Mortgages

Fixed-Rate Closed

  • Provides stability with a fixed-rate and payments for the life of the term.
  • Choose from 1 to 5-year terms.
  • Lower rates than an open mortgage.
  • Pay up to 20% of the principal once a calendar year.
  • Increase payments by 20% once a calendar year.
  • Make payments weekly, bi-weekly, semi-monthly or monthly.
  • Eligible for Borrow Down Payment.

Rates

6 month closed4.00%
1 year closed2.94%
2 year closed2.84%
3 year closed3.55%
4 year closed4.19%
5 year closed4.79%

Perfect for...

…members who are looking to budget with certainty.

Fixed-Rate Open

  • Available in a 1-year term so you don't have to be afraid of commitment.
  • Switch to a closed mortgage or make additional payments at any time with no penalty.
  • Make payments weekly, bi-weekly, semi-monthly or monthly.
  • Payment amount can be increased at any time or balance paid in full without penalty.
  • Eligible for Borrow Down Payment.

Rates

6 month6.30%
1 year6.30%

Perfect for...

…those who want the security of a fixed rate, with payment flexibility.

Variable-Rate Closed

  • Interest rate varies with prime, offering a lower rate than an open mortgage.
  • Your monthly payments stay the same for the term.
  • Make payments weekly, bi-weekly, semi-monthly or monthly.
  • Payment amount can be increased at any time or balance paid in full without penalty.
  • Pay up to 20% of the principal once a calendar year.
  • Increase payments by 20% once a calendar year.
  • Eligible for Borrow Down Payment.

Rates

1 year2.70%
2 year2.70%
3 year 2.70%
4 year 2.70%
5 year 2.70%

Perfect for...

…those who believe rates will decline and want to save on interest costs.

Home Plus Plan

  • Revolving Credit.
  • Apply just once to establish your Home Plus Plan initial credit limit and secure your borrowing with a minimum 20% equity in your home3.
  • Borrow up to 80% of your home’s current appraised value and potentially save on borrowing costs for as long as you own your home2.
  • Manage repayment options by separating available credit into different sub-loans.
  • Choose from a range of loan products to meet your needs.
  • Upon request, all or a portion of repaid amounts may be re-advanced.
  • Security must be first mortgage on owner occupied, primary residence.
  • Interest only on the revolving credit loan6 - due monthly.
  • No prepayment penalty on the revolving credit loan7.

Rates

Variable interest rate.

Perfect for...

…members who want flexibility to decide how to use your home equity.

Self-Builder

  • Conventional financing.
  • Minimum 35% down payment required.
  • Must qualify based on the current Bank of Canada 5-year benchmark rate.
  • Funds are advanced in stages over the construction period.
  • Accrued interest is deducted from advances and applied to the mortgage during construction.
  • Construction beyond the excavation stage must start within 45 days of approval and be completed within 6 months of approval.
  • If construction is not completed with the 6 month time frame, the mortgage may be placed on regular scheduled payments.
  • Scheduled payments start once construction is complete.

Rates

Term options and rates determined at time of application.

Perfect for...

…when you’re building your own home on land that you own.

Mortgage terms and conditions Expand/Collapse

General mortgages
Applies to all
1.    Loan is for no more than 80% of the appraised value or purchase price (whichever is less). Down payment comes from your own financial resources. Amortization is maximum 30 years.
2.    Down payment amount is less than 20% of the purchase price (minimum of 5%). Must be insured by CMHC or Genworth (incurs a fee from issuer). Insurance fees can be paid up front or added to the loan. Amortization maximum is 25 years.
3.    Collection of property tax payments along with principal and interest payments may be a condition of mortgage approval.
4.    GMP (Group Mortgage Protection) is purchased separately through CUMIS.

Fixed-Rate Closed only
1.    You can prepay up to 20% of your original mortgage amount annually. In addition, the scheduled payment amount (principal and interest) may be increased up to 20% once per calendar year. Prepayment privileges are non-cumulative.
2.    If not set up at time of application a prepayment penalty may apply.

Fixed-Rate Open only
3.    Can be adjusted on open term as no penalty applies.

Variable-Rate Closed only
4.    You can prepay up to 20% of your original mortgage amount annually. In addition, the scheduled payment amount (principal and interest) may be increased up to 20% once per calendar year. Prepayment privileges are non-cumulative.
5.    If not set up at time of application a prepayment penalty may apply.
6.    Your payment amount remains the same but the amount that is applied to interest and principal may change. If rates go down, more of your payment is applied to the principal balance owing.

Home Plus Plan
1.    Loan must remain in good standing for continuing credit.
2.    A variable rate will change when the prime rate changes. If rates go down, the interest payment will decrease. If you select a sub-loan at any time, the interest rate applicable to the sub-loan may be different.
3.    All applicants must meet Conexus Credit Union lending criteria for loan approval.
4.    Applicable terms will be disclosed at time of approval. The number of sub-loans permitted may be limited.
5.    GMP (Group Mortgage Protection) is purchased separately through CUMIS.
6.    Subject to Conexus lending approval.
7.    Unless there is a sub-loan, in which case the prepayment terms of the sub-loan will apply.

Self-Builder
1.    Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser.
2.    Loan is for no more than 65% of the appraised value or cost to construct (whichever is less). Down payment comes from your own financial resources. Amortization is maximum 30 years.
3.    Collection of property tax payments along with principal and interest payments may be a condition of mortgage approval.
4.    GMP (Group Mortgage Protection) is purchased separately through CUMIS.