MORTGAGE / HOME EQUITY
Owning your own home is one of the greatest accomplishments in life.
CECU is here to help you make that dream a reality. We offer two
types of mortgages –land purchases and property purchases.
Interest Rates
Mortgage: 4.5% - 5.5% per annum (0.38% - 0.46% per month) *
Home Equity Loan: $100,000 - $250,000 – 7.5% per annum (0.63% per month) *
$251,000 - $500,000: 7% per annum (0.58% per month) *
$501,000 and over: 6.5% per annum (0.54% per month) *
*Interest rates are calculated on the reducing balance.
Maximum Repayment Period
Mortgage: Up to 30 years (assuming age of retirement is 60 years)
Home Equity: $100,000 - $250,000 – 6 years
$251,000 - $500,000: 7 years
$501,000 and over: 10 years
NO PROCESSING, NEGOTIATION OR MANAGEMENT FEES
Member fees
- Valuation fees
- Legal fees (discounted attorney fees, searches, deed of mortgage, deed of conveyance, instrument of charge and stamp duty).
- Life Insurance
- Purchase of land: 15% downpayment on shares
- Purchase of property: 10% downpayment on shares
- Two valid forms of ID
- Utility bill or bank statement (no older than 3 months)
- Proof of employment and income (job letter no older than 3 months and payslip, no older than 1 month)
- Proof of additional income (where applicable)
- Copy of Deed
- Valuation Report for property/land
- Land and Building tax receipts
- WASA receipt (most recent)
- WASA clearance
- Most recent electricity bill
- Town and Country approvals (where applicable)
- Regional approvals (where applicable)
- Report on Title of property
- Sale agreement
For construction mortgage
- Land must be owned free and clear by member
- Copy of Deed
- Valuation Report for property/land - must include current value and estimated value after construction
- Land and Building tax receipts
- WASA receipt (most recent)
- WASA clearance
- Most recent electricity bill
- Town and Country approvals (where applicable)
- Regional approvals (where applicable)
- Report on Title of property
- Sale agreement
Start your application process online
Complete and submit your application form online and a loans officer will contact you.
Mortgage Loan Calculator
Use our Mortgage Loan Calculator to find out how much you are eligible to borrow, your repayment period and your monthly instalment.
