Loans

Fixed Rate Mortgage

Fixed Rate Mortgages offer members the peace of mind of knowing their interest rate and mortgage payments will not change during the term chosen.

	Open	Closed
Term	6 months 1 year	50 months 1, 2, 3, 4, 5, and 7 years
Interest Rate	Fixed for term chosen First time home buyers receive a rate reduction of ¼% on posted rate View current rates here	Fixed for term chosen First time home buyers receive a rate reduction of ¼% on posted rate View current rates here
Financing Available	Conventional and High Ratio	Conventional and High Ratio
Payment Options	Repay part or entire mortgage at anytime during the term	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly
Amortization	Up to 35 years	Up to 35 years
Pre-payment Option	N/A	Up to 20% each year

Variable Rate Mortgage

Variable Rate Mortgages offer members the chance at a lower interest rate and mortgage payments for the term.

Term	3 & 5 years closed
Interest Rate	Fluctuates based on Prime First time home buyers receive a rate reduction of ¼% on posted rate View current rates here
Financing Available	Conventional and High Ratio
Payment Options	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly
Amortization	Up to 35 years
Pre-payment Option	Up to 20% each year

High Ratio Mortgage

High Ratio Mortgages offer members the ability to buy a home with as little as 5% down when insured by CMHC or Genworth Financial.

	Open	Closed
Term	6 months 1 year	50 months 1, 2, 3, 4, 5, and 7 years
Interest Rate	Fixed for term chosen First time home buyers receive a rate reduction of ¼% on posted rate View current rates here	Fixed for term chosen First time home buyers receive a rate reduction of ¼% on posted rate View current rates here
Payment Options	Repay part or entire mortgage at anytime during the term	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly
Amortization	Up to 35 years	Up to 35 years
Pre-payment Option	N/A	Up to 20% each year

Cash Back Mortgage

Cash Back Rate Mortgages offer members the ability to renovate and furnish their homes by taking up to 5% cash back of the principal amount.

Term	5 years closed
Interest Rate	Please contact a Your Credit Union Mortgage Specialist
Financing Available	Conventional and High Ratio
Payment Options	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly
Amortization	Up to 35 years
Pre-payment Option	Up to 20% each year

Go Green Mortgage

Go Green Mortgages offer members the opportunity to save the planet and their money when they own a more energy efficient home.

Term	4, 5, and 7 years closed
Interest Rate	0.10% off rate for term chosen View current rates here
Financing Available	Conventional and High Ratio
Payment Options	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly
Amortization	Up to 35 years
Pre-payment Option	Up to 20% each year

For more green options, check out our new Go Green products

Meritline (Home Equity Line of Credit)

Meritline offers members the ability to use the equity in their homes to secure a line of credit at an advantageous interest rate.

	Variable	Fixed
Term	N/A	1, 2, 3, 4, 5, and 7 years closed
Interest Rate	Fluctuates based on Prime View current rates here	Fixed for term chosen View current rates here
Payment Options	Weekly, bi-weekly, semi-monthly, and monthly Set-amount amount or interest only	Weekly, accelerated weekly, bi-weekly, accelerated bi-weekly, semi-monthly, and monthly Set-amount amount or interest only
Amortization	Up to 35 years	Up to 35 years
Pre-payment Option	Up to 20% each year	Up to 20% each year

'Facts About Mortgages' answers homebuyers' important question, outlines the buying process, and is a useful guide in choosing the right option. Download your free copy here

Still not sure what option is right for you? Check out Life Events Planner or contact a Your Credit Union Mortgage Specialist