Mortgages

Overview

If you’re looking to finance a cottage, ski cabin, or other getaway home, our recreational property mortgage can help!

Features

• Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
• Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
• Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
• CMHC-insured mortgage availability or requirement will depend on the property. Ask an OCU Mortgage Specialist for more information.
• Down payment requirements vary, depending on the property. See our Specialty Property sheet for more information about specialty properties in Osoyoos.
• Line of Credit not available as part of CreditMaster mortgage on Recreational Properties.
• Purchase + Improvement loans available.
• Available for owner occupied or investment/rental properties.
• Life and disability insurance is available for your protection.

Overview

If you’re planning to build your dream home and want a mortgage designed specifically to help make that happen, our construction mortgage can help!

Features

• Guaranteed rate ­– Lock in the best fixed mortgage rate prior to construction, so you can build your home with financial peace of mind.
• Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
• Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
• Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
• Available as a CMHC insured mortgage.
• CreditMaster^® Mortgage – Flexible access to your home equity in the future.
• Available for owner occupied or investment/rental properties.
• Life and disability insurance is available for your protection.

Overview

A mortgage secured line of credit enables you to use the equity you have acquired in your home to purchase investment property, top up your RRSP and many other options.

Features

• Benefit from higher credit limits and lower interest rates because the HELOC is secured by your home.
• Re-advanceable – Access your home equity anytime. Once you have a HELOC, you can use the funds whenever you want without the need to reapply.
• Easy access – Access the funds in your HELOC in the same way as a chequing account – online, in-branch or over the phone.
• Protect yourself with creditor insurance.
• The line of credit requires monthly interest only payments calculated on the closing daily balance and charged monthly, directly to the account.
• Availability subject to regular lending criteria.

Overview

If you don’t have the extra money to tackle home improvements in advance, Purchase Plus Improvements (PPI) can fund your renovations upfront! Start by securing a PPI-qualifying mortgage from OCU.

Features

• Qualify with a down payment of as little as 5% of the home’s purchase plus renovation costs
• Renovation costs disbursed once the work is complete, and repayment is included in your manageable mortgage payments.
• Flexible payment schedules – Fit your mortgage to your budget with the option to pay weekly, bi-weekly, monthly or semi-monthly.
• Fixed or variable rate – Lock in your interest rate for the term of your mortgage or get a lower rate that shifts with the market. The choice is yours!
• Variety of term lengths – Tailor your mortgage to your life plans with term lengths from 6 months to 7 years.
• Available as a CMHC insured mortgage.
• CreditMaster^® Mortgage – Flexible access to your home equity in the future.
• Mortgages for Recreational and Acreage Properties available.
• Available for owner occupied or investment/rental properties.
• Life and disability insurance is available for your protection.