Flex Rate Mortgages

Flex Rate Mortgage (HELOC)

Put the equity in your home to work for you with a Flex Mortgage. It allows you access to revolving credit which means you won't have to apply again in the future.

With a Flex Mortgage, you get the option to borrow only what you need, as you need it. It is a way to use your most powerful borrowing tool - your home. As you pay back the amount you owe, the credit available to you increases until it reaches your credit limit. It is available when you need it, through a variety of convenient options.

• Borrow up to the credit limit¹ of the Flex Mortgage and get a variable interest rate that changes with Prime Rate
• As you pay down your outstanding balance, your available credit increases up to your credit limit
• You can pay at your own pace without prepayment charges - pay as little as interest only or pay any or all of your outstanding balance at any time.

• Establish regular payments at a fixed or variable interest rate for an open or closed prepayment term².
• If you opt for a Term Portion at set-up, you may be able to borrow up to 80% of your home's value - compared to the maximum 65% in the Revolving Portion.
• If choosing closed prepayment: you can make one or more prepayments up to 20% of your original Term Portion amount every year without a prepayment charge.
• If choosing open prepayment: you can prepay in full at any time or increase your payments without incurring a prepayment charge.

1. Maximum revolving portion cannot exceed 65% of the value of your home.
2. Payments can be made weekly, biweekly, semimonthly or monthly. Must meet certain approval conditions. Cost of credit and any fees associated with the loan will be disclosed at time of approval. Payments will vary depending on how each sub loan is set up. Sub loans may be open or closed with a fixed or variable interest rate. A TCU Financial Group chequing account is required for loan activation.