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Mortgages

Fixed rate

Whoever said predictability is boring does not appreciate the benefits of a fixed rate mortgage.

Fixed rate mortgage

You don’t want movies to be predictable, but it’s great when your monthly expenses are. With a fixed rate mortgage, you know exactly what you’re paying every month for the duration of your term. No surprises.

Benefits:
  • Minimize payment amounts with a great rate and get up to a 30-year amortization
  • Choose an open or closed mortgage
You also get these options:
  • Increase your mortgage payments up to 100% on any payment date to pay off your mortgage even faster and save interest
  • Make a principal pre-payment up to 20% on your annual anniversary date and pay your mortgage off even faster. 
  • Flexibility to choose between a 1 to 10 year term


No matter which mortgage you choose, you always get:

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


And member perks? We got ‘em:

  • Automatically qualify for a $5,000 line of credit.
  • Switching is easy since we take care of the paperwork.
Mortgage sign up

Apply online

Earn up to $3,000* when you sign up for a mortgage.

Are you in the market for a mortgage? Right now, we’re offering a cash incentive of up to $3,000* for all qualifying new mortgages.


*More details Apply now

What’s the difference? Fixed vs. variable mortgage rates.

With a fixed rate mortgage, your payments and interest rate stay the same for the term of your mortgage. Every time you make a payment, the same amount goes towards your principal. Unless you make extra payments, you know exactly how much principal will be left at the end of your term.
 
With a variable rate mortgage, your payments stay the same for the term of your mortgage, but the interest rate changes. When interest rates drop, more of your payment goes towards your principal. When interest rates rise, less of your payment goes towards your principal. A variable rate mortgage can save you a lot of money in interest, but you won’t know exactly how much principal will be left at the end of your term until you get there.

Residential Mortgage calculator

Use the mortgage calculator to help you get an estimate of monthly payments and to compare affordability of various interest rates and terms.

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

Explore all mortgages

Variable rate

Take advantage of lower interest rates with a variable rate mortgage. And if rates start to rise, you can lock in any time.

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Compare mortgages

See a side-by-side comparison of key features of our mortgage offerings to help you decide which one might work for you.

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  1. Subject to qualification. Terms and conditions apply.
  2. 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.
  3. 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) 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.
  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.