prepayment charges (“breakage fees”) that may have to be paid.

Eligibility:

To be eligible for this offer, each borrower and each mortgage loan must meet the following eligibility requirements on the effective date:

• Each borrower must be an individual, and 19 years of age or older.
• Each borrower must be a member of First West Credit Union with a chequing or savings account with First West Credit Union and a primary banking relationship. If there is more than one borrower, the borrowers may have a joint account. If a borrower is not presently a member of First West Credit Union, the borrower may become a member subject to regular membership requirements.
• The borrower or borrowers must enter into a new mortgage loan. The new mortgage loan must be a closed residential mortgage loan with a term of at least 3 years or greater at a fixed interest rate or a five-year variable rate term. The new mortgage loan must either be a first mortgage, or a second mortgage behind a First West Credit Union first mortgage.
• The principal amount of the new mortgage loan must be not less than $150,000.
• Residential mortgages are offered by First West Credit Union and are subject to our standard lending criteria, additional terms, and other requirements typical for such mortgages.
• To qualify for a mortgage transfer the existing mortgage cannot be increased by more than $3000.00 and the amortization cannot be extended.
• The following are not eligible: renewals of an existing mortgage; second mortgages behind a first mortgage held by another lender; third or later mortgages; mortgages with open repayment terms; mortgages securing home equity lines of credit (HELOCs); construction mortgages (except that owner occupied construction mortgage loans may be eligible when converted to a closed term, typically on the completion of construction); mortgage loan autorenewals, where the borrowers do not contact First West Credit Union before the autorenewal is effective; and mortgages which First West Credit Union considers to be stated income, equity lending or similar mortgages.
• The effective date of the new mortgage loan must be on or after 21 October 2020.
• Under a Multi-Purpose Mortgage, a borrower can split the total mortgage loan into sections, each with its own term length and interest rate.
• Mortgages sourced through the Broker Channel will be eligible on a temporary basis. The effective date for the new broker mortgage loan must be on or after 11 December 2020. This offer can be withdrawn at anytime without any notice.
• For each property, only one mortgage loan is eligible.
• $1,000 will be deposited into the primary chequing account held by the primary applicant at the appropriate division of First West Credit Union.
• If the borrower breaks their mortgage prior to the end of the term, any incentives need to be paid back to First West Credit Union.
• This offer cannot be combined with any other offer provided by First West Credit Union, unless the combination is approved in writing by First West Credit Union.
• All decisions of First West Credit Union with respect to the eligibility of borrowers or the interpretation of these terms are final.
• First West Credit Union may terminate, withdraw or suspend this offer at any time, and waive or amend any particular eligibility requirement or other term for a particular borrower or borrowers, at any time, without notice, in its sole discretion.
• Nothing in these terms shall be construed to obligate First West Credit Union to approve an application for a mortgage loan or to fund a mortgage loan.