Mortgages
When it comes to financing the largest purchase you'll ever
make, you want to be completely confident you're making the
right decision. ETCU Financial offers our members a full range
of “discounted” loans and mortgages and the expertise to help
you choose.
Up to 25% of the principal balance may be prepaid once a year
and payments can be doubled on any and every payment date. There
are no renewal fees and optional life insurance is available.
Mortgage Features
- 1st and 2nd conventional mortgages.
- MERITline Home Equity Line of Credit: Flexible borrowing for homeowners. Borrow what you need, when you need it.
- CMHC insured mortgages: typically offered with a fixed interest rate, a term of five and an amortization period of up to 30 years.
- Open mortgage: A fixed or variable rate mortgage that allows you to pay back the borrowed funds without notice or penalty.
- Closed mortgage: A mortgage where the terms range from 6 months to 5 years with generous prepayment privileges.
- Variable rate mortgage: The interest rate is usually compounded monthly and fluctuates with the prime rate. The VRM is fully open meaning extra payments of any amount can be made without incurring penalties.
