CornerstoneCU - Cornerstone Credit Union | Personal Mortgages

Personal Mortgages

When it comes to life's goals, buying a home is one of your biggest, but we know that purchasing a home can feel overwhelming. Let us help simplify it for you with a true pre-approval.

Mortgage rates as low as 3.89% - we've got you covered!

Get pre-approved!

First-time homebuyer

Buying your first home is an exciting milestone, but it is also one of the most important financial decisions you will make in your life. Let us help you simplify the home-buying process.

Learn more

Buying another property

Are you looking for a place to unwind and relax away from the daily stress? Or did you fall in love with a rental cabin last summer and have been wanting to go back ever since? If you're looking for your home away from home, we can help!

Learn more

Building a property

Your new home is built to fit your needs, your mortgage should be too. Whether you are looking to build from scratch or purchase a ready-to-move (RTM) home, we have the expertise and experience needed to get you in your dream home.

Learn more

Switching my mortgage

Switch your mortgage to Cornerstone Credit Union with our Mortgage Switch Program, and we'll cover up to $1,750 in associated fees!

Switch today

Renewing my mortgage

There is no better time than now to review your financial situation with us, take advantage of our competitive rates, and discuss your goals for the future.

Renew my mortgage

Our Straight Rate Mortgage is just that – a straightforward mortgage offering the lowest rate and prepayment flexibilities, without any extra perks. It has no extra features and no add-ons (i.e. Does not qualify for equity; no skip-a-payment option; no early renewal option, etc.) – just the best rate - in a simple contract.

Good if you are:	Looking for a basic, low-rate mortgage without the flexibility of all the options.
Term:	1 to 5-year term
Amortization:	Up to 30 years
Type of Mortgage:	Fixed rate closed
Eligibility:	Titled residential properties with the exception of new homes - must be fully constructed to be considered.
Prepayment Options:	Prepay up to 10% of your original principal mortgage amount annually without a prepayment charge. Full payout is restricted unless "arms length" sale.
Skip-a-Payment:	Not available
Early Renewal Option:	Not available
Downpayment Requirement:	Conventional = 20% CMHC & Sagen = may be as little as 5% down
Payment Increases:	Ability to increase the regular payment by 10% once during the term of the mortgage.
Refinance Options:	Available if refinancing is to another CCU mortgage product. Penalties will apply.

*Straight Rate Mortgage has additional terms and conditions.

Our Flexible Mortgage is an all-in-one product - where all of your transactional, mortgage, loans and line of credit are all in one simple and convenient account. This allows you to reduce your monthly payments, reduce interest payments and be debt free sooner. You can access funds up to 80% of the value of your home. So go ahead – consolidate your debt, renovate your home, purchase a new vehicle, or invest in your future – the choice is yours!

Good if you are:	Looking for security of a fixed rate and flexibility to pay off with any or all of the mortgage with penalty.
Term:	1 to 7-years term
Amortization:	Up to 30 years
Type of Mortgage:	Fixed rate closed
Eligibility:	Residential properties, including new construction.
Prepayment Options:	Prepay up to 20% of your original principal mortgage amount annually without a prepayment charge. Full payout unrestricted, subject to prepayment charges.
Skip-a-Payment:	Available
Early Renewal Option:	Ability to early renew mortgage up to 90 days prior to maturity, without penalty.
Downpayment Requirement:	Conventional = 20% CMHC & Sagen = may be as little as 5% down
Payment Increases:	Ability to increase the regular payment by 20% once during the term of the mortgage.
Refinance Options:	Available, blend and extend with no penalty.

Our Flex Rate Variable with Cap Mortgage offers all of the convenience of our Flexible Mortgage but includes the added benefit of a floating rate with the security of a capped rate.

Good if you are:	You believe rates will decline and want to save on interest costs. You are willing to accept interest rate risk.
Term:	1 OR 5-year term length
Amortization:	Up to 30 years
Type of Mortgage:	Floating rate open
Eligibility:	Residential properties
Prepayment Options:	Prepay part or your entire mortgage.
Skip-a-Payment:	Available
Early Renewal Option:	Ability to early renew mortgage at any time prior to maturity, without penalty.
Downpayment Requirement:	Conventional = 20% CMHC & Sagen = may be as little as 5% down
Payment Increases:	Increase your payment by any amount at any time.
Refinance Options:	Available

*Capped rates are guaranteed for 60 days. This applies to the capped portion of the rate, not the rate itself.

