Use the mortgage calculator to see what your payment will be.
Our friendly, qualified and experienced lenders are eager to meet with you to customize financing options that suit your life.
  • Speedy Approvals – Decisions are made within our branch so we can usually approve your mortgage request within 24 hours.
  • Pre-Approval – Completing a mortgage application before you shop gives you the advantage in knowing how much you can spend before you purchase your new home.
  • Mortgage Freedom Faster – The 20/20 pay-down option allows you to increase your monthly payments by 20% or pay down your mortgage principle balance by 20%. You could save thousands of dollars and be debt-free sooner.
  • Monthly Mortgage Statements – Know exactly where you are in your repayment schedule. Which can be found on your monthly statement.
  • Insurance Requirements – We can help you choose a combination of insurance including life, disability, critical illness, or job loss insurance to ensure you get the coverage you need.
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Mortgage life insurance is the least expensive way to have a replacement income.

With this insurance on your mortgage, your family’s biggest debt is turned into its strongest asset.  Considering that term insurance is the least expensive way to provide for your family’s financial future, it makes sense for just about everyone to do so.  It’s even more sensible for families with high mortgages.  With all the financial pressures your family may face in the event of an untimely death, mortgage life insurance can give you peace of mind.

Life Insurance for Mortgages

Mortgage life insurance is the least expensive way to have a replacement income

The cost for a 35-year old male with a $100,000 mortgage will average about $13 per month.  The policy you hold is what the insurance industry calls term or creditor insurance.  You pay premiums for the coverage for a specific term or length of time, such as a 20 or 25-year mortgage. Once the mortgage is paid, your financial risk has ended, so the policy ends too.

With this insurance on your mortgage, your family’s biggest debt is turned into its strongest asset.  Considering that term insurance is the least expensive way to provide for your family’s financial future, it makes sense for just about everyone to do so.  It’s even more sensible for families with high mortgages.  With all the financial pressures your family may face in the event of an untimely death, mortgage life insurance can relieve much of that pressure.  It means your family can live mortgage-free.

Critical Illness Insurance for Mortgages

Today, the odds of beating a critical illness are better than ever. 

Almost 80 percent of people under age 55 who suffer a heart attack will survive.  Three of every four persons who suffer a stroke will live.

While that’s all great news, the reality is that living with life-threatening cancer or after a heart attack or stroke is never easy.  Everything you and your family have worked for and earned is suddenly at risk.  You might be unable to return to work or have to manage on less income or face new expenses like private homecare.

With critical illness coverage for your mortgage, you’re free from your largest debt.  If you’re diagnosed with life-threatening cancer, suffer a heart attack or stroke, the policy pays for mortgage balance in full.

Critical illness protection for your mortgage can help you save your savings.  Without coverage, a life-threatening illness could mean using your savings for mortgage payments.  If you saved five percent of your income for ten years, your savings could be lost in just six months of serious illness if you had no other means of income.  You can keep your savings and end your mortgage payments by choosing mortgage critical illness coverage.

Disability Insurance for Loans

No one, including you, knows the odds of suffering an injury or illness that keeps you from working

With this uncertainty, you should be mindful about how loan debts increase your monthly expenses and financial risk.  If you should become temporarily or permanently disabled and unable to work, you may lose part or all of your income.

A big reason why you received the loan was because your income indicated you could repay the debt.  While disability could take away your income, it doesn’t stop your loan payments.  Meeting the loan payments with less income could cause you financial stress.  You might have savings to fall back on, but years of savings could be lost when your income is cut short by a few months of disability.

With disability insurance on your loan, you can replace part of your lost income and reduce your financial stress.  Usually, the insurer makes the loan payment on your behalf.  The amount of the payment and the length of time the insurer will make the payments can vary.  Ask your loans officer for details on the policy in place at Lakeland Credit Union.

Mortgage Glossary of Terms

Agreement of Sale

Formal document between the vendor and you, the purchaser, prepared by a lawyer for registration in the Land Titles Office. It sets out the conditions of the sale.

The title to the home remains in the vendor’s name until the mortgage sale is closed. A Land Transfer is then executed and registered in the Land Titles Office. This transfers title to the property into the name of the purchaser. It is the responsibility of the purchaser to see that this is done.

