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Mortgages tailored to bring you home
Our mortgage products
Variable rate mortgage
- Interest rate adjusts based on the Prime Rate BCU Prime RateThe BCU Prime Rate is the benchmark interest rate used by BCU Financial for variable-rate loans, adjusting with the Bank of Canada's rate changes. It's usually 1.5 to 2.5 percentage points higher than the lending rate set by the Bank of Canada.
- Payments may adjust every 3 months with rate changes
- Lower initial interest rates compared to fixed rates
- Potential for lower payments if rates decrease
- Payments increase if rates go up
- Flexible option for those who are comfortable with rate changes
Fixed rate mortgage
- Interest rate stays the same for the entire term
- Monthly payments are predictable and consistent
- No surprises, even if market rates change
- Secure a fixed rate for 1, 2, 3, 5 years, or more
- After the term ends, renew or refinance with a new rate
- Ideal for those who prefer stability and predictability
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financial perks
Open and closed mortgage:
what's the difference?
| Closed mortgage | Open mortgage | |
|---|---|---|
| Best for | Those who don’t expect to pay off early | Those who want flexibility and plan to pay off faster |
| Prepayment flexibility | Limited to 20% of the original principal per year | No limits; repay any amount at any time |
| Penalty for early repayment | Yes, for amounts over the limit | No penalty for lump sum or accelerated payments |
| Payment increase | Can increase payments by 20% once per year | No restriction on payment increases |
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Featured mortgage rates
| Term (years) | Term options | Rate options | Rates from | APR |
|---|---|---|---|---|
| 3 years | Open | Variable | 5.90% | 5.94% |
| 3 | Open | 1 year fixed | 7.20% | 7.24% |
| 1 | Closed | Fixed | 5.99% | 6.11% |
| 2 | Closed | Fixed | 5.69% | 5.75% |
| 3 | Closed | Fixed | 4.99% | 5.03% |
| 4 | Closed | Fixed | 4.89% | 4.92% |
| 5 | Closed | Fixed | 4.69% | 4.71% |
| 6 month | Open | Fixed | 8.19% | 8.43% |
Your mortgage, your rules
Enjoy competitive rates
Avoid hidden fees
Be sure your money is secure
Your mortgage application made easy
Please note!
Evaluate your financial readiness
Check your most recent credit score, your available downpayment amount and take additional expenses into account.
Receive pre-approval
Get a pre-approved mortgage rate and amount for up to 60 days, simplifying your home search. This will indicate that you are serious about the housing deal.
Find a home with a realtor
Work with an experienced realtor to get advice on the available options, set your priorities, check the home condition and the neighbourhood.
Finalize your mortgage
Once you find a home, complete the mortgage process by providing any additional documentation and closing on your new home.
Please note!
Start your homeownership
with BCU
Questions? We got answers!
To apply for a mortgage, you’ll typically need proof of income (like pay stubs or tax returns), photo identification (such as a passport or driver’s license), and proof of residence (like a utility bill). Additional documents may be required depending on your financial situation and the type of mortgage you’re applying for.
The mortgage approval process typically takes a few business days, but it can vary depending on factors like the complexity of your application and the documents provided. In some cases, it might take longer if additional information is needed.
The minimum down payment for a mortgage is 5% of the home’s purchase price, but this can vary depending on the type of mortgage and the value of the property. If you put down 20% of the home price, then you will take out a conventional mortgage which means you do not have to take out additional mortgage insurance. If your downpayment is less than 20%, you will take out a high ratio mortgage which means it must be insured against payment default. As a result you will pay an additional mortgage insurance fee on top of your monthly mortgage payment. For higher-priced homes, a larger down payment may be required.
Getting a mortgage pre-approval helps you understand how much you can borrow, so you can confidently shop for a home within your budget. It also shows sellers that you’re a serious buyer, making it easier to negotiate terms. Plus, pre-approval speeds up the final approval process once you find your dream home.
Your credit score plays a big role in your mortgage application. A higher score can help you secure better interest rates and loan terms, while a lower score may mean higher rates or a need for a larger down payment. Lenders use your credit score to assess your ability to repay the loan.
The amortization period for a mortgage is typically up to 25 years, but it can be shorter or longer depending on the loan terms you choose. A longer amortization period means lower monthly payments, while a shorter one means you’ll pay off the mortgage faster, but the payments will be higher.
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