Mortgages

Your home is one of the biggest investments you will ever make, so make sure you speak with an Education Credit Union professional before taking the plunge. Purchasing property can be complicated, but we’re here to make the process simple and more straight-forward for you.

The mortgage professionals at ECU will be with you throughout the entire mortgage process; from the initial preapproval or application, to the completion of mortgage documents and advancement of funds. We strive for continuity of service so you can count on your mortgage professional to be there to answer any questions or concerns even after the deal has been closed.

ECU Mortgages have a lot to offer including:

  • Free consultation
  • Pre-approval
  • Discounted rates
  • Generous prepayment options
  • No-cost transfer from another financial institution upon renewal
  • Flexible repayment terms to match your pay schedule
  • Conventional and high-ratio mortgages
  • Payroll deduction for participating employers

A mortgage through ECU can be used to finance a home, cottage, renovations, additions and more. We match your needs to the type and term of mortgage best suited to your situation and we provide a host of prepayment options which will assist you in paying off your mortgage sooner, significantly reducing your interest costs.

MERITline™ Home Equity Line of Credit: Receive a highly competitive interest rate and only pay interest on the money you use. Borrow what you need, when you need it, with flexible repayment options.


Renovating can increase the value of your home substantially whether you are redoing your kitchen, putting in a pool, finishing your basement or updating your flooring. To assist members with financing this year, we have discounted line of credit rates just for you. Borrow what you need, when you need it, with flexible repayment options at a rate of 2.99%*. If you’re not interested in using your equity, an ECU Line (unsecured LOC) is also available at a rate of 4.99%*.  
*Rate is offered for the first six months. Some conditions apply. Ask us for details.

Mortgage Types

PRIMA MORTGAGE® (Conventional): The mortgage amount does not exceed 80% of the appraised value or purchase price of the property, whichever is less. The PRIMA MORTGAGE, once established, can be re-advanced back to the original registered amount, for any reason, with very minimal legal expense. The maximum amortization is 35 years. High Ratio: The mortgage amount required exceeds 80% of the appraised value or purchase price of the property, whichever is less. High ratio mortgages offer up to 95% financing for the purchase of a home, to borrowers who have a good credit history and sufficient income to support the financial obligations of homeownership. The maximum amortization is 25 years.

Mortgage Options

Open — Fixed Rate: The rate is fixed for the term chosen, however the “Open” feature allows you to pay off as much as you want up to a complete payout, at any time, without penalty. Terms for this option are 6 month and 1 year. Open — Variable Rate: The interest rate is based on Canadian Bank Prime. This type of mortgage has no restrictions on extra payments being made, including complete payout. This variable rate mortgage also gives you the ability to “lock-in” your interest rate by converting to a fixed rate mortgage. The term for this option is 5 years.
Closed — Fixed Rate: The rate is fixed for the term chosen and is generally lower than an “Open” mortgage. With the exception of certain prepayment privileges, this type of mortgage cannot be paid down or paid out during its term without a penalty. Terms for this option are 6 month to 5 years. Closed — Variable Rate: The interest rate is based on Canadian Bank Prime. With the exception of certain prepayment privleges, this type of mortgage cannot be paid down or paid out without a penalty. The term for this option is 5 years.

Prepayment Privileges

When a closed mortgage is not in default, the following 3 prepayment privileges are available:

  1. Double-Up Payment: This allows an extra payment of an equal amount to be made on any regularly scheduled payment date. This double-up payment may be made as often as you wish.
  2. Payment Increase By Up To 20%: This allows you to increase your mortgage payment, once per calendar year, up to 20% of your original payment, on a non-cumulative basis. This now becomes your new regular payment.
  3. Lump Sum Payments: This allows you to make extra payments on the principal of your mortgage up to 20% per calendar year of your original mortgage. This Lump Sum Payment can be spread over 6 increments of a minimum of $1,000.00 each to a maximum of 20% of your original mortgage.

These prepayment privileges are independent of each other and can be exercised by themselves or in conjunction with each other. Taking advantage of any or all privileges allows the extra payments to go directly to the mortgage principal thereby reducing the amortization and, ultimately, your interest costs.

Application Process

We offer two easy ways to apply for a loan, depending on your preference. You can:

  1. Contact one of our branches to speak with a Lending Services Representative.
  2. Apply Online through our secure site. A Lending Services Representative will review your application and contact you within 2 business days.

 

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Closed Mortgage Rates

5 Year Special*2.89%
1 Year*2.79%
2 Year*2.70%
3 Year*2.75%
4 Year*2.85%
5 Year*3.29%

Open Mortgage Rates

6 Month*4.70%
1 Year*4.30%