Closed Mortgages

A closed mortgage from PACE Credit Union gives you the comfort of knowing you have a great rate, the term you want and a repayment schedule that suits your resources.  We will gladly pre-approve your mortgage so that you know exactly how much you can spend and you can choose weekly, bi-weekly or monthly payments.  You can even life insure your mortgage for further piece of mind.

The PACE Credit Union Closed Mortgage includes:

 

  • PACE-setting rates! Our low mortgage rates are hard to beat.
  • Fast PACE applications! Get pre-approved before you buy!
  • Range of terms! Terms ranging from 6 months to 5 years.
  • Loans to 80% of appraised value. Amortized up to 25 years.
  • The ultimate in flexible payments: weekly, bi-weekly or monthly - tied to your paydays!
  • Option to pay down 20% of the original principal annually.
Bridge loans available - short term loans to bridge the purchase of a new property before the previous property sale has closed

 

The minimum down payment for new mortgages has been modified.

  • For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
  • For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
For homes with a purchase price of $1 million or more, the minimum down payment is 20%

 

Learn more about our PACE Credit Union mortgage rates.

 

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