Lighthouse CU becomes Ontario's newest credit union following FSRA approval →

Residential Mortgages

Choose the mortgage that’s right for you.

Lighthouse offers a variety of mortgage solutions to suit your financial goals and priorities.

Mortgage Products

Closed Mortgages

Lighthouse currently offers closed mortgages, which have lower rates than open mortgages. Closed term mortgages cannot be fully prepaid, renegotiated, or refinanced before maturity without a penalty. All of our mortgage offerings are closed.

Fixed Rate Mortgages

Lighthouse currently offers fixed rate mortgages, which means your rate is locked in for the duration of your term. Fixed Rate refer to the fact that the interest rate remains the same over the term of the mortgage regardless of interest fluctuation. All of our mortgages are fixed rate.

Mortgage Options

Lighthouse currently offers closed mortgages, which have lower rates than open mortgages.

Closed term mortgages cannot be fully prepaid, renegotiated, or refinanced before maturity without a penalty.

All of our mortgage offerings are closed.

Lighthouse currently offers fixed rate mortgages, which means your rate is locked in for the duration of your term.

Alternative Non-Conforming Mortgages have higher-risk attributes, relative to other conventional mortgages. This type of mortgage considers more high-risk deficiencies such as, low credit score, high debt service ratios, and insufficient income verification.

 

Mortgage Offers

The amortization period is the length of time it takes to pay off a mortgage in full, inclusive of the principal loan amount and the interest rate. Historically, the standard amortization period has been 25 years. However, shorter or longer time frames are available based on the amount of your down payment. Rate premiums apply to amortization periods greater than 30 years.

Prime Conventional
Mortgage

Our terms and current rates (as of May 25)
TermsRates
1 Yearstarting at 8.19%
2 Yearstarting at 7.97%
3 Yearstarting at 7.50%
5 Yearstarting at 7.36%

Frequently Asked Questions

You can get pre-approved by completing our online application however, it is important to understand that a mortgage pre-approval is based on the information you have provided and will need to be verified and confirmed before a final approval is granted.

Credit Unions offer mortgage options that are more flexible than the ones offered by the Banks which could make it easier for their members to qualify for a mortgage. Rates are very competitive, and payments can be made over a greater period of time – this allows members to save on mortgage payments and free cash for other important expenses.

Lighthouse Credit Union offers a variety of mortgage programs, including options for customers who have experienced some challenges that may have negatively impacted their credit scores. Contact us to see how we can help you obtain a mortgage.

A fixed interest rate mortgage means your interest rate, along with your principal and interest payments, will stay exactly the same during the duration of your term.

Yes, gifts from an immediate family member are accepted for a down payment. Gifts coming from anyone other than an immediate family member will be assessed to understand the relationship between the person giving the gift and the giftee and to understand the context behind the gift.

NOW OPEN

Our new branch is now open at 2793 Bathurst Street!

Become a Member

Click the button below to learn more and start a very short online membership application.

Member Log In

Already a Lighthouse Credit Union member? Click the button below to log in.