Fixed Rate Closed Mortgage

With a fixed rate mortgage, your interest rate will not change throughout the entire term of your mortgage. So you'll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term. Fixed rate mortgages offer you peace of mind.

As a Rapport - A Division of WFCU Credit Union member, you’ll get expert assistance, competitive rates (often below major financial institutions’ posted rates) and flexible repayment plans that fit your budget. And with the option to pay down up to 20% of the original principal amount each calendar year, you can save on interest.

• Terms range from 6 months to 5 years with an amortization period of up to 30 years
• A minimum 20% down payment (for a conventional mortgage) is required

Fixed Rate Open Mortgage

With a fixed rate open mortgage, your interest rate will not change throughout the entire term of your mortgage. So you'll always know exactly how much your payments will be and how much of your mortgage will be paid off at the end of your term. Fixed rate mortgages offer you peace of mind.

Open mortgages can be paid off at any time without penalty. They are suited to homeowners who are planning to sell in the near future or those who want the flexibility to make large, lump-sum payments before maturity. Fixed Rate Open Mortgages may be moved to a Fixed Rate Closed Mortgage at any time without penalty.

As a Rapport - A Division of WFCU Credit Union member, you’ll get expert assistance, competitive rates (often below major financial institutions’ posted rates) and flexible repayment plans that fit your budget.

• 6 month and 1 year term options are available
• A minimum 20% down payment (for a conventional mortgage) is required

Variable Rate Closed Mortgage

Variable Closed mortgages have rates that fluctuate with prime and are commitments for a specific term of 5 years. With a Variable Closed, you will need to wait until the maturity date to pay it off or you will be required to pay a penalty. However, you can move to a fixed rate mortgage option at any time without penalty provided the term is equal to or greater than the original period. Variable Closed mortgages are for those who understand their mortgage rate will fluctuate over a set period of time.

High-Ratio vs. Conventional Mortgage

Any purchase where the down payment is less than 20% of the total price is considered a high-ratio mortgage, and the mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or Sagen. A fee is charged for this insurance with the amount dependent on the Mortgage Amount to Value of property you are purchasing. High-Ratio mortgages are for buyers with less than a 20% down payment.

A conventional mortgage is a loan for no more than 80% of the appraised value or purchase price of the property, whichever is less.

Mortgage Advantage Program **

The rate is only part of the story.

Through our Mortgage Advantage Program, qualifying members gain access to a world of exclusive member benefits that extend far beyond the numbers. When you choose us, you’re not just getting a competitive rate; you’re gaining access to a host of privileges reserved solely for our valued members. And the best part? These benefits stay with you as long as your mortgage journey continues with us. From personalized financial guidance and preferential rates on other products, to special offers and community events, your membership ensures you’re part of a supportive network that’s dedicated to your financial well-being. With a Rapport - A Division of WFCU Credit Union mortgage, you’re not just a borrower; you’re a member of a community committed to helping you thrive.

Daily Banking Discounts 

Unlock significant savings on your daily banking activities with our exclusive offer tailored to our Diamond Eva Chequing Account. For the first year, enjoy the convenience of a fee-free account, allowing you to manage your finances without the worry of service charges. Even after the initial year, you’ll continue to benefit with a generous 50% discount on service charges, making banking with us not only seamless but also cost-effective.

Automatic Line of Credit Approval 

Simplify your financial journey with our streamlined process for securing a Rapport Line of Credit. Qualifying mortgage holders will enjoy the convenience of automatic approval, providing you with swift access to up to $10,000 in credit. What’s more, benefit from a 1.5% discount off the final calculated qualifying rate, ensuring that your borrowing comes with favourable terms.

No Renewal Fees 

We believe in transparency and providing our valued customers with long-term financial benefits. That’s why we are committed to waiving mortgage renewal fees for the entire duration of your mortgage. This means you can enjoy the security and convenience of knowing that your financial commitment won’t be burdened by unexpected renewal charges.

Overdraft Protection 

Gain peace of mind with our comprehensive Overdraft Protection feature. With automatic approval for up to $1,500 of coverage, you’ll never have to worry about unexpected expenses pushing your account into the red. This safety net ensures that your transactions are covered, preventing potential disruptions in your financial obligations.

**Terms and conditions apply
*Visit rapportcu.ca/FinePrint for details.