Mortgage Options

We offer a variety of mortgage options at competitive rates. Your OPPA Credit Union Financial Advisor can help you choose the option best suited to your needs.

Conventional Mortgage

If your down payment is at least 20% of the purchase price of the property, you can apply for a conventional mortgage. We offer fixed and variable interest rates with closed or open privileges. Open privileges let you prepay any amount, at any time, with no penalty.

High-Ratio Mortgage

If you need to borrow more than 80% of the money you require, you’ll need to apply for a high-ratio mortgage. High-ratio mortgages must be insured by the Canada Mortgage and Housing Corporation or Genworth Financial Canada. The insurer will charge a premium, which can be added to your mortgage amount.

Fixed Rate Closed Mortgages

These mortgages give you the security of knowing that your interest rate won't change during the term you select. Terms range from six months to five years.

Variable Rate Mortgages

Open and closed variable rate mortgages let you take advantage of interest rate fluctuations. When rates change, your payment amount remains the same. However, the amount that is applied toward interest and principal changes. You may convert to a fixed rate mortgage that is equal to or greater than the remaining term on the mortgage.

Six-Month Convertible Mortgage

Another way to take advantage of interest rate fluctuations is to get the lower interest rate of a six-month mortgage, with the option of converting to a longer closed term at any time during the six months.

Construction Mortgage

If you’re building your home, you can draw on funds at various stages of construction. Interest is only charged on the money you receive – instead of the whole mortgage amount – so you pay less interest. The mortgage automatically converts to a regular mortgage once your home is completed.

 

 

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