Amortization Period

The number of years over which the repayment of your mortgage is calculated.

Appraised Value

An estimated market value of the property being held as security for the mortgage.


The value of property, investments, and items you own.

Credit Score

Your credit score is a summary of your credit worthiness, and is used to determine your credit risk. A score ranges between 300 and 900, with a low score representing an increased credit risk, and a high score representing less risk. A credit score between 650 and 750 is generally considered good. Above 750 is considered excellent.

Closing Date

The date on which the sale of the property becomes final and the new owner takes possession; at that time all costs and charge to close the deal are payable.


Canada Mortgage and Housing Corporation, the Federal Crown Corporation administering the National Housing Act for the federal government. CMHC also develops and sells mortgage loan insurance products.

Conventional Mortgage

Available from most lending institutions, usually in an amount not exceeding 80% of the appraised value of the property.

Down Payment

The initial payment made at the onset of a large purchase. The minimum required down payment on a house purchase in Canada is 5%.


The monetary value or interest in a property in excess of claims or liens against it.


Court action taken by the lender to take possession of your home. This action can start when you have failed to make a single payment. However, most lenders will grant a period of time for you to catch up on the payments owing before taking action, providing you have not purposely avoided your commitment.

Once foreclosure is completed , it is the lender’s right to resell the home. From the proceeds of the sale, the lender can recover the outstanding balance of the mortgage and other costs associated with the foreclosure and resale. Any equity you may have had in the property could be lost.

Gross Debt Service Ratio

The monthly mortgage, property tax, and energy payments, plus 50% of condo fees (if applicable) as a percentage of gross monthly income. Normally this ratio should not exceed 32% of your gross monthly income (before taxes and other deductions.)

Maturity Date

The date on which the term of the mortgage expires; the mortgage must be paid out in full or re-negotiated for another term. When applying for another term, you may be required to pay a renewal fee.


The security you give a company or person for the money loaned to you, usually to buy a home. It is a registered charge on your property and should be removed when the loan has been completely repaid.

Open Mortgage

An open mortgage allows the borrower the option to pay off all or any of the balance owing on the mortgage at any time, without a penalty for doing so. A higher interest rate may be charged for this privilege. Regular monthly payments are required to keep the mortgage in good standing.

Fixed Mortgage

A fixed mortgage allows the borrower to pay off any or all of the mortgage at any time but with an interest penalty. This type of mortgage is usually offered at a lower rate than an open mortgage. (In some contracts, an extra payment of an approved amount is allowed annually).

Closed Mortgage

A closed mortgage does not allow the borrower the right to repay any or all of the mortgage before the end of its term. This type of mortgage is generally offered at the same rate as a fixed mortgage.

With a variable rate mortgage, the interest rate will vary during the term of the mortgage in accordance with established rates of the major chartered banks.

Mortgage Insurance

If the down payment is less than 20% of the purchase price, an insurance premium on the mortgage amount is required (this premium may be added to the mortgage amount).


An individual or institutional lender that holds a mortgage on property as security for a loan.


A person who offers a mortgage on property in exchange for cash consideration.

NHA (National Housing Act)

A mortgage insured under the act allows the purchaser to borrow up to 95% of the purchase price of the property, given that the price is within fair market value of the area.

Pre-payment Penalty

A stipulation that requires the payment of a penalty on the amount being prepaid in the mortgage. In some mortgage agreements, you are allowed prepayment at certain times and in certain amounts, without having to pay a penalty.

P.I.T (Principal, interest and taxes)

These three components make up the regular mortgage payment.


The amount of money borrowed under the mortgage, not including the interest.


The period of time for which the mortgage agreement has been written. The term locks your interest rate for the specified period , except for the case of variable rate mortgage. At the end of the term, you can pay out the mortgage or extend it for another term.

Total Debt Service Ratio (TDS)

The monthly mortgage payments of principle, interest, and taxes, plus all other monthly debt obligations (such as car loans and credit card payments) as a percentage of monthly gross income. The TDS should not exceed 40% of gross income.

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