Your Mortgage
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Terms & Conditions 

¹ The annual percentage rate (APR), compounded semi-annually, not in advance. The APR is for a mortgage of $100,000 with monthly payments and a 25 year amortization. APR assumes no fees apply. You may be required to pay additional fees which would increase your APR. Rate is subject to change or may be withdrawn without notice at any time. The APR assumes the interest rate does not vary over the term. Variable mortgage interest rates will change when the Community Savings Prime Rate changes.

 

Mortgage approval is subject to standard Community Savings lending criteria. Rental and recreational property mortgages may qualify subject to rate adjustment, additional terms and conditions may apply. Ask a Community Savings representative for full details.

 

³Featured campaign rates provide for an amortization up to 25 years. 26 to 30 Year amortizations are available but subject to a .05% rate increase.

 

For a limited time, get up to $3,500 Cash Back on eligible mortgages

When you purchase a new property and are taking a new personal mortgage loan with new funds advanced in excess of $150,000 (“Mortgage”) with Community Savings or move your existing Mortgage from another financial institution to Community Savings, with a Mortgage value amount of CA$150,000 or more with a five year fixed term, you may receive a cash back bonus (the “Cash Back”) of $1,000 for mortgages between $150,000 up to $249,999.99; $1,500 for mortgages between $250,000.00 up to $549.999.99; $2,000 for mortgages between $550,000.00 up to $749,999.99; $2,500 for mortgages between $750,000.00 up to $999,999.99;and $3,000 for mortgages greater than or equal to $1,000,000.00. An appraisal fee may apply. 

In addition to the $3,000 in Cashback, up to $500 in Cash back is offered for legal fees. See below for terms and conditions.

The Community Savings Mortgage Cash Back Offer runs from March 4, 2021 to December 31, 2021 inclusive (the “Offer Period”). 

Please read these Terms and Conditions which govern the Community Savings Mortgage Cash Back Offer:

² Cash Back Terms & Conditions 

1. The Community Savings Mortgage Cash Back Offer is available to Community Savings members (the “Borrower”) who: 

• Move their existing Mortgage from another financial institution to Community Savings OR

• Purchase a new property or obtain a new Mortgage with new funds advanced in excess of $150,000 with Community Savings. 

2. Mortgage approval is subject to standard Community Savings lending criteria.

3. The Mortgage must be in the amount of $150,000 or more with a five year fixed term.

4. The Mortgage application must be started during the Offer Period and fully funded by 

Community Savings within 90 days of the mortgage approval or pre-approval date. 

5. Community Savings will credit the Cash Back to your Community Savings Chequing or Savings Account, within 5 business days of funding the Mortgage if all conditions are satisfied on the following basis: 

• $1,000 for mortgage value between $150,000 and up to $249,999.99 

• $1,500 for mortgage value between $250,000 and up to $549,999.99 

• $2,000 for mortgage value between $550,000 and up to $749,999.99

• $2,500 for mortgage value between $750,000 and up to $999,999.99 

• $3,000 for mortgage value greater than or equal to $1,000,000.00

If the Mortgage is not funded, no Cash Back is payable. 

6. The Community Savings Mortgage Cash Back Offer applies to Community Savings members renewing their existing Community Savings Mortgage with new funds advanced in excess of $150,000. The Cash back offer only applies to the value of the new funds advanced and not the value of existing mortgages.

7. The Community Savings Mortgage Cash Back Offer does not apply to open term mortgages, Home Equity Lines of Credit (HELOC), commercial mortgages or the refinancing of existing Community Savings mortgages. 

8. The Cash Back is an incentive to the Borrower for borrowing and maintaining the Mortgage with Community Savings for the entire length of term of the Mortgage, and if the Borrower pays out the mortgage, transfers out or closes the Mortgage to another financial institution before the end of the Mortgage term, the Borrower agrees to repay the whole amount of the Cash Back to Community Savings. 

9. Revenue properties qualify for the cash back offer providing a rate increase of .05% is applied to the featured mortgage rate. 

10. There is a limit of one Cash Back per property.

11. To receive up to $500 cash back for legal fees, the borrower must use Community Savings approved solicitors. The $500 appraisal and legal credit is available for new closed mortgage loans with a principal amount not less than $150,000 and having a fixed term of 5 years. Only property purchase transactions will be eligible. Re-financed mortgages and new fund advances on mortgage loans are eligible if new funds advanced are $150,000 or greater. Community Savings Credit Union may limit the availability of the $500 appraisal and legal credit from time to time at its sole discretion. Community Savings Credit Union may change or terminate this offer at any time and without prior notice. The $500 cash back for legal fees is credited toward the legal fees incurred with the Community Savings approved solicitors. All decisions by Community Savings regarding this offer are binding on all participants.

12. This Community Savings Mortgage Cash Back Offer cannot be combined with any other Community Savings promotions or offers. 

13. The Community Savings Mortgage Cash Back Offer may be amended, extended or withdrawn at the sole discretion of Community Savings at any time without prior notice.

14. Community Savings reserves the right to refuse or terminate any Community Savings member’s participation in this Community Savings Mortgage Cash Back Offer if Community Savings suspects or discovers that the member is abusing the proper and intended operation of the promotion.