ACU - Mortgage Payment Terms

Fixed vs variable
Payment frequency

Fixed vs variable

Choose a fixed or variable rate mortgage, with terms ranging from six months to five years.

Variable Rate Open Mortgage

Pay off part or all of your mortgage at any time, without interest penalties or service fees
Convert to a Fixed Rate Closed Mortgage if interest rates rise
Enjoy a flexible interest rate with a set mortgage payment (as long as the amount is sufficient to cover your interest cost)

Variable Rate Closed Mortgage

Competitive mortgage rate and monthly payments
Predictable mortgage payments
Pre-pay up to 20% of your balance each year, with no interest penalty or service fees

Fixed Rate Closed Mortgage

Guaranteed interest rate, protected for the duration of your term
Predictable monthly payments
Terms range from six months to five years
Prepay up to 20% of your balance each year, with no interest penalty or service fees
Set up a payment schedule of your choice (as long as you don't exceed 20% annually)

Payment frequency

Select weekly, bi-weekly, semi-monthly or monthly payments to suit your cash flow. Accelerated weekly or bi-weekly payment options are also available.

Prepayment

Without penalty or services fees, you can repay up 20% of your original or renewed mortgage balance each year, by:

Increasing your payment by a fixed amount
Making an additional mortgage payment
Making one maximum-allowed lump-sum prepayment each year
Making several small prepayments at any time each year

Port your mortgage

If you love your mortgage more than your home, take it with you when you move. This option is available at no cost, for all mortgage types.

Assumption

Transfer your mortgage terms to the buyer when you sell (as long as they qualify at the current posted rate).

Protection

Credit insurance available for loss of employment, loss of life, disability and critical illness (with qualification) and is offered through The CUMIS Group Limited.

Down payment options

High Ratio Mortgage

Purchase your home with a down payment as low as 5%, with a High Ratio Mortgage and protection offered by one of our partners. The amount you pay for protection depends on the size of your mortgage, and can be built into your mortgage amount.

Conventional Mortgage

Perfect for those with 20% or more saved for their down payment.

Home Buyers' Plan

This federal government program lets you withdraw up to $35,000 tax-free from your RRSP in order to buy your home. Learn more on the Canada Revenue Agency's RRSPs and Related Plans page.

How to use a mortgage calculator to budget better

Learn how to use ACU’s mortgage calculator to figure out how much mortgage you can afford, and what budget you should set before you start house hunting.

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How your credit union mortgage can benefit community initiatives

Did you know that credit unions are collectively Canada’s second-biggest mortgage lender? In 2021 alone, they held a total of $131 billion in residential mortgages across the country.