Fixed and Flexible
- Security of knowing your interest rate won’t rise over the term
- Pay off any or all of the mortgage without penalty
- Weekly, bi-weekly, semi-monthly or monthly payments
If you want the security of a fixed rate and the flexibility to pay off any or all of the mortgage without penalty, a Fixed-Rate Open mortgage will suit your needs.
- Valid fire insurance and assignment is required for the secured property
- Property tax accounting service is offered at no cost4
- Cost of credit and any fees will be disclosed at time of approval
- Optional life, disability, loss of employment (GMP rider) and critical illness (GMP rider) insurance is available5
- Make payments weekly, bi-weekly, semi-monthly or monthly
- Accelerated payments may be weekly or bi-weekly3
- Payment amount can be increased at any time or balance paid in full without penalty
The information provided is general in nature only. For complete details contact a Conexus Credit Union lending expert.
- 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.
- 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.
- Can be adjusted on open term as no penalty applies.
- Collection of property tax payments along with principal and interest payments may be a condition of mortgage approval.
- GMP (Group Mortgage Protection) is purchased separately through CUMIS.