About This Loan
The Mortgage Loan offers members the opportunity to receive a maximum of up to 95% financing on residential areas and up to 90% on commercial property. The maximum repayment time for the loan is 30 years but can vary with the member's age. The interest rate for repayment is 8.49%. Gateway is currently having a special Mortgage Sale, where the interest rate is at 7.4%
What You Need To Know
95% of Property Cost
in Available Funds
Up to 2 Weeks
Avg. Approval Time
As Low As
Who is This Loan Primarily For?
Cornwall businesses wishing to purchase property to create offices
Cornwall businesses wishing to construct an office on land purchased
Cornwall residents wishing to purchase a home
Cornwall residents wishing to construct a home on land purchased
Cornwall tenants wishing to purchase a home for themselves
Cornwall real estate investors wishing to add more property to their portfolio
Cornwall startup real estate investors wishing to purchase their first property
Do I Need Collateral To Apply For This Loan?
No, the house will be used as collateral.
Minimum Amount Disbursed For This Loan?
What Are The Requirements To Apply For This Loan?
Copy of Registered Title
Signed Sales Agreement and Evidence of Deposit
Valuation Report not older than 2 years
Surveyor’s Report not older than 1 year
Verification of Income
Last 3 Months Pay Slips
Up-To-Date Property Tax Receipt
Proof of Age of Borrower & Co-Maker
Letter of Guarantor (where applicable)
NHT Referral Letter (where applicable
Discharge of Mortgage (where applicable)
Income and Expenditure statement and Cash Flow Projections (self employed)
Members who would need the loan for construction would need the following in order to qualify:
Approved Building Plan
Estimate for Work to be Done
Quantity Surveyor’s Report with Estimated Cost
Written Agreement with Contractor
Relevant Requirements Noted Above