If you need to renew your mortgage and you are unsure what to do, an open mortgage from PACE Credit Union could be just the solution you need. Our open mortgage gives you the flexibility to take advantage of falling rates and the choice to lock in your rate at any time. You can make extra payments whenever you like and you can pay off your mortgage at any time without penalty. And as always, our members receive exceptional rates.
The PACE Credit Union Open Mortgage includes:
• PACE-setting rates! Our low mortgage rates are hard to beat.
• Fast PACE applications! Get pre-approved before you buy!
• Easy renewals!
• Flexibility! Pay all or part of your mortgage balance anytime without penalty.
• Freedom to switch at any time to a longer, fixed-rate mortgage.
• The ultimate in flexible payments: weekly, bi-weekly or monthly - tied to your paydays!
• 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.