Variable-Rate Closed

Manage Your Interest

  • Save on interest costs
  • 20/20 prepayment privileges
  • Weekly, bi-weekly, semi-monthly or monthly payments

Overview

Do you believe rates will decline and you want to save on interest costs1, a Variable-Rate Closed mortgage is your solution.

Financing Available:

  • Conventional2
  • High-ratio3

Rates

Variable Mortgages Rates
1 year 2.70%
2 year 2.70%
3 year 2.70%
4 year 2.70%
5 year 2.70%

Payment Information

  • 20/20 prepayment privileges4
  • Make payments weekly, bi-weekly, semi-monthly or monthly
  • Accelerated payments may be weekly or bi-weekly5
  • Early prepayment (other than 20/20 provisions) is subject to a penalty

Additional Information

  • Valid fire insurance and assignment is required for the secured property
  • Property tax accounting service is offered at no cost6
  • 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 available7

The information provided is general in nature only. For complete details contact a Conexus Credit Union lending expert.

  1. 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.
  2. 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 25 years.
  3. 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.
  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. Collection of property tax payments along with principal and interest payments may be a condition of mortgage approval.
  7. GMP (Group Mortgage Protection) is purchased separately through CUMIS.