Mortgages

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

Whether you are looking for a new home, refinancing or buying your first home our mortgages offer better rates, prepay options, same-day approvals and the expertise to design a custom solution that’s right for you.

Mortgage Special



Features:

  • Fixed rate mortgage
  • Up to 30-year amortization (rate premium applies to amortizations of 25 years)
  • 20/20 repayment features
  • Double payment options
  • Available on purchase, refinance and renewal

*The Annual Percentage Rate (APR) of 1.79% is for an owner-occupied closed, fixed, five-year term mortgage with a 25-year amortization. APR assumes no fee(s) apply. Rate is subject to change without notice. Terms and conditions apply.

Learn more about this great mortgage rate:

  1. call 1-888-767-9535
  2. Email greatrate@myecu.ca

Mortgage Types

Conventional: The mortgage amount does not exceed 80% of the appraised value or purchase price of the property, whichever is less. The maximum amortization is 30 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 — 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 1 year.

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 months to 5 years.

Closed — Variable Rate: The interest rate is based on Canadian Bank Prime. With the exception of certain prepayment privileges, 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 on the anniversary date, 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 on the anniversary date 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.

 

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Closed Mortgage Rates

1 Year3.19%
2 Year3.39%
3 Year3.79%
4 Year4.39%
5 Year4.79%

Open Mortgage Rates

Open - From3.45%
Closed - From2.45%