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A conventional mortgage is a loan for no more than 80% of the purchase price (or appraised value) of the property. The remaining amount required for a purchase (20%) comes from your resources and is referred to as the down payment.
High ratio mortgages must be insured by the Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada or Canada Guarantee. This insurance is required by law in Canada to insure lenders against default on mortgages with less than 20% equity.The premiums are paid by the borrower and can be added directly to the mortgage amount.
A fixed-rate mortgage charges a set rate of interest that remains unchanged throughout the life of the loan. Although the amount of principal and interest paid each month varies from payment to payment, the total payment remains the same, which makes budgeting easy for homeowners.
A variable rate mortgage will fluctuate with OPPA Credit Unions Prime rate throughout the mortgage term. While your regular payment will remain constant, your interest rate may change based on market conditions. This impacts the amount of principal you pay off each month. When rates on variable interest rate mortgages decrease, more of your regular payment is applied to your principal. Additionally if rates increase, more of your payment will go toward the interest.
Get a short-term closed mortgage with a fixed interest rate and the flexibility to convert to a long-term closed mortgage after the set period of time.
Want to look at different mortgage payment and rate scenarios? This is a good place to start.
FIXED RATE OPEN MORTGAGE |
RATE |
|---|---|
|
1 Year |
7.45% |
|
6 Month |
7.45% |
FIXED RATE CLOSED MORTGAGES |
POSTED RATE |
SPECIAL RATE |
|---|---|---|
|
6 months - Fixed Convertible |
6.70% |
|
|
1 Year – as low as |
7.94% |
7.19% |
|
2 Year – as low as |
7.59% |
6.84% |
|
3 Year – as low as |
7.05% |
5.49% |
|
4 Year – as low as |
6.84% |
6.04% |
|
5 Year – as low as |
6.89% |
5.80% |
|
|
VARIABLE MORTGAGE RATES |
POSTED RATE |
|---|---|
|
5 Year Variable Closed – as low as |
7.00% |
|
5 Year Variable Open – as low as |
10.20% |
HIGH RATIO FIXED MORTGAGE |
SPECIAL RATE |
|---|---|
|
High Ratio Fixed Rate - as low as |
4.99% |
OPPA Credit Union: Barrie Office
123 Ferris Lane, Barrie, Ontario L4M 2Y1
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