Mortgages

Open | Closed | Variable | Pre-Approved

Flexible, sound financing options. Key Savings + Credit Union mortgages provide you with the "key" to purchasing your new home or refinancing your current mortgage.

Choice. Key Savings offers members choice in financing their mortgages! See over for more detailed information.

Efficient. Although the regular approval process at Key Savings is fast + efficient, we always strive to better serve our members. To give new homebuyers peace of mind that the money is there when needed, we offer pre-approved mortgages!

Flexibility. Select your own payment schedule - weekly, bi-weekly, semi-monthly or monthly payments AND choose a convenient payment method - payroll deduction, automatic transfers, electronic funds transfers or post-dated cheques.

No administration fee applies when having a mortgage transferred in. We would be happy to serve you.

Open Mortgages:

Flexibility. Control. Convenience.

• Fixed rate terms available for 6 month and 1 year.
• Variable rates are also available (see Variable).
• Members can make extra payments, in any amount and at any time without penalty.
• At any time during the term of an open mortgage, the member may "lock in" their existing mortgage to a fixed "Closed Term" without interest penalty. (An administration fee will apply.)

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Closed Mortgages:

Lower interest rates. Flexibility.

• Available for a 1 to 5 year term.
• Based on a calendar year, on any date, the member may pay up to 20% of the original mortgage amount, without notice or penalty charge.
• Once each calendar year, a member can increase the amount of their regular payment (principal + interest) by up to 100% without charge.
• Penalties may be charged for paying out the mortgage, outside of the above-mentioned parameters.

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Variable Mortgages:

Opportunity. Flexibility.

• The rate of interest changes from time to time as money market conditions change.
• Gives members flexibility and freedom to move quickly in a volatile interest rate market.
• Some conditions apply to Variable Mortgages, see us for more information.

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Pre-Approved Mortgages:

With pre-approved mortgages, we guarantee the interest rate for 90 days at the time of application, even if interest rates increase! If the rates go down before completing the purchase, our member benefits from the lower rates. Either way, our members win!