Closed Term

Choosing a mortgage is as important as choosing the home! We can show you the financial options available and help you choose the best mortgage to suit your budget, lifestyle, and general needs.

Interest rates for closed term mortgages are generally lower than open term mortgages, which allows you to save on interest cost over the term of your mortgage. If closed term rates reduce during your term, you may be eligible to blend your current closed rate with a new lower closed rate allowing more flexibility without a penalty. If you decide to pay off your mortgage completely, prior to the end of your closed term, you will pay a penalty.

If you are not planning on paying off your mortgage any time soon, a fixed rate mortgage may be your best mortgage solution. Your payments and interest rate will stay the same over the term of your mortgage, giving you peace of mind when budgeting your monthly bills

Benefits:

  • Save money with competitive prepayment options.
  • Convenient accelerated weekly or bi-weekly payment schedules can actually save thousands of dollars.
  • Peace of mind with low-cost life, disability, job loss, and critical illness insurance options available for single or joint coverage.

Features:

  • Flexible repayment terms.
  • Terms 12 months to 5 years.
  • Competitive rates.
  • Pre-approvals available.
  • Convenient pre-payment options available.
  • Maximum amortization - 30 years.  
  • Financing Available: up to 95% financing available with mortgage insurance provided by either CMHC or Sagen Insurance, with 25 year amortization.
  • Property taxes can be collected and paid each year by East Coast Credit Union on behalf of the owner upon request (Municipality fee if applicable).
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Get started today!

You can apply for this mortgage option by contacting one of our financial professionals either online, by phone at any of our branches or via our toll-free number to book your appointment today.

 

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