Mortgages

When it comes to buying your dream home, financing is required for most people. It’s important to understand your options and seek advice. TMECU offers competitive rates on Mortgages and Home Equity Line of Credit (HELOC). From buying your first home to finding your dream home the TMECU is here to help throughout the process.

Please click here for more information on Mortgage Rates.

Try our Mortgage Calculator for more information about affordability, payments, amortization and comparisons.

Types of Mortgages

Fixed Rate Mortgages

With the fixed rate mortgage, you are assured of the rate you will be paying for the mortgage over its term. This way, you have a fixed payment over the term of the mortgage.

Features and benefits of this product include:

  • Terms from 6 months to 5 years
  • Up to 30 years’ amortization
  • Rates guaranteed for 90 days for new mortgages
  • Pre-approval available
  • Payments biweekly or monthly options
  • Prepayment options – 20% added to biweekly payment or monthly payment plus 20% on the anniversary date
  • Statements issued monthly or quarterly with account information
  • Life insurance available
  • Refinance options available
  • 80% conventional mortgage or up to 95% with CMHC approval

Variable Rate Mortgages

With the variable rate mortgage, the interest you pay floats with the prime rate. This loan is ideal if you would like to take advantage of any potential decreases in the prime rate. Conversely, if the prime rate increases, so does the interest rate paid.

Features and benefits of this product include:

  • Terms from 6 months to 5 years
  • Up to 30 years’ amortization
  • Rates guaranteed for 90 days for new mortgages
  • Pre-approval available
  • Payments biweekly or monthly options
  • Prepayment options – 20% added to biweekly payment or monthly payment plus 20% on the anniversary date (for the closed variable mortgage)
  • Statements issued monthly or quarterly with account information
  • Life insurance available
  • Refinance options available
  • 80% conventional mortgage or up to 95% with CMHC approval
 

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