Mortgages
Variable
and Fixed Rate Mortgages
TEUCU offers both variable and fixed
rate mortgages (1 year open, 1 year closed 2,3,4,5,
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 as little as 5%
down. This will help members who have little savings to
purchase their dream home. Ask our Mortgage Professional
for more details.
CMHC Energy Efficient
When you purchase a home built by a
recognized energy efficient builder, you can save. Homes
built under these programs qualify for a 10 per cent
premium refund and extended amortization periods without
a premium surcharge when CMHC Mortgage Loan Insurance is
used to finance their purchase or construction. Also,
any home improvements that improve the Energy efficiency
rating of the home, is also eligible for a 10% CMHC
Premium refund. Please contact TEUCU's Mortgage
department 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.
Land Transfer Tax
What is Land Transfer Tax?
Land Transfer Tax is a tax paid to the Provincial
Government on single-unit properties at the time of
purchase.
How Much Tax do I pay?
Land Transfer Tax is calculated at a progressive rate of
the purchase price paid. Rebates are available for first
time home buyers. Talk to your lawyer for more
information. To calculate the land transfer tax on your
new purchase,
click here.
What is the City of Toronto Tax?
In addition to the Provincial Land Transfer Tax,
effective February 1, 2008 the City of Toronto
introduced their own municipal land transfer tax on new
purchases. For more information on the City of Toronto
Municipal Land Transfer Tax, check out their website at
http://www.toronto.ca/taxes/mltt.htm.
Do I have to pay both Taxes if I buy within Toronto?
Yes. On all purchases within the City of Toronto, you
will be responsible for paying both Land Transfer Taxes.
Rebates are available for first time home buyers, which
can be discussed with your lawyer at the time of
purchase. To calculate both taxes,
click here.
When and How do I pay?
Land Transfer Tax is payable on closing day, generally
when the land is registered into the new owners name.
This transaction takes place between the lawyer and
Teranet (Land Registration Service). Your lawyer will
calculate the amount required for Land Transfer Tax and
Toronto Land Transfer Tax if applicable, and will
generally include this amount in the closing costs
associated with your Mortgage transaction.
For more information on Land Transfer Tax, check out
their website at
http://www.rev.gov.on.ca/en/tax/ltt/.
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