Mortgages

You don't want a loan, you want a home. Buying a house is probably one of the biggest purchases you’ll ever make, so we will make sure you’re getting the mortgage product, features and rate that work for you.

Turn to us for a home mortgage that gets you on the fast track to home ownership!

RCU Mortgage Types

Mortgage Product Type

Key Features

Best for you if ……

Open Variable Rate Mortgage

Available terms 1-3 years

Interest rate varies with prime but your payments remain the same.
 You can switch to a closed mortgage or make additional payments any time with no penalty.

You are planning to pay extra towards principal or sell the property in near future.

Closed Variable Rate Mortgage

Available terms 3 years

Interest rate varies with prime but your payments remain the same.
Pay more towards your mortgage (up to 20% of the principal) once a year on the anniversary date; to break the term agreement you have to pay 90 days interest.

You are looking for potential savings when interest rates are dropping.

Closed Fixed Rate Mortgages

Available terms 1-5 years

Lower rates than an open mortgage.
A set rate for the chosen term.
Pay more towards your mortgage (up to 20% of the principal) once a year on the anniversary date; to break the term agreement you have to pay 90 days interest.

You are a short-term budgeter who does not want to worry about rate changes.

High Ratio Mortgages

Available terms 1-5 years

Mortgage insurance is required under federal financial services law for homebuyers with less than 20% down payment.
It  enables borrowers to receive the same low mortgage interest rates as buyers with down payment of 20% or greater.

You have good credit and steady income but do not have a big down payment available.

Home Equity Line of Credit

Open 3 year term

 

  • Borrow up to 80% of your home's equity.
  •  Variable interest rate that changes with RCU Prime Rate.
  • As you pay down your outstanding balance, your available credit increases to the credit limit.
  • Pay as little as interest only, or pay any or all of your outstanding balance. This is a fully open product.
You want to use your home equity to finance any purchases or  projects.
You have outstanding balances on unsecured credit with a higher interest rate.

Investment (or non-owner occupied) Mortgages

All terms as available for residential first mortgage

Property up to 4 residential units.

Minimum 20% down payment required.

You want to buy a property to rent out.

Credit Score

Your credit score is a measure of your financial health, and shows lenders how risky it may be to lend you money. If your credit score is between 680 and 900, you’ll have shown that you are a responsible borrower and will have less difficulty in securing credit with a financial institution. If your credit score is below 680 and above 600, lenders will look at the other details of your finances to determine if the financial institution will be able to grant credit to you.
If your credit score is below 600, you may not qualify for credit at a financial institution or you may be charged a higher rate of interest due to the higher risk in lending to you.

Link to Equifax

Things to Consider

So, you’ve finally decided to fulfill a lifelong dream and buy your own home… how exciting! You are ready to fulfill your dream of having a place to call your own.

Who is on your team?

You will need several professionals to help the dream of homeownership become a reality and not a nightmare.

There are a few professionals without whom buying a home is nearly impossible.

•    RCU is your lender of choice. We will help guide you into the mortgage that is right for you.


•    Choose a good and trustworthy Real Estate Representative/Agent who will work on your behalf saving you time and trouble. Remember the seller not the buyer pays the commission to the agents.


•    The right lawyer will review any contracts you need to sign and will make the closing arrangements on your behalf.


•    Home Inspectors will conduct a property inspection that will give you a better understanding of the property condition as observed at the time of inspection. Remember to enlist a home inspector who is reputable and belongs to a provincial professional association check www.cahpi.ca or www.oahi.com


•    You may wish to have an independent appraisal if you are questioning the value of a property that you would like to place an offer on. Your real estate representative/agent can help with this.  


•   This new property will need property insurance. An insurance broker can help you in assessing all your new insurance needs.

 

 

Find Branch/ATM

Enter address, postal code or branch name
Fixed Rate Mortgages Rates
1 year 3.75%
2 years 3.85%
3 years 3.85%
4 years 4.10%
5 years 4.25%
Variable Rate Mortgages Rates
Open (1, 2, 3 years) 4.75%
Closed 4.00%
Home Equity Line of Credit Rates
Home Equity Line of Credit 4.60%