financial backup for life

LOWER-COST HOME OWNERSHIP

Your home may be your single most important investment. That’s why it’s worth considering an OPPA Credit Union mortgage. Whether you’re buying a new home, renewing, renovating or transferring your mortgage, we offer competitive rates, a wide range of terms and a variety of mortgage options. And it’s about way more than rate alone – ask your advisor about the best strategy for reducing mortgage and home ownership costs. Then make the right choice for you.

FIND YOUR NEW HOME WITH CASH REWARDS

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

MORTGAGE BENEFITS

As an OPPA Credit Union member, you’ll also benefit from:

Help you can trust

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.

Competitive rates

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.

PORTABILITY

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.

120-day interest rate guarantee

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.

Pre-payment privileges

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.                

Mortgage Calculator

Want to look at different mortgage payment and rate scenarios? This is a good place to start.

MORTGAGE OPTIONS

Conventional Mortgage

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 Mortgage

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.

 

Fixed Rate Closed Mortgages

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.

 

Variable Rate Mortgages

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.

 

Six-Month Convertible Mortgage

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.

 

Construction Mortgages

We can arrange mortgages specific for your construction project.
 

MORTGAGE RATES

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

5.09%

1 Year – as low as

6.09%

5.44%

2 Year – as low as

6.24%

5.59%

3 Year – as low as

6.39%

5.74%

4 Year – as low as

6.44%

5.79%

5 Year – as low as

6.49%

5.84%

VARIABLE MORTGAGE RATES
POSTED RATE

5 Year Variable Closed – as low as

5.70%

5 Year Variable Open – as low as

8.95%