Mortgages

We’ll help you choose the mortgage that’s right for you.


No matter which mortgage you choose, you’ll always get:

  • 3 month rate guarantee: Even if rates rise before your mortgage is advanced
  • Flexible payment schedules: Make payments monthly, bi-weekly or weekly
  • Your mortgage is portable2: You can transfer it to a new property when you move
  • Your mortgage is also assumable2: You can sell your low interest rate mortgage with
    your house and swing a sale in your favour


myStyle from 3.39%

A five year closed mortgage with our lowest fixed rate

3.39%*

Benefits:
  • Buy the home you really want with our lowest fixed interest rate and up to a 30 year amortization
  • Get up to 5% cashback to help cover costs of moving, renovations, or to spend however you want1


MyStyle Details:
  • Increase your mortgage payments up to 10% once per year to pay off your mortgage even faster and save interest
  • Additional lump sum payments are not permitted
  • Five-year term


Prospera Mortgage Perks:**
  • We’ll pay up to $1,000 to cover your transfer-in or new mortgage costs
  • Don't pay for chequing for the life of your Prospera mortgage
  • Automatically qualify for a $5,000 line of credit
  • Enter to win $5,000 towards your property tax
  • Enter a draw to double your paycheque
  • Switching is easy since we take care of the paperwork


myClassic from 3.49%

A closed, fixed rate mortgage with flexible pre-payment options

3.49%*

Benefits:
  • Minimize payment amounts with a great rate and up to a 30 year amortization
  • Get up to 5% cashback to help cover costs of moving, renovations, or to spend however you want1


MyClassic Details:
  • Make a principal pre-payment up to 20% and increase your mortgage payments up to 20% once per year to pay off your mortgage even faster and save interest
  • Flexibility to choose between a three-year or five-year term


Prospera Mortgage Perks:**
  • We’ll pay up to $1,000 to cover your transfer-in or new mortgage costs
  • Don't pay for chequing for the life of your Prospera mortgage
  • Automatically qualify for a $5,000 line of credit
  • Enter to win $5,000 towards your property tax
  • Enter a draw to double your paycheque
  • Switching is easy since we take care of the paperwork


myWay from 3.45%

A five year closed mortgage with a variable rate that floats with Prospera's Prime Lending Rate

3.45%3

Benefits:
  • Secure a rate that is typically lower than fixed rates (Prospera Prime Lending Rate -0.50%), potentially saving you thousands of dollars in interest over the life of your mortgage
  • Save even more and pay your mortgage down faster if the Prospera Prime Lending Rate goes down
  • Enjoy the freedom to convert to a fixed-term mortgage should your situation (or rates) change
  • Budget more easily knowing that your mortgage payments will not change even if the Prospera Prime Lending Rate changes


MyWay Details:
  • Make a principal pre-payment up to 20% and increase your mortgage payments up to 20% once per year to pay off your mortgage even faster and save interest
  • Five-year term


Prospera Mortgage Perks:**
  • We’ll pay up to $1,000 to cover your transfer-in or new mortgage costs
  • Don't pay for chequing for the life of your Prospera mortgage
  • Automatically qualify for a $5,000 line of credit
  • Enter to win $5,000 towards your property tax
  • Enter a draw to double your paycheque
  • Switching is easy since we take care of the paperwork


Home Equity Line of Credit

A low-rate line of credit secured by the equity in your home

Prospera Prime Lending Rate
+ 0.50% 4

Benefits:
  • Convenience: Borrow for any reason, at any time. Access funds whenever you need it by making a cash withdrawal, using your debit card or writing a cheque.
  • Save Money: Use an extraordinary rate for your borrowing needs. With this great rate, it’s one of the most effective ways to lower your borrowing costs, and can save you thousands of dollars in interest if you have existing higher-interest debt.
  • Flexibility: Borrow money for any reason, at any time, without having to re-apply. Pay interest only on the amount you use for the length of time you use it and pay it back at your convenience (minimum monthly interest payment is the only requirement)


Why use it:
  • Renovate your kitchen
  • Upgrade your car
  • Invest in your RRSP or TFSA
  • Consolidate debt


 



Disclaimer Expand/Collapse

*Some conditions apply. The Annual Percentage Rate (APR) is for a mortgage of $100,000 with monthly payments and a 25-year amortization, assuming no fees apply. If fees and/or charges apply, the total Cost of Credit and APR would increase. This promotion is subject to member(s) being approved by Prospera Credit Union’s lending guidelines. Offer and rate may be changed, extended, or withdrawn at any time without notice. Available O.A.C.


** A) To be eligible, the member must set up direct payroll deposit to a Prospera chequing account. Available for new mortgages and refinances of $100,000 or more with a 5 year minimum term. B) Prospera will reimburse up to a maximum of $1,000 the discharge fee charged by the member’s current financial institution, prepayment penalties, and/or any new legal/appraisal fees. C) Waived chequing fees are for the term of your Prospera mortgage and include the monthly fee and standard transactions. Non-standard services still incur regular charges. D) $5,000 unsecured line of credit is automatically approved for conventional mortgages at a rate of Prospera Prime Lending Rate + 2% for insured, Prospera Prime Lending Rate +3% for uninsured. For high-ratio mortgages, $1,500 overdraft protection is automatically approved at Prospera’s posted overdraft protection rates and fees. Some conditions apply.

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1. Cash back available up to 5% of the mortgage principal, to a maximum of $25,000, on a 5-year term only, O.A.C. Rate premiums apply, depending on the amount of cash back received. Some additional conditions apply. For full details, please visit a branch or call 1.888.440.4480.

2. Subject to qualification. Terms and conditions apply.

3. The Annual Percentage Rate (APR) is for a mortgage of $100,000 with monthly payments and a 25-year amortization, assuming no fees apply. If fees and/or charges apply, the total Cost of Credit and APR would increase. The annual percentage rate is a variable rate and fluctuates with Prospera's Prime Lending Rate (Prime – 0.50%) throughout the mortgage term. Please see our rates page for the current Prospera Prime Lending Rate. This rate is subject to member(s) being approved by Prospera Credit Union’s lending guidelines. Offer and rate may be changed, extended, or withdrawn at any time without notice. Available O.A.C.

4. Some conditions apply. The interest rate will fluctuate with the Prospera Prime Lending Rate and is subject to change at any time without notice. Please visit our rates page for the current Prospera Prime Lending Rate. This rate is subject to member(s) being approved by Prospera Credit Union’s lending guidelines. Offer and rate may be changed, extended, or withdrawn at any time without notice. Available O.A.C.