Mortgages

What do automated teller machines, consumer loans, daily interest savings accounts and electronic payment cards have in common with weekly mortgage payments? These financial services, which are today considered industry standards, were all pioneered by credit unions.

Purchasing a home is one of the biggest financial decisions you will make. Choosing a mortgage is as important as choosing the house. When making your choice, you owe it to yourself to really look at the advantages and long-term cost benefits of a Lake View Credit Union mortgage.

Mortgage Qualifier
You're in the market for a home, but you're not sure what you can really afford. Find out how much money you can borrow based on your income, and what your monthly mortgage payments will be.
Go to calculator

Mortgage Loan
Would you like to see an amortization schedule for your current mortgage? See how much interest you will pay, your principal balances, and determine the impact of any principal prepayments.
Go to calculator

Refinance Interest Savings
Determine how much interest you could save by refinancing your mortgage. Simply enter the specifics about your current mortgage and current appraisal value, new loan amortization, rate and closing costs to see if refinancing is right for you!
Go to calculator

Mortgage Payoff
Increasing your mortgage payment can save you interest. This financial calculator will help you find out just how much. Also, see a complete amortization payment schedule.
Go to calculator

Mortgage Comparison
Which mortgage term is better for you - 10, 15, 20 or 25 years? One saves you interest - the other allows you a lower monthly payment. Which one works better with your budget?
Go to calculator

Rent Vs Buy
When trying to decide between renting and buying a home, there is more to consider than just your mortgage payment. Property taxes and other fees should enter into the equation as well. Find out which decision is best for you.
Go to calculator



Conventional Mortgage

Our conventional mortgage, which requires a minimum down payment of 25% of the purchase price, offers the following features that provide you with the flexibility and convenience you require.

  • Rates available for terms from 6 months to 7 years.
  • Re-payment amortization period available up to 25 years for conventional mortgages. 
  • Variety of flexible payment options available.
  • Lake View Credit Union can collect taxes on your behalf along with each regular payment and remit to the municipality as required.
  • Creditor Life and Disability, Loss of Employment and Critical Illness insurance are available.
  • Available as open or closed mortgage

Conventional Closed Mortgage Features

  • You can increase your payment amount by up to 150% of your original payment amount.
  • Prepay up to 25% of the original mortgage amount once annually on the anniversary date.

Conventional Open Mortgage Features

  • 100% pre-payment without penalty

Variable Capped Mortgage


A Variable Rate Capped Mortgage allows you to take full advantage of changing interest rates based on LVCU Prime.

  • Convenient weekly, bi-weekly, semi-monthly, or monthly payments.
  • Payments are based on the "capped rate",  which reduces the amount of interest paid and helps you to pay down your mortgage faster.
  • Peace of mind with low-cost life, disability, loss of employment, and critical illness insurance with single or joint coverage
  • Variable Rate Capped Mortgage rate is set based on market.
  • Payments can be fixed for up to 5 years, however the interest may change from month to month depending on the market conditions.
  • You can increase your payment amount by up to 150% of your original payment amount.
  • The ability to pay a lump sum of up to 25% of the original mortgage amount as a principal payment on each anniversary date of the mortgage.
  • Interest is compounded "not in advance" which means interest is charged each month instead of adding the total cost of interest to the mortgage, in the beginning. As a result, the owner will pay less interest.
  • Owners with existing mortgages up for renewal can have the option to convert to a Variable Rate Rate Capped Mortgage.


CMHC Mortgage

When your down payment  is going to be under 25% of your home value, your mortgage will be "insured" by CMHC.  Save interest with annual principal payments.

  • Convenient weekly, bi-weekly, semi monthly, or monthly payments.
  • Peace of mind with low-cost life, disability, loss of employment and critical illness insurance for single or joint coverage.
  • Flexible repayment term, with your choice of amortization terms up to 35 years.
  • Choice of Closed/Open mortgage.
  • Competitive rates.
  • Pre-approvals available.
  • Monthly statement.
  • Financing  Available: up to 95%
  • Payments via automatic transfer from Lake View Credit Union account.
  • Property taxes: Can be collected and paid each year by Lake View Credit Union on behalf of the owner upon request.

Open Mortgage Feature

  • Up to 100% pre-payment at any time with no interest penalties


Energy-Efficient Mortgage

You could have the flexibility of extending your amortization (the time required to repay your mortgage) from 25 years to a maximum of 35 years if mortgage insured (CHMC). This means your mortgage payments can be more affordable at an earlier stage in your life when your income may not be at its peak. You may also qualify for a 10% insurance premium refund from Canada Mortgage and Housing Corporation (CMHC). For more details on how you can qualify for the Energy-Efficient Mortgage, speak to one of our mortgage lenders:

To Qualify:

  • Buy an energy-efficient home.
  • purchase a house and make energy saving renovations; or
  • renovate your existing home to make it more energy efficient.

 

Current Mortgage Rates