RATES

*Disclaimer:

The Annual Percentage Rate (APR) is the cost of borrowing including interest and fees, expressed as a percentage. The APR is not the rate used to calculate your regular payments. The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term assuming monthly payments and fee to obtain a valuation of property of $350(this fee may vary). If there are no fees, the APR and interest rate will be the same. Assumes rate does not vary over the term for variable rate.

* Mortgages Campaign Disclosure:
O.A.C. Rates are subject to change without notice. Some restrictions apply. Quoted rates are based on blended payments of principal and interest and the regulatory Annual Percentage Rate (APR) if there is no cost of borrowing other than interest. Interest on Fixed mortgages is calculated half-yearly, not in advance. Includes purchases, refinances, and renewals.

Additional interest premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The qualifying rate is currently 5.25% or the contract rate at the time of application plus 2% whichever is higher. The interest rate with variable rate mortgages will fluctuate with the Credit Union Prime Rate, which is currently 4.45%. Interest on Variable rate mortgages is calculated and payable monthly.

A High Ratio mortgage is applicable in cases where a borrower puts a down payment of less than 20% of the Purchase price or Appraised Value of the home whichever is less. Refinances, renewals and amortization periods of greater than 25 years is not available. Effective December 15, 2024 30 year amortization periods may be available for first-time homebuyers or members purchasing a newly built home. An amortization period beyond 25 years is subject to a 0.20% surcharge which is applied to the total loan amount.

For High Ratio mortgages a purchase price of $500,000 or less requires a down payment of 5%. When the purchase price is above $500,000 and under $1,500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.

This promotional offer applies only to new mortgages, including:

• Switches from another financial institution
• Purchases of new properties
• Mortgages we take over or payout from another lender
  

This offer does not apply to:

• Pre-approvals
• Renewals or Refinances with the Police Credit Union
  

Offer Details

Rate is valid for applications approved on our system prior to rate offer ending and closing within 120 days of approval. 

Disclosure Terms
•    All borrowers must meet standard credit guidelines.
•    Mortgage terms, rates, and conditions are subject to change per lender guidelines. 
•    Additional fees, charges, or requirements may be disclosed upon approval.

Switch Disclosure:
•    Switch:  For switch transactions we will pay, when applicable, the basic title insurance fee for properties located in Ontario, property valuation fees up to $300 and one discharge fee. Offer eligible only for switch transactions approved by the Police Credit Union and carried out by First Canadian Title and only for new mortgages with a three-year or greater fixed term or a five-year variable rate term. Excludes mortgage penalties to break your mortgage term earlier.

APR Disclosure:
The Annual Percentage Rate (APR) is the cost of borrowing including interest and fees, expressed as a percentage. The APR is not the rate used to calculate your regular payments. The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term assuming monthly payments and fee to obtain a valuation of property of $350(this fee may vary). If there are no fees, the APR and interest rate will be the same. Assumes rate does not vary over the term for variable rate.