Fixed Rate Mortgages

Buying a new home or refinancing? KCCU is the place to turn for all your mortgage needs. We are here to help every step of the way. We put YOU first. We give you honest advice and the best rates, terms and conditions.

A Fixed Rate Mortgage may be the right product for you if you want a mortgage rate that is guaranteed for a term (in years). This is ideal when you are concerned about the impact of rising interest rates on your budget or you are on a fixed income and want to make sure your mortgage costs stay constant for the term you choose. Most fixed rate mortgages are fully closed and allow you the flexibility to pay additional payments once a year up to a specified percentage. Your privileges will be outlined specifically in the schedule attached to the terms and conditions of your individually-tailored mortgage (For example: permitting an extra 10% prepayment annually).

Fixed Mortgages are also ideally suited upon completion of a construction mortgage, for long term situations when you are certain you will be staying in your home. Choose your term (in years) and the rate associated with it. Usually the lower the rate, the shorter the term.

The shorter the amortization, the higher the payment and the lower the amount of interest paid over the life of the mortgage. Longer amortizations give you a lower payment and better cash flow but have higher interest costs over the life of the mortgage. Ask a lending specialist at KCCU to explain the pros and the cons for your individual situation.

Simply fill out an application or contact us at your nearest branch and provide us with details regarding your upcoming purchase or refinance. To review your application we will need to gather information about where the property is located, the purchase price, the closing date, how much money you have for a down payment and where the down payment is coming from (i.e. sale of existing home, your own savings, gift, etc.) and a payment amount you can afford.

If this application is for a mortgage pre-approval, please provide us with the amount you are considering to purchase a home, the details regarding your down payment and the payment terms you are looking for. Our lenders at all four locations would be happy to assist you with all your mortgage needs.

First Time Homebuyer? If you need financing and have less than a 20% down payment we can help with our partner CMHC (Canada Mortgage and Housing Corporation)