Fixed Rate Mortgage

This mortgage is right for you if:

  • You want a residential mortgage that offers rate terms from 1 to 5 years with the security of knowing that your interest rate won't change during the term you select.

Mortgage Features

A residential mortgage that offers rate terms ranging from 1 to 5 years.

Choose from weekly, bi-weekly and monthly payment options.

Additional Information

Flexible repayment options include monthly, semi-monthly, bi-weekly or weekly payments.

The annual renewal feature increases the flexibility of this product to pay down the mortgage faster and save money. Annually, the homeowner can elect to increase their payment amount by 50% and/or apply a lump sum of up to 20% of the original amount borrowed.

At any time during each year of the term of a mortgage, the borrower may prepay up to 20 per cent of the "original principal" amount of the mortgage without notice or bonus. The prepayment may not exceed 20 per cent of the original principal amount in any one year, even if the borrower has prepaid less than 20 per cent in previous years.

  • Once during each year of the term of the mortgage, the borrower may increase the principal and interest portion of the monthly payment by up to 50 per cent of the principal and interest payment "originally" required by the terms of the mortgage. This is done by giving written notice to the credit union at any time during the year. The increased payment will become effective on the date of the next payment following receipt of the borrower’s request, and will remain in force until the next renewal date.
  • Any amount prepaid in excess of the amount allowed, would be charged an interest bonus/penalty equivalent to the greater of:
  1. Three (3) months interest at the interest rate in effect on the Charge at the time of such prepayment, on the amount prepaid; OR
  2. An interest differential adjustment, calculated on the amount prepaid, in an amount which is calculated in accordance with Sudbury Credit Union’s then usual procedures and is based on the difference between:
    1. the annual rate of interest determined by the Credit Union in its sole discretion to be the interest rate that would be in effect on the prepayment date if the Credit Union was at that time prepared to lend to the Borrower on the same terms (including prepayment terms) as the Loan Agreement for a term from the prepayment date to the balance due date and:
    2. the rate at which interest is then payable under the Charge.

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*Rate is subject to change without notice and is available O.A.C.  Terms and conditions may apply. Mortgage funds must be advanced within 90 days of the application. This rate is discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.
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