Inflation Buster

The Credit Union offers a variety of credit facility options that can assist our members during periods of uncertainly.  We offer Line of Credits, Mortgages and Meritlines with helpful options to make payments more affordable especially during challenging times.  If you are finding it difficult to make ends meet, call us today for a consultation.


See What kind of mortgage is Right for you

Fixed Rate Mortgages

TECU offers fixed rate mortgages ( 1,2,3,4,5, year closed). You can start by choosing the term you want.

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Top Up / Refinance

You can increase your existing mortgage or apply for a new mortgage if your home is free and clear. This can save you money by allowing you to consolidate any credit cards or loans at a much lower interest rate and lower your monthly payments.

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Bridge Mortgages

Bridge financing is available when the closing date of the property purchased by a member occurs before the closing date of the property sold by the same member.

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Flexible Downpayment

Need help to lower your monthly payments and get rid of unwanted debt? If you are unsure what to do, we have free credit counseling services.

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CMHC Energy Efficient

When you purchase a home built by a recognized energy efficient builder, you can save.

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Home Equity Line of Credit

TECU MERITline™ enables members to use the equity of their home for investment purposes or for any number of uses.

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Mortgage Charter Implemented by The Energy Credit Union Limited

At the Energy Credit Union Limited, we prioritize our members’ financial security and well-being. That’s why we’ve implemented a Mortgage Charter to offer support during challenging times. Through initiatives such as providing extended amortization options, waiving fees in cases of financial strain, interest only payments, skip-a-payment and facilitating flexible mortgage renewal processes, we demonstrate our commitment to our members’ needs. These measures underscore our values of trust, loyalty and compassion, in addition to demonstrating empathy, adaptability, and prudent financial management. They reinforce our dedication to ensuring that our members maintain stability and confidence in their homeownership journey. At Energy Credit Union Limited, we strive to build lasting relationships founded on trust, support, and shared prosperity.

Financial difficulty is evaluated based on our Market Code of Conduct. While not explicitly defined by the Government, it is generally assessed on a case-by-case basis by the Credit Union. We consider various factors, including but not limited to unexpected financial hardships, changes in income, unforeseen expenses, or other circumstances impacting a member’s ability to meet their mortgage obligations.  Financial difficulty is also sometimes self-disclosed by the borrower.

Our commitment to our members goes beyond financial transactions; it’s about supporting our community through challenges. While some institutions might hastily pursue legal actions like power of sale or mortgage calls in cases of financial difficulty, our approach differs. We understand the profound impact of potential home loss on our members, recognizing that it extends beyond mere financial implications. Despite the potential effects on our delinquency ratios, we prioritize assisting our members in retaining their homes. Our dedication has always been to help people achieve financial stability, and we remain steadfast in our commitment. We continue to work closely with our members, exploring viable solutions and extending support to prevent home loss. At Energy Credit Union Limited, our focus remains on nurturing financial prosperity and fostering a sense of security for our members and their families.

The Credit Union has the following Mortgage Charter in effect:

  1. Allowing temporary extensions of the amortization period for mortgage holders at risk: The Energy Credit Union has a long-standing practice of offering optional extended amortizations to our members based on individual assessments. We consider the overall risk and financial position of our members, and on a case-by-case basis, we may provide extended amortization options. Depending on the situation, we might waive associated fees or reduce them to assist our members in sustaining their homeownership.
  1. Waiving fees and costs for relