Secure one of Ontario's lowest mortgage rates¹
5-year High Ratio Mortgage at 4.19%*

To determine how much mortgage you can afford in Ontario, you'll need to factor in your income, expenses, as well as your debt-to-income ratio. A general guideline is to calculate the percentage of your gross income that is allocated to housing-related expenses. You can use online mortgage affordability calculator here.

Most people prefer fixed-rate mortgages because the monthly principal and interest payments remain the same. They are ideal if you are on a fixed income, or you simply prefer fixed repayments for easier budgeting.

A fixed-rate mortgage locks in your interest rate for a predetermined amount of time, offering predictable monthly payments. A variable-rate mortgage may fluctuate based on market conditions, which could mean lower interest costs if rates go down.

Both options are available through YNCU and can be tailored to your financial plan. Speak with a Mortgage Specialist to find the mortgage that works best for you.

A cash back mortgage incentive includes a lump sum of money that you receive when your loan is finalized. It’s typically used to help with home closing costs like legal expenses, renovations, furniture, or just about anything else. It’s also a great starting point for your savings, nest egg, or emergency fund.

Members can earn a higher cash back amount by bundling additional YNCU products with their mortgage. 

Qualifying products include:

• Non-Registered Savings Account or GIC

• Investment Shares

• RRSP or RIF

• TFSA

• FHSA

• Overdraft Protection

• Unsecured Line of Credit

• Home Equity Line of Credit (Meritline)

• Personal Loan or RRSP Loan

Note: Multiple accounts of the same product type count as one qualifying product.

A high-ratio mortgage is a home loan where the down payment is less than 20% of the purchase price, making it a higher risk by lenders and requires mortgage default insurance. The insurance protects the lender and allows more Canadians, like first-time homebuyers or those with limited savings, to qualify for homeownership with a smaller down payment.

Looking for a mortgage that fits your needs? Explore our current mortgage rates here.

A conventional mortgage is a type of home loan where the borrower provides a down payment of at least 20% of the property’s purchase price. Because the loan amount is 80% or less of the home’s value, it is considered lower risk by lenders.

Conventional mortgages are a good fit for:

• Buyers with strong savings or equity

• Homeowners looking to renew or refinance

• People purchasing homes over $1 million, which are not eligible for mortgage insurance

Mortgage default insurance is required for high-ratio mortgages in Canada. It protects the lender in the event the borrower defaults on the loan. The cost, known as the insurance premium, is usually added to your mortgage amount and paid over the life of the loan.