| Conventional Mortgages Rates | Insured Mortgages Rates | ||
| MVP Rate* | Terms | MVP Rate* | Insured Terms |
| 5.39% | 1 Year Fixed | 5.29% | 1 Year Fixed |
| 4.69% | 2 Year Fixed | 4.59% | 2 Year Fixed |
| 4.29% | 3 Year Fixed | 4.19% | 3 Year Fixed |
| 4.29% | 4 Year Fixed | 4.19% | 4 Year Fixed |
| 4.29% | 5 Year Fixed | 3.99% | 5 Year Fixed |
| 5.95% |
5 Year Open/Variable (prime + 1.00%)
|
5.95% |
5 Year Open/Variable (prime + 1.00%)
|
| 4.55% |
5 Year Closed/Variable (prime - 040%)
|
4.25% |
5 Year Closed/Variable (prime - 0.70%)
|
Eligibility:
- New consumer mortgages are eligible to qualify for a cashback payment to members of up to $5,000.00 based on the principal amount of the new mortgage.
- Applicable to residential dwellings used by the member as a primary residence.
- Minimum new mortgage amount $100,000.
- Available to fixed and variable “Closed” term mortgages.
- Home Equity Lines of Credit (HELOC) and Open mortgages do not qualify.
Conditions:
- Cashback amount is based on the mortgage balance drawn for mortgages new to LCU, or the balance increase where an existing LCU mortgage is ported for a sale of an existing residence / purchase of a new residence.
- Borrower must have a LCU deposit account and mortgage payments must be made from this account.
- Cashback payment will be deposited into the LCU account.
Cashback Agreement:
- Cashback is paid upon full advancement of the new mortgage and must be funded within 120 days of the rate commitment.
- Mortgage must remain with LCU for a minimum of 5 years from date of initial drawdown (the “5 Year Period”).
Repayment
- Borrower must repay the cashback amount to LCU on a prorated basis if, during the 5 Year Period, one or more of the following events occurs:
- Full repayment of the mortgage principal amount.
- Transfer of the mortgage to another financial institution.