Mortgages

Flex Feature Mortgage

  • Fixed Rate or Variable Rate
  • Open or Closed
  • Make payments weekly, bi-weekly, semi-monthly or monthly


Rates

6 month closed3.79%
1 year closed2.69%
2 year closed2.44%
3 year closed2.49%
4 year closed2.49%
5 year closed2.54%

Mortgage Terms & Conditions Expand/Collapse

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 or at mortgage renewal, 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 or at mortgage renewal, 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.

Value Rate Mortgage

  • Offers the lowest rate at Conexus
  • Secure the best rate that fits your schedule
  • Stability of fixed payments for the term length of your choice
  • Pay up to 10% of the principal once per calendar year
  • Increase payments by 10% once per calendar year
  • Make payments weekly, bi-weekly, semi-monthly or monthly
  • Some restrictions apply


Rates

1 Year2.49%
2 Year2.24%
3 Year2.29%
4 Year2.29%
5 Year2.34%

Mortgage Terms & Conditions Expand/Collapse

1. Not eligible for Progress Advance, Rental Properties, Refinances, Cash Back, Home Plus Plans, Re-advance, Skip Payment, Mobile Homes.

2. Construction mortgages are not available.

3. Purchase Plus option that allows for 2 advances to be completed within 180 days of original disbursement date.

4. You can prepay up to 10% of your original mortgage amount annually. In addition, the scheduled payment amount (principal and interest) may be increased up to 10% once per calendar year. Prepayment privileges are non-cumulative.

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 home
  • Borrow up to 80% of your home’s current appraised value and potentially save on borrowing costs for as long as you own your home
  • 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 loan – due monthly
  • No prepayment penalty on the revolving credit loan


Rates

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Mortgage Terms & Conditions Expand/Collapse

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 rate 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. Group Mortgage Protection (GMP) is purchased separately through CUMIS.

6. Subject to Conexus lending approval.

7. If part is set up as a sub-loan, the prepayment terms and conditions of that sub-loan will apply.

Construction Mortgage

  • High ratio or conventional financing
  • Minimum 5% down payment
  • 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 the advance and applied to the mortgage during construction
  • Scheduled payments start once construction is complete
  • Flex Feature Mortgage is available
  • “Ready to Move” (RTM) mortgage options are available (some restrictions apply)


Rates

6 month closed3.79%
1 year closed2.69%
2 year closed2.44%
3 year closed2.49%
4 year closed2.49%
5 year closed2.54%

Mortgage Terms & Conditions Expand/Collapse

1. Plan specifications and cost estimates are required and will be reviewed and assessed by an independent appraiser.

2. Loan can possibly go up to 95% of the appraised value or cost to construct (whichever is less).

3. Down payment needs to come from your own financial resources.

4. Collection of property tax payments along with principal interest payments may be a condition of mortgage approval.

5. Group Mortgage Protection (GMP) is purchase separately through CUMIS.

6. Value Mortgage Product not available

Self-Builder Page

  • 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 the advance 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

6 month closed3.79%
1 year closed2.69%
2 year closed2.44%
3 year closed2.49%
4 year closed2.49%
5 year closed2.54%

Mortgage Terms & Conditions Expand/Collapse

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 interest payments may be a condition of mortgage approval.

4. Group Mortgage Protection (GMP) is purchase separately through CUMIS.

5. Value Mortgage Product is not available.