Zero Percent

This mortgage is for you if:

You want five months "off" from your mortgage payments and interest.

Mortgage Features

This mortgage product gives you the first five months 'off' from mortgage payments and interest, leaving you with more money to do renovations, purchase appliances or other household necessities, maybe even take a vacation.

The closed, 5 year term provides them some security in knowing that their rate will not increase.

Additional Information

Although not required the member will be able to make their regular payments during the first 5 months if they choose.

The member is not allowed to increase the payment amount within the initial 5 year period

There will be no prepayment privileges during the first 5 years except in the case where the house is sold.

If the house is sold a pre-payment equal to five months interest calculated on the initial balance and interest rate PLUS the greater of:

a)  Three (3) months interest at the interest rate in effect on the Charge at the time of such prepayment, on the amount prepaid; OR

b)  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 (i) 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 (ii) the rate at which interest is then payable under the Charge.

     After the first five (5) years from the initial date of advance of monies herein:

(i)    To prepay, without notice, annually, a sum not exceeding twenty (20) per cent of the original charge amount.  This prepayment privilege, when not exercised in any particular calendar year, shall not be cumulative from year to year.

(ii)    To prepay, without notice, any amount in excess of the amount allowed, would be charged an interest bonus/penalty equivalent to the greater of:

a)  Three (3) months interest at the interest rate in effect on the Charge at the time of such prepayment, on the amount prepaid; OR

b)  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 (i) 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 (ii) the rate at which interest is then payable under the Charge.

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OAC certain conditions apply