Access Credit Union offers a wide variety of mortgage products that will help you meet your financial needs now, and in the future. The flexibility to offer variable and fixed rates with varying terms allows Access to tailor a product that gets you into your dream home faster - or maybe help you buy that cottage at the lake you've always wanted.

Variable Closed Capped Rate

A variable closed capped rate mortgage provides the potential for saving money with a low variable rate; along with the security of a maximum cap rate. This product is a closed 5 year term offering the flexibility to convert, without penalty, to a 3, 4, or 5 year fixed rate at any time during the current term. It allows for the same 20% annual (non-cumulative) prepayment privileges as with our fixed rate mortgage. This is a great option to consider when you like the current variable rate; however are uncertain as to when interest rates may rise.

Builder’s Mortgages

A Builder's Mortgage allows you to construct a home and pay for it in stages as it is being built. With a Builder's Mortgage, the approval process, payment terms and down payment are based on the projected value of the completed home. An appraisal based on the home's blueprints and materials selection determines the lending value of the property. Once construction is under way, you will be required to make regular interest payments on the funds that have been advanced according to the completion stage of your home. When construction is complete and the mortgage is fully advanced, regular principal and interest payments begins.

Home Equity Line of Credit

A Home Equity Line of Credit is a revolving Line of Credit that allows you to use the equity in your home to borrow money. Then, that amount of equity is converted into a line of credit for you to draw cash from as you please. With a ‘line of credit’ home equity loan, you’re only charged interest on the amount you actually use out of the line of credit.

For more details about our Mortgage Terms please see the document:

The Real Property Act Standard Charge Mortgage Terms 5049401/1

Mortgages (Rates effective 2020-10-21) Rates
Variable Open 2.45%
Variable Closed 1.90%
1 Year 2.14%
2 Years 2.25%
3 Years 2.25%
4 Years 2.25%
5 Years 2.14%

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