Residential Real Estate Mortgage Loans

These loans are charged a preferred interest rate. A formula is applied to the payment calculation to assure stability.

Variable Rate Mortgages 

The variable rate mortgage can be drawn up to accommodate all types of conventional real estate mortgages. The real estate mortgages are open to prepayment at any time without any penalty. The mortgage documents contain a readvancement clause which allows the member to apply for readvancement of repaid principal at some point in the future, without incurring any legal fees.

Capped Rate Mortgages 

Our capped rate mortgages offer you both the interest savings of a variable rate loan, as well as the security of a fixed rate loan, which is reassuring when it is difficult to predict how interest rates will vary. For a capped rate mortgage you will have to agree to a limit (a cap) on the maximum amount of interest you will pay over a particular period of time while allowing it to fall if the variable rate drops. 

In short: You get the best of both worlds!

All terms and security requirements are outlined in our loan policy. Contact our lending department for further information.