Mortgages

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 90 days.

Find the mortgage that's right for you.

Conventional Mortgages

These mortgages are made with a down payment of 20% or more when purchasing your home. Conventional mortgage holders don’t pay additional mortgage insurance costs.

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Insured Mortgages

Mortgages with a down payment of 5% to 20% need to be insured by the Canada Mortgage and Housing Corporation. This cost can be rolled into your mortgage.

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Variable-Rate Mortgages

Get 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.

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Open Mortgages

Pay your mortgage off or sell your home at any time without penalty. Rates are typically higher, but this is a good option if you want to avoid being tied down or you expect to sell your home soon.

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Closed Mortgages

A closed mortgage ties you to a fixed term in exchange for a lower interest rate. You’ll know exactly what your financial expectations are.

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Need help?

Reach out for support and guidance around our mortgages or any of our other financial services. We’re here for your success.

Get in touch

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Get a CreditMaster© mortgage with BAY Credit Union

Our personal mortgages are available with CreditMaster^©. CreditMaster^© is a product designed for members to save you money now and in the future. CreditMaster^© will provide you with the most flexible mortgage in the industry.

Re-advance your mortgage, set up separate loans, separate mortgages, and lines of credit without additional legal fees.

Easily manage multiple concurrent loans under one CreditMaster^© mortgage, including lines of credit.

Access up to 80% of your home's equity at any time without having to pay additional legal fees.

Financing can be in multiple facilities (mortgage, loan, or line of credit) to maximize interest savings.

Enjoy preferred rates for consumer financing, including on investment properties. Pre-approvals available.

Get mortgage-free sooner with various term lengths and accelerated options, plus minimize early payout penalties.

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.