Mortgages
Local Decisions. Local Approvals. Local Money.
Use the calculator below to give you an idea of your mortgage payments based on a number of criteria. Simply enter your information and click the ‘calculate’ button for an amortization table and graph.
Note: The information provided by the calculator is for general information purposes ONLY
All of our personal mortgages are available with our CreditMaster© feature- 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!
- One-time legal fees eliminate future hassles. You can re-advance your mortgage, set-up separate loans, separate mortgages and lines of credit without future legal fees.
- Easily manage a number of concurrent loans under one CreditMaster© mortgage, including lines of credit!
- With our CreditMaster© mortgage, you are able to access up to 80% of your home's equity at any time without having to pay additional legal fees.
- Under the CreditMaster©, the financing can be in multiple facilities (mortgage, loan, or line of credit) to accomodate needs and to maximize interest savings. The new funds are available to be used at your discretion.
- Preferred rates for consumer financing including investment properties!
- Various term lenghts available. Minimize interest costs and penalities for early payout.
- Accelerated options reduce your interest cost and get you mortgage free sooner!
- Pre-approvals available.
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. Here are some of the options you’ll have to consider:
Conventional Mortgages
Mortgages made with a down payment of 20% or more when purchasing your home, which means you won’t have to pay additional mortgage insurance costs.
Insured Mortgages
Mortgages with a down payment of 5% to 20%, where additional mortgage insurance needs to be purchased. This amount can also be rolled into your mortgage. Fixed-Rate Mortgages offer peace of mind and no surprises. Locking in one rate for the duration of your mortgage term, you can budget for consistent payments and easily track your progress.
Variable-Rate Mortgages
Provide 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.
Open Mortgages
Means that you can pay your mortgage off or sell your home at any time without penalty. Rates are typically higher, but if you want to avoid being tied down, expect to sell your home soon or anticipate making a large lump sum against your mortgage in the near future, this is the option for you.
Closed Mortgages
Tie you to a fixed term in exchange for a lower interest rate. You’ll know exactly what your financial expectations are.
