Mortgages

Fixed Rate Closed Mortgage

With a fixed rate mortgage, your interest rate will not change throughout the entire term of your mortgage. So you'll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term. Fixed rate mortgages offer you peace of mind.

As a Rapport Credit Union member, you’ll get expert assistance, competitive rates (often below major financial institutions’ posted rates) and flexible repayment plans that fit your budget. And with the option to pay down up to 20% of the original principal amount each calendar year, you can save on interest.

  • You can even double your regular monthly payment, once a month
  • Terms range from 6 months to 5 years with an amortization period of up to 30 years
  • A minimum 20% down payment (for a conventional mortgage) is required
  • For terms greater than 1 year, we pay the mortgage appraisal costs, up to $350.

Fixed Rate Open Mortgage

With a fixed rate open mortgage, your interest rate will not change throughout the entire term of your mortgage. So you'll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term. Fixed rate mortgages offer you peace of mind.

Open mortgages can be paid off at any time without penalty. They are suited to homeowners who are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before maturity. Fixed Rate Open Mortgages may be moved to a Fixed Rate Closed Mortgage at any time without penalty.

As a Rapport Credit Union member, you’ll get expert assistance, competitive rates (often below major financial institutions’ posted rates) and flexible repayment plans that fit your budget.

  • 6 month and 1 year term options are available
  • A minimum 20% down payment (for a conventional mortgage) is required

Variable Rate Closed Mortgage

Variable Closed mortgages have rates that fluctuate with prime and are commitments for a specific term of 5 years. With a Variable Closed, you will need to wait until the maturity date to pay it off or you will be required to pay a penalty. However, you can move to a fixed rate mortgage option at any time without penalty provided the term is equal to or greater than the original period. Variable Closed mortgages are for those who understand their mortgage rate will fluctuate over a set period of time.

High-Ratio vs. Conventional Mortgage

Any purchase where the down payment is less than 20% of the total price is considered a high-ratio mortgage, and the mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or Genworth. A fee is charged for this insurance with the amount dependent on the Mortgage Amount to Value of property you are purchasing. High-Ratio mortgages are for buyers with less than a 20% down payment.

A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property, whichever is less.

 

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