Our Straight Rate Variable with Cap Mortgage offers the best rate you can have in a simple contract. It provides the flexibility of a floating rate with the added security of a capped rate.

Good if you are:	Looking for the flexibility of a floating rate with security of a capped rate.
Term:	5-year term
Amortization:	Up to 30 years
Type of Mortgage:	Floating rate closed
Eligibility:	Titled residential properties with the exception of new homes - must be fully constructed to be considered.
Prepayment Options:	Prepay up to 10% of your original principal mortgage amount annually without a prepayment charge. Full payout is restricted unless "arms length" sale.
Skip-a-Payment:	Not available
Early Renewal Option:	Not available
Downpayment Requirement:	Conventional = 20% CMHC & Sagen = may be as little as 5% down
Payment Increases:	Ability to increase the regular payment by 10% once during the term of the mortgage.
Refinance Options:	Available if refinancing is to another CCU mortgage product. Penalties will apply.

*Capped rates are guaranteed for 60 days. This applies to the capped portion of the rate, not the rate itself.

Our Flex Rate Variable with Cap Mortgage offers all of the convenience of our Flex Mortgage but includes the added benefit of a floating rate with the security of a capped rate.

Good if you are:	Looking for the flexibility of a floating rate with security of a capped rate.
Term:	5-year term
Amortization:	Up to 30 years
Type of Mortgage:	Floating rate closed
Eligibility:	Residential properties, including new construction.
Prepayment Options:	Prepay up to 20% of your original principal mortgage amount annually without a prepayment charge. Full payout unrestricted, subject to prepayment charges.
Skip-a-Payment:	Available
Early Renewal Option:	Ability to early renew mortgage, up to 90 days prior to maturity, without penalty.
Downpayment Requirement:	Conventional = 20% CMHC & Sagen = may be as little as 5% down
Payment Increases:	Ability to increase the regular payment by 20% once during the term of the mortgage.
Refinance Options:	Available, blend and extend with no penalty.

*Capped rates are guaranteed for 60 days. This applies to the capped portion of the rate, not the rate itself.

Skip-a-Payment

Sometimes, life throws us a curveball—whether it’s an urgent home repair or unexpected car expense—we get it. Our Skip-a-Payment feature can help manage those unplanned costs by skipping a loan or mortgage payment when you need it most. Eligible Cornerstone members with a consumer loan or consumer mortgage can defer one monthly payment every 12 months.

Learn More

Resources

Savings Options for Your First Home

The biggest obstacle for first-time homebuyers is often saving the money needed to buy it. Every first-time homebuyer has to come up with a down payment, which is typically between 5-20% of the purchase price.

What to Look For in a Mortgage

Many homebuyers fixate on getting the absolute lowest mortgage interest rate available. However, low rate mortgages often come with conditions that could cost you dearly down the line.

The Mortgage Stress Test

If you’re about to start looking for a mortgage to buy a new home, or want to refinance your current
mortgage, you need to know about the mortgage stress test.

What are your homebuying needs?

Personal Mortgage Products

New to Canada?

Learn more about the homebuying incentives available to you!

Skip-a-Payment

Resources

Savings Options for Your First Home

What to Look For in a Mortgage

The Mortgage Stress Test

Install the Cornerstone Mobile App

What are your homebuying needs?

Personal Mortgage Products

Straight Rate ic_dropdown_close Created with Sketch. ic_dropdown_expand Created with Sketch.

Flex Rate ic_dropdown_close Created with Sketch. ic_dropdown_expand Created with Sketch.

Variable Rate ic_dropdown_close Created with Sketch. ic_dropdown_expand Created with Sketch.

Straight Rate Variable with Cap ic_dropdown_close Created with Sketch. ic_dropdown_expand Created with Sketch.

Flex Rate Variable with Cap ic_dropdown_close Created with Sketch. ic_dropdown_expand Created with Sketch.

New to Canada?Learn more about the homebuying incentives available to you!

Skip-a-Payment

Resources

Savings Options for Your First Home

What to Look For in a Mortgage

The Mortgage Stress Test

New to Canada?

Learn more about the homebuying incentives available to you!