TransCanada Credit Union - Choosing Your Term

We can help you find the mortgage that's just right for you and your finances. Choose from a combination of open and closed mortgages with fixed and variable rates.

Fixed Rate

A fixed rate mortgage is your choice for security. Your interest rate is fixed for the term of your mortgage and you have the comfort of knowing exactly how much your payments are during this period.

Variable Rate

With a variable rate mortgage your interest rate will fluctuate with any changes in our prime interest rate. That means if interest rates fall, your interest costs will reduce, allowing you to pay off your mortgage faster. Alternately, if interest rates increase, your interest costs would rise.

Closed Mortgage

A closed mortgage cannot be prepaid or refinanced before the current mortgage term is finished, although limited prepayments, such as the 20/20 prepayment option, may be allowed. This keeps the interest rate a little lower than open mortgage rates.

Open Mortgage

An open mortgage gives you the ability to payout, prepay, rewrite or renew at any time, without a penalty.

Convertible Mortgage

Some mortgage terms may allow you to have a convertible mortgage. This means you have a variable rate mortgage that can be converted to fixed rate mortgage at any time. This flexible feature gives you the reassurance that you can lock in your interest rate should the variable rate option no longer meet your financial goals.