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Mortgages

Your dream home starts with the right mortgage.

That's why we make it as easy as possible to help you get a mortgage that fits your needs and help you make the most of your new home.

What's more, all mortgages come with a Home Free Chequing Account, letting you skip the fees on top of chequing services.

 

Fixed Rate Mortgage

A fixed rate mortgage is a mortgage with an interest rate that is set (fixed) for a predefined period of time. You'll know exactly what you have to pay for the period the fixed rate applies, as well how much of your mortgage will be paid off at the end of your term.

Fixed rate mortgages are ideal if you are on a fixed income or if you simply prefer fixed repayments for easier budgeting. 

Open Fixed Rate Mortgage

Conventional & High Ratio

A fixed rate open mortgage has an interest rate that is set for a predefined period of time. You'll know exactly what you will have to pay on your mortgage for the whole period that the fixed rate applies. You can also enjoy the security of knowing how much of your mortgage will be paid off at the end of your term. With an open mortgage, you can repay it any time in full or in part without penalty.

Open mortgages are a great option for members who may be considering moving in the near future.

Rate: Fixed

Term: 1 Year

*Contact your branch for information regarding special features, repayment, eligibility, mortgage protection, and renewability.

Closed Fixed Rate Mortgage

Conventional & High Ratio

If you're looking for a mortgage that makes payments more predictable and budgeting easier, a fixed-rate mortgage could be the right choice. With a fixed-rate mortgage, you get the same interest rate for the entire term of the mortgage, so you can count on making the same payment every month.

You may also be eligible for a cash back option of up to 5% of the value of your mortgage. You can use this cash reward for home renovations and other home-related expenses, to pay down higher interest debt, or anything else you choose.

Rate: Fixed

Term: 1-7 Years

*Contact your branch for information regarding special features, repayment, eligibility, mortgage protection, and renewability.

Fixed Rate Second Mortgage

Conventional

A second mortgage is a secured loan that sits behind an existing mortgage – which means the first mortgage will be left untouched – but lets you extract equity from your property. A second mortgage can help you get rid of high-interest debt, complete renovations, assist with large purchases, and more.

Rate: Fixed

Term: 1-3 Years

*Contact your branch for information regarding special features, repayment, eligibility, mortgage protection, and renewability.

 

Variable Rate Mortgage

A little change can go a long way.

A variable rate mortgage is a mortgage where the rate of interest fluctuates in response to changes in the prime rate. That means you can take advantage of interest rates when they're low to chip away at your mortgage a little faster.

 

Open Variable Rate Mortgage

Conventional & High Ratio

With an open variable rate mortgage, you can repay your mortgage in full or in part at any time without penalty. This is ideal if you're looking to pay off your mortgage or sell your home in the near future. A variable rate helps you pay more towards the principle when rates are low, but could cost a little more at any given time. With an open mortgage, you also have the flexibility to lock in if rates start to rise.

Rate: Variable

Term: 1 Year

*Contact your branch for information regarding special features, repayment, eligibility, mortgage protection, and renewability.

Convertible Mortgage

Variable Rate - Closed
Conventional or High Ratio

Introducing a new twist on the variable rate mortgage. The Convertible Mortgage offers the benefits of a variable rate, but lets you convert at any time to a fixed-rate mortgage with a term equal or greater to the remaining term of your mortgage.

Rate: Variable

Term: 5 Years

*Contact your branch for information regarding special features, repayment, eligibility, mortgage protection, and renewability.

 

If during the term of your mortgage you become uncomfortable with rising interest rates, don't stress. YNCU gives you the option of converting your variable rate mortgage into a fixed rate mortgage equal or greater to the remaining term of your mortgage

 

Construction Mortgages

Prefabricated Construction Mortgages

Sometimes the mortgage comes before the home.

A construction mortgage is a mortgage on a home that hasn't been built yet. Our mortgage experts know prefabricated construction mortgages, and they'll take the time to guide you through the entire financing process.

Start by applying for a construction mortgage or getting pre-approved at any of our branches, or contact us for more information.

 
 

Purchase Plus Improvements Mortgage

Bought a fixer-upper? With a purchase plus improvements mortgage, you can combine the costs of renovations with your mortgage repayments.

Using a 5% or more downpayment, you'll be able to make renovations right after your possession date and simplify budgeting with a combined payment.

Rate: Contact us for more details on rate for this product.

Mortgage Terms: Standard fixed and variable rate mortgages are permitted. Contact our team to select a mortgage term that works for you.

Click here to use the Purchase Plus Improvement Mortgage Calculator

 

Mortgage Calculator

The first step in buying your home is determining your budget. Use the Mortgage Planning Calculator to find out how much you can afford to borrow towards purchasing a home and what your payments will be.

 
 

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

 
 
 
 
 
 
 

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2022 Your Neighbourhood Credit Union Limited. All rights reserved.
 Your Neighbourhood Credit Union (YNCU) is a licensed credit union operating in, and under the laws of, the province of Ontario. Eligible deposits in registered accounts have unlimited coverage through the Financial Services Regulatory Authority (FSRA). Eligible deposits (not in registered accounts) are insured up to $250,000 through the Financial Services Regulatory Authority (FSRA) .

 
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