Mortgages

Teachers Plus has a mortgage product to meet your needs.

Teachers Plus offers high ratio mortgages, conventional mortgages, and collateral and pre-approved mortgages with amortizations of up to 25 years.

High ratio mortgages require 5% down payment, and the funds to cover closing costs. (i.e.: legal fees, deed transfer, oil top up, etc.)

Conventional Mortgages or Collateral Mortgages require 20% down. The borrowed amount cannot exceed 80% of the purchase price or the appraised value, whichever is less.

Pre Approved Mortgages are approved based on the verbal information provided by you and are subject to verification of information prior to disbursement.

Amortization periods available from 1 to 25 years, with interest rates open for 1 year or closed for terms of 6 months, 1,2,3,4, & 5 years. Payments may be made weekly, bi-weekly, bi-monthly or monthly. Pre payment terms are also available consisting of doubling you regular payments and/or the privilege of applying 20% of the balance at anytime throughout the year. Our payments are flexible and made to suit your needs.

Some of the requirements for approved mortgages include:

  • proof of down payment equal to 5% of the purchase price from non-borrowed funds
  • proof of funds for closing costs equal to 2.5% of the purchase price from non-borrowed funds (high-ratio only)
  • Borrower qualifications with satisfactory credit rating and industry standard debt service calculations
  • stable and confirmable income
  • water test if applicable
  • acceptable appraisal if applicable

Life, Disability, Loss of Employment & Critical Illness Insurance also available at competitive rates.

     
     

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