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Why Buy a Home? The Benefits of Homeownership
Build Equity
Every mortgage payment you make builds equity in your home, helping to grow your wealth over time.
Tax-Free Growth
When you sell your primary residence, any profit you make is generally tax-free, allowing you to grow your wealth without penalties.
Stability
Owning a home gives you the freedom to settle into a community, make long-term plans, and personalize your living space.
Predictable Housing Costs
With a fixed-rate mortgage, your payments remain steady, giving you peace of mind and protecting you from rising rent prices.
How Much Do You Need for a Down Payment?
High-Ratio Mortgage
- Minimum Down Payment: The amount you need for a down payment depends on the price of the home you're buying. In Canada, the minimum down payment requirements are:
- Homes under $500,000: Minimum 5% of the purchase price.
- Homes between $500,000 and $999,999: 5% on the first $500,000 and 10% on the remaining amount.
- Homes over $1 million: Minimum 20% of the purchase price.
- Requires Mortgage Insurance: Since you're borrowing more than 80% of the home's value, you’ll need to purchase mortgage default insurance from providers like CMHC (Canada Mortgage and Housing Corporation) or Sagen.
- Higher Monthly Costs: The insurance premium is added to your mortgage payments, which increases your monthly costs slightly. The premium ranges from 2.8% to 4% of your mortgage amount, depending on your down payment size.
- Lower Initial Savings Requirement: A high-ratio mortgage lets you buy a home with a smaller down payment, allowing you to get into the market sooner.
Tip: Even though a smaller down payment is more accessible, you’ll pay more in the long run due to mortgage insurance. If possible, try to save at least 20% to avoid this cost.
Conventional Mortgage (20% or More Down Payment)
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No Mortgage Insurance Required: With a conventional mortgage, you avoid the additional cost of mortgage insurance.
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Lower Monthly Payments: Since you’re borrowing less and avoiding insurance premiums, your monthly mortgage payments will be lower.
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Increased Equity: A larger down payment gives you more immediate equity in your home and helps you pay off your mortgage faster.
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More Financial Security: Saving 20% or more allows for more flexibility and security, reducing your debt load from the start.
Meet our Member Experience Team
Eric Schlosser
Member Relationship Specialist
T 306-842-9575
Maria Ursu
Member Relationship Specialist
T 306-842-9539
Naresh Amarnani
Nolan Ling
Julie Reich
Marcy Heimlick
Member Relationship Specialist
T 306-842-9529
Eric Schlosser
Eric knows that success—whether in sports or finance—comes from strategy, teamwork, and dedication. With a Bachelor of Commerce degree, majoring in Supply Chain Management from the University of Saskatchewan, he brings a sharp analytical mind and a problem-solving approach to every financial challenge.
A lifelong resident of Weyburn, Eric has been deeply involved in the community through sports, both as a player and a coach. He thrives on connection and collaboration, making it his mission to help members navigate their financial paths with confidence.
When he’s not working with members to achieve their goals, you’ll likely find Eric catching a game, staying active, or making the most of summer at Kenosee Lake. Whether on the field, at the lake, or in the office, he’s always focused on the next big win.
With Eric on your team, you’re not just planning for the future—you’re making it happen. Let’s get started!
Maria Ursu
With eight years of dedicated service at Weyburn Credit Union, Maria Ursu has cultivated exceptional people skills that shine through in her above-and-beyond service. You may recognize her friendly face from her five years as a teller, where she built strong connections with members and always greeted them with a warm smile.
Beyond the credit union, Maria is also a hairstylist and has been perfecting her craft for over 24 years. She loves the creative aspect of doing hair and the meaningful connections she gets to build with her clients.
Outside of work, Maria is all about balance. She’s a certified mindfulness and meditation instructor, bringing a sense of calm and focus to everything she does. But don’t be fooled—she pairs her zen mindset with a go-getter attitude, whether she’s hitting the gym, traveling to new places, or indulging in her love for all things Disney.
Maria’s passion for people, wellness, and adventure makes her an invaluable part of the WCU team, always ready to serve with both heart and hustle.
Naresh Amarnani
Starting his career in banking in India in 2013, Naresh built a strong foundation in financial services before moving to Saskatchewan, where he earned a Post-Graduate Certificate in Financial Services. In June 2022, Naresh joined Weyburn Credit Union, bringing his passion for helping people make confident financial choices to the community.
As a Member Relationship Specialist, Naresh is dedicated to guiding members through major financial milestones—whether it’s buying their dream home, securing a loan, or building long-term financial stability. He believes in taking a personalized, relationship-first approach, ensuring every member feels supported, informed, and empowered.
Outside of work, you’ll often find him on the pickleball or badminton court, enjoying curling, or hitting the slopes for some skiing. Staying active is his way of bringing balance to life and staying energized for the members he serves.
For Naresh, every interaction is meaningful. He’s committed to building trust, fostering financial confidence, and helping members achieve their goals—one conversation at a time.
Nolan Ling
When you work with Nolan, you’ll see right away—he’s all in. As a recent addition to the team, he’s jumped into his role with enthusiasm, eager to help members achieve their financial goals and dreams. With a degree in Business Administration, majoring in Finance from the University of Regina, Nolan brings both knowledge and a fresh perspective to the table.
Originally from Kenosee Lake, he made Weyburn his home in 2013 and quickly became an active part of the community. Whether he’s officiating hockey, coaching minor baseball, or hitting the golf course, Nolan knows the value of teamwork and dedication—both on and off the field.
Passionate about making a difference, Nolan is committed to building strong relationships and finding the right financial solutions for every member he works with. He’s here to listen, guide, and help turn financial goals into reality.
With Nolan on your side, you’re not just planning for the future—you’re moving toward it with confidence. Let’s make it happen!
Julie Reich
When you work with Julie Reich, things happen—and they happen fast! A go-getter with a passion for financial empowerment, Julie has been helping members take control of their financial futures since 2012. She’s all about building dynamic relationships and making things happen, ensuring every member gets the guidance and support they need to achieve their goals.
With expertise as a CUIC Consumer and Residential Mortgage Lender, Julie is always eager to expand her knowledge and stay ahead of the game. She thrives on new opportunities and isn’t afraid to roll up her sleeves to find the best solutions for her members.
Outside of work, Julie’s energy doesn’t stop. She’s dedicated to fitness, mental well-being, and keeping life balanced—whether that’s hitting the gym, baking up a storm, or spending time with her pets and family. Her spunky personality and can-do attitude make her a powerhouse both in and out of the office.
With Julie in your corner, you’re not just making financial moves—you’re making them with confidence and speed. Let’s get things done!
Marcy Heimlick
Marcy is the kind of person who sees a problem and finds a solution—fast. She’s been part of WCU since 2007, working her way up from a teller and gaining a wealth of knowledge along the way. With experience in multiple roles, she knows the ins and outs of the financial world and is passionate about using that expertise to help members.
For Marcy, building relationships isn’t just part of the job—it’s what she loves most. She has a heart of gold and a natural ability to make life easier for others, both inside and outside the office. Whether she’s offering financial advice, helping a member secure a loan, or just being a supportive voice, her number one priority is making sure people feel empowered and supported.
When she’s not working her magic at WCU, Marcy is on the go as a dedicated gymnastics mom, cheering on her two daughters and keeping up with their busy schedule. Growing up on a farm instilled a work ethic that never quits, and she brings that same drive to everything she does.
With Marcy in your corner, you’re not just getting financial guidance—you’re getting a dedicated problem-solver who genuinely cares. She’s here to make things happen and make them happen smoothly. Let’s get to work!
We’ll need to collect some information for your application. Having it ready will help speed up your approval. Here’s what you need to have on hand:
- Personal information – We’ll need your name, date of birth, legal and/or mailing address, phone number, email, Social Insurance Number, government-issued photo ID, marital status, number of children, occupation, and name of your employer.
- Proof of your income in two different forms – You can provide us with a copy of two current paystubs, a letter of employment, your most recent T4 slip, your most recent Tax Return or Notice of Assessment.
- Detailed list of your assets and liabilities – For example, for a vehicle that you own, we would need the year, make & model, as well as it’s approximate current value. For savings or investments, we need to know what type of investments you have, where they’re held, and what their current value is. For liabilities, we’ll need a list of things you owe money on such as credit cards, loans, or support payments.
- Proof of where your down payment is coming from – Some common sources include personal savings, an RRSP withdrawal, a non-repayable gift from an immediate family member, proceeds from the sale of other property, and funds borrowed against proven assets.
Note: We’ll also need to pull a credit report. At least one of the applicants must have a credit score greater than 600 to qualify.