OPPA Credit Union has teamed up with All-Purpose Realty (APR) to offer member an incredible opportunity!
By simply using an APR referred real estate agent, from their established network of brand name real estate companies, Members will receive a cashback reward based on the transaction value of the home sale and/or purchase.
$25 for each $10,000 increment of completed transaction value of the same and/or purchase price
Your advisor knows the ins and outs of buying and selling a home, and can help you each step of the way. You’ll get objective advice that’s in your best interest.
You can rest assured that you’ll be getting a highly competitive interest rate, and that you never have to feel like a master negotiator.
If you get transferred, you can keep your mortgage with the OPPA Credit Union, and we’ll work with the OPP’s relocation program to get you the greatest savings.
If you’re pre-approved before buying your home, we’ll guarantee your rate or give you the current rate (if it’s lower) when you close the sale.
You can double up your payment on any or all regular payment days. You also have the option to pay up to 20% of the original amount of your mortgage once every calendar year to reduce interest costs and pay off your mortgage sooner.
Want to look at different mortgage payment and rate scenarios? This is a good place to start.
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.
FIXED RATE OPEN MORTGAGE |
RATE |
|---|---|
|
6 Month |
7.25% |
FIXED RATE CLOSED MORTGAGES |
POSTED RATE |
AS LOW AS |
|
|---|---|---|---|
|
6 months - Fixed Convertible |
7.20% |
6.20% |
|
|
1 Year – as low as |
7.24% |
6.19% |
|
|
2 Year – as low as |
6.84% |
5.59% |
|
|
3 Year – as low as |
6.50% |
4.54% |
4.39% |
|
4 Year – as low as |
6.34% |
4.89% |
|
|
5 Year – as low as |
6.39% |
4.49% |
|
|
|
VARIABLE MORTGAGE RATES |
POSTED RATE |
|---|---|
|
5 Year Variable Closed – as low as |
5.75% |
|
5 Year Variable Open – as low as |
8.95% |
HIGH RATIO FIXED MORTGAGE |
POSTED RATE |
AS LOW AS RATE |
|
|---|---|---|---|
|
3 Year High Ratio Fixed Rate - as low as |
5.04% |
4.79% |
|
|
5 Year High Ratio Fixed Rate - as low as |
4.69% |
4.44% |
4.29% |
|
|
30 / 35 Year Amortization |
SPECIAL RATE |
|---|---|
|
30 Year Amortization - as low as |
5.09% |
|
35 Year Amortization - as low as |
5.09% |
OPPA Credit Union: Barrie Office
123 Ferris Lane, Barrie, Ontario L4M 2Y1
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