Mortgages

Variable and Fixed Rate Mortgages

TEUCU offers both variable and fixed rate mortgages (1 year open, 1 year closed 2,3,4,5,7,10 closed). You can start by choosing the term you want (Variable or a fixed rate). And we’ll give you a rate you’ll love! You can also take advantage of our prepayment options (up to 20% per year). This can take years off of the length of your mortgage and save you thousands of dollars.

Top Up / Refinance

You can increase your existing mortgage or apply for a new mortgage if your home is free and clear. This can save you money by allowing you to consolidate any credit cards or loans at a much lower interest rate and lower your monthly payments.

Bridge Mortgages

Bridge financing is available when the closing date of the property purchased by a member occurs before the closing date of the property sold by the same member. The maximum term for a bridge mortgage is 120 days. The term and conditions of the mortgage shall be subject to the terms and conditions of the credit union’s variable mortgage product. No payments of principal or interest are required only on the bridge mortgage loan until the closing date for the sale of the member’s residential property.

Flexible Downpayment

Members can now take advantage of more flexible downpayment options through CMHC which will allow you to obtain a property with 0% down. This will help members who have little savings to purchase their dream home. Ask our Mortgage Professional for more details.

CMHC Energy Efficient

Choose an energy efficient optio for your new home or any improvements and you can receive up to a 10% CMHC Premium refund. Ask our mortgage departments for more details.

Home Equity L.O.C.

TEUCU Merit-Line enables members to take the equity out of their home for investment purposes or for any number of uses. Merit-Line works like a regular Line of Credit, where members have the option to pay interest only when and if you actually use it. If you don't use it, you pay no interest.