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​Mortgages

Welcome to friendly. Welcome to flexible.  

​Exclusive Low Rate Mortgage

​Our Exclusive Low Rate Mortgage combines special low rates with homeowner-friendly terms designed specifically for you. As a DirecTCU™ member, you can take advantage of flexible features.

Featured Rates

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Low Rate Mortgage

Our Low Rate Mortgage promises you one of the lowest mortgage rates available, when rate is what matters most.
This mortgage is right for you if:
  • You want a low rate and you don't anticipate refinancing your mortgage or prepayment opportunities greater than 10% during the term chosen

  • You have a minimum 20% down payment for a home

  • You have less than a 20% down payment and require a high ratio mortgage (link to Buying a Home page)

​​​Terms and conditions

  • Minimum mortgage amount is $100,000
  • Eligible security includes primary residences
  • Maximum mortgage amortization is 30 years
  • Interest is calculated half-yearly not in advance
  • Mortgage rates are stated as an Annual Percentage Rate (APR) Legal, appraisal, processing and discharge fees apply and may increase the APR
  • Full repayment before maturity can only occur if the property is sold

Interest rates

There is no negotiating required - we post our best 'low rates' and can provide comparative 'market' rate infomration of the nation's top five banks to demonstrate our competitiveness.  'Preferred' rates are also automatically offered at renewal time.

​High Ratio Mortgage

With a High Ratio Mortgage, we can help finance your home purchase even without a large down payment.

​​Terms and conditions

  • Requires a minimum 5% down payment
  • Applicants must purchase default insurance through CMHC
  • Maximum mortgage amortization is 25 years
  • Legal, appraisal and processing fees apply

10 Month Mortage

DirecTCU™ offers a full range of mortgage payment options including weekly, bi-weekly, semi-monthly and monthly.  In addition, mortgage payments can be structured to be made 10 months per year, September through June.  Payments will be set 20% higher, permitting payment holidays for the months of July and August. Interest accrues for the months of July and August and is payable after this period.

How it works

  • Mortgage payments can be structured to be made 10  months per year, September to June
  • Mortgage payments will be set 20% higher (regular monthly payment x 1.2 = 10 month payment)
  • Enjoy the summer months and some extra cash flow, mortgage-payment-free!

Convert your existing mortgage

To inquire about converting your existing regular mortgage payment to 10 monthly payments, please contact our Member Solutions Centre at 1.800.598.2891 or visit your branch.

Terms and conditions

Quoted rate is based on blended payments of principal and interest and is the regulatory Annual Percentage Rate where there is no cost of borrowing other than interest. Legal fees would increase the APR. Interest is calculated half-yearly, not in advance. Quoted rate is based on a high ratio mortgage where a borrower a borrower places a down payment of less than 20% of the purchase price of the home. Additional rate premiums may apply in cases of a refinance, extended amortizations, non-owner occupied, or other instances where application details may warrant it. Applications are subject to credit approval. Additional restrictions may apply. Rates are subject to change without notice.

Quoted rate is based on blended payments of principal and interest and is the regulatory Annual Percentage Rate where there is no cost of borrowing other than interest. Legal fees would increase the APR. Interest is calculated half-yearly, not in advance. Quoted rate is based on a high ratio mortgage where a borrower a borrower places a down payment of less than 20% of the purchase price of the home. Additional rate premiums may apply in cases of a refinance, extended amortizations, non-owner occupied, or other instances where application details may warrant it. Applications are subject to credit approval. Additional restrictions may apply. Rates are subject to change without notice.

Buying a home     

There's a lot to know when it comes to buying and owning a home. 

MeritLine Home Equity Line of Credit

Using the equity in your home to secure this pre-approved line of credit (minimum $50,000) guarantees you one of the lowest rates available for credit.  
​A companion MeritLine Account is your key to convenient access.