142 South Algoma Street
Thunder Bay, ON P7B 3B8

Phone: (807) 345-7612
Email: info@baycreditunion.com

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Mortgages

Find the Right Mortgage for you

Bay offers its members a variety of mortgages with flexible rates, terms and repayment options, as well as free pre-approvals with a guaranteed rate for up to 120 days. Here are some of the options you’ll have to consider:

Conventional Mortgages

Mortgages made with a down payment of 20% or more when purchasing your home, which means you won’t have to pay additional mortgage insurance costs.

CMHC Mortgages

Mortgages with a down payment of 5% to 20%, where additional mortgage insurance needs to be purchased. This amount can also be rolled into your mortgage. Fixed-Rate Mortgages offer peace of mind and no surprises. Locking in one rate for the duration of your mortgage term, you can budget for consistent payments and easily track your progress.

Variable-Rate Mortgages

Provide a floating rate tied to the prime lending rate. As prime rates go up and down, your rate will fluctuate. When the market is stable, this option is typically less costly.

Open Mortgages

Means that you can pay your mortgage off or sell your home at any time without penalty. Rates are typically higher, but if you want to avoid being tied down, expect to sell your home soon or anticipate making a large lump sum against your mortgage in the near future, this is the option for you.

Closed Mortgages

Tie you to a fixed term in exchange for a lower interest rate. You’ll know exactly what your financial expectations are, plus you’ll have the option to make

* Mortgages approved and committed to must be advanced within 45 days of date of application in order to qualify for the Special Rate Offer. Offer may be changed, withdrawn, or extended at any time, without notice. Applicable to residential mortgages only and subject to Bay Credit Union lending criteria for residential properties. Conditions may apply. Rates are subject to change at any time without notice.