Team up with a mortgage PRO!
Is this loan for you?
Open mortgage: A short-term loan that can be paid back at any time
Closed mortgage: A loan with a term of 6 months to 5 years, which offers the security of a fixed rate for a longer term
Fixed rate: Rate that remains stable until the end of the mortgage loan term.
Variable rate: The variable rate fluctuates based on the Caisse prime rate during a mortgage loan term.
Features | With a closed fixed rate | With an open fixed rate |
---|---|---|
Interest rate | Stable until the end of the term | Stable until the end of the term |
Financing | 80%* (95% with mortgage insurance) | 80%* (95% with mortgage insurance) |
Terms | 6 months, 1 to 5 years | 6 months or 1 year |
Rate guaranteed at time of loan**? | Yes, for 90 days (in general) | Yes, for 90 days (in general) |
Repayment possible without penalty? | No | Yes, at anytime, in whole or in part |
Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
Distinctive features |
|
Useful if:
|
Features | With a closed “5-in1” yearly rate resetter mortgage | At a closed protected variable rate |
---|---|---|
Interest rate | Revised annually Rebate guaranteed for the entire term |
Rate fluctuates without exceeding a certain limit |
Financing | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) |
Term | 5 years | 5 years |
Rate guaranteed at time of loan**? | Yes, for 90 days (in general) | No |
Repayment possible without penalty? | No | No |
Conversion to a fixed rate? | Yes | No |
Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
Distinctive features | One of the best fixed rates on the market | You benefit from rate decreases, while being protected from major rate increases |
Features | Closed Reduced Variable-Rate Mortgage | Open Regular Variable-Rate Mortgage |
---|---|---|
Interest rate | Follows the upward and downward fluctuations of the prime rate | Follows the upward and downward fluctuations of the prime rate |
Financing | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) | 80%* (95% with mortgage insurance, 2 units or less, owner-occupant) |
Term | 5 years | 1 and 2 years |
Rate guaranteed at time of loan**? | No | No |
Repayment possible without penalty? | No | Yes, at anytime, in whole or in part |
Conversion to a fixed rate? | Yes, at anytime | Yes, at anytime |
Eligible for member dividends? | Yes, when the caisse pays out member dividends | Yes, when the caisse pays out member dividends |
Distinctive features | Usually allows you to benefit from a more attractive interest rate | Usually allows you to benefit from a more attractive interest rate |
* % of the smaller of the amounts of market value or property purchase. This percentage varies for second homes that are not accessible year-round.
** Rate in effect on application date or upon signing mortgage with the lawyer.
Before you even start looking for a property, determine how much you can borrow with a Preauthorized Mortgage.
Loan Insurance offers protection that ensures reimbursement of the loan in the event of disability or death.
From now on, you can make payments toward your mortgage whenever possible on AccèsD. This is the Repayment feature, which allows you to make anticipated payments on an Open and Closed mortgage loan.
This new feature allows members to carry out the transaction themselves via the Web or their mobile device, without having to contact their branch.