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Mortgages:
We Have Over Fifty Years Of Experience
The purchase of a home is a significant investment. Shopping for the mortgage is an
important step. We have over 50 years of experience in assisting members with Mortgage Loans.
Normally approval can be given within 24 hours. Consider having your mortgage pre-approved
before you go house hunting.
Contact a Memberline Representative today...
Apply
On-Line now....
What's New?
- No Down payment Mortgage - This program allows interested and
qualified homebuyers who do not have the required savings for a down payment, to purchase a home with a zero
down payment. Ask your TCU Account Manager today for details.
- 30, 35 and 40 year Mortgages - Now homebuyers have the option of extending their mortgage amortization period for more than
the traditional 25 year period. Buyers can respond to rising house prices by extending the mortgage amortization period
to 30, 35, or even 40 years, thereby reducing their monthly payments. Ask your TCU Account Manager today for more details.
The Super Rate Mortgage*
When you choose us as your financial institution we
think your loyalty should be rewarded - with more than just words. To show you how much we
appreciate your business we are pleased to offer you our special Super Rate Mortgage. By
Super Rate we mean our best 5 year rate available. Of course this mortgage includes our 90 day
interest rate guarantee, fast approvals and friendly service. See your Account Manager to
collect your membership rewards today!
5% Cashback Mortgage*
When you are just starting out there are so many costs to consider: legal bills, new
furniture, moving costs, the list goes on and on. Let us help with a 5% Cashback mortgage.
On a $100,000 mortgage that’s $5,000 cash to make your new house, feel like home.
Variable-rate Open Mortgage*
The Variable-rate Open Mortgage lets you take full advantage of changing
interest rates, meanwhile your payment remains fixed for up to one year.
If you want maximum flexibility or are thinking about selling your
house, this is the mortgage for you.
Variable-rate Closed Mortgage*
The Variable-rate Closed Mortgage gives you the ability to lock in your
interest rate by converting to a regular fixed rate mortgage of three
years or longer at any time.
CUInclusive™ “All in one” loan package**
Put the equity in your home to work for you with a CUInclusive™
package - an innovative way to manage your debt and make the most of
your money.
Consolidate your debt - Use your CUInclusive™ package to pay off
whatever is left of your existing mortgage and any other outstanding
loans.
Set your own payments - With a CUInclusive™ package you decide the
size of your payments. You can create sub loans with specified rates and
payment terms. This allows you to track certain borrowings - saving you
mortgage registration or refinance fees over time.
A CUInclusive™ package gives you the flexibility to use the equity in
your home - once approved, the money is accessible for as long as you
own your home. No need to reapply or qualify for
future borrowing! Once your CUInclusive™ package is set up, you can
access up to 75% of the value of your home to use as you see fit.
These are just the highlights of our mortgage programs. For all the terms and conditions
and how you can qualify, contact one of our Account Managers today - or
apply on-line now!
We offer three basic types of
Mortgage Loan products:
1.
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Conventional Mortgage
Generally borrow up to 75% of the value of the property.
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2.
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High Ratio Mortgage
Generally borrow up to 100% of the value of the property. Mortgage is insured by CMHC or Genworth.
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3.
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Construction Mortgage
Funds are advanced as each phase of construction of your home is complete.
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Open or Closed Mortgage
Open Mortgage - Interest rate is fixed for
1 year. An open mortgage allows extra payments, or payment in full, at any time with no
penalty.
Closed Mortgage - Interest rate is fixed
for 1-5 years - depending on your choice. Payments are contracted over a set period of
time. Pre-payment of 15% of the original loan amount is allowed once annually with no
interest penalty. In addition your contract payment amount can be increased by up to 15%.
Additional pre-payment, or payment in full is possible, but an interest penalty will
apply.
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Payments
Mortgage payments may be made weekly, bi-weekly, semi-monthly or monthly.
Amortization
The amortization period determines the amount of your payments. Generally, our maximum
amortization period is 40 years. If you choose to pay your mortgage off in 15 instead of
40 years, your payment amount will be larger, but your interest savings will be
substantial.
Interest Rate Guarantee
The interest rate on your mortgage loan at date of application will be guaranteed for 90
days. Should interest rates go down during your 90 day period, you will receive the lower
rate.
Group Mortgage Protection Insurance is available at competitive group rates.
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- - t o p o f p a g e - -
* Some conditions apply. This offer can be changed or withdrawn at any time without notice and may not be combined with other discounts, offers, or promotions. Applies to new mortgages funded by TCU, not to renewals or refinancing of existing mortgages. Applicable to residential mortgages only and subject to TCU lending criteria for residential properties.
** Mortgage secured line of credit.
™ CUInclusive is a trademark owned by Credit Union Central of Canada and is used under license.
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