You don’t want a loan, you want a home. Buying a house is probably one of the biggest purchases you’ll ever make, so we will make sure you’re getting the mortgage product, features and rate that work for you.


Mortgage Product Type
Key Features
Best for you if…
Open Variable Rate Mortgage
Interest rate varies with prime but your payments remain the same. You can switch to a closed mortgage or make additional payments any time with no penalty.
You are planning to pay extra towards principal or sell the property in near future.
Closed Fixed Rate Mortgages Available terms 1-5 years Maximum amortization period is 30 years
Lower rates than an open mortgage.A set rate for the chosen term.Pay more towards your mortgage (up to 20% of the principal) once a year on the anniversary date; to break the term agreement you have to pay a 90 day interest penalty.
You are a short-term budgeter who does not want to worry about rate changes over the term of your mortgage. 
Home Equity Line of Credit
Borrow up to 75% of your home’s equity. Variable interest rate that changes with Talka Credit Union’s Prime Rate. As you pay down your outstanding balance, your available credit increases to the credit limit. Pay as little as interest only, or pay any or all of your outstanding balance. This is a fully open product.
You want to use your home equity to finance any purchases or projects.You have outstanding balances on unsecured credit with a higher interest rate.
High Ratio Mortgages Available terms 1-5 years Subject to Canada Mortgage and Housing Corporation (CMHC) approval
Mortgage insurance is required under federal financial services law for homebuyers with less than 20% down payment.It enables borrowers to receive the same low mortgage interest rates as buyers with down payment of 20% or greater.
You have good credit and steady income but do not have a big down payment available.
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