FAQ:
Down-Payments 101

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 Rate is subject to change or may be withdrawn without notice at any time.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 do not qualify. Ask a Community Savings representative for full details.

Featured campaign rates provide for an amortization up to 25 years.

^{2, 3} For a limited time, get up to $1,500 Cash Back on eligible insured mortgages

When you purchase a new property and are taking a new personal insured mortgage loan with new funds advanced in excess of $200,000 (“Mortgage”) with Community Savings or move your existing Mortgage from another financial institution to Community Savings, with a Mortgage value amount of CA$200,000 or more with a five year fixed term, you may receive a cash back bonus (the “Cash Back”) of $1,300 for insured mortgages over $200,000. An appraisal fee may apply.

³In addition to the $1,300 in Cashback, up to $200 in Cash back is offered if you use the CSCU Home Affordability Calculator and successfully open an insured mortgage with Community Savings.

The Community Savings Mortgage Cash Back Offer runs from November 18th, 2021 to January 15, 2022 inclusive (the “Offer Period”).

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

^2,3 Cash Back Terms & Conditions

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

   • Move their existing Insured Mortgage from another financial institution to Community Savings OR
   • Purchase a new property or obtain a new Insured Mortgage with new funds advanced in excess of $200,000 with Community Savings.
2. Mortgage approval is subject to standard Community Savings lending criteria.
3. The Insured Mortgage must be in the amount of $200,000 or more with a five year fixed term.
4. The Insured Mortgage application must be started during the Offer Period and fully funded by Community Savings within 60 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 Insured Mortgage if all conditions are satisfied on the following basis:

   • $1,300 for mortgage value $200,000 and up to the ”Borrower” and when the "Borrower" uses the CSCU Home Affordability Calculator, $200 cash back towards a mortgage value $200,000 and up.

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 $200,000. 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. This Community Savings Mortgage Cash Back Offer cannot be combined with any other Community Savings promotions or offers.
12. 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.
13. 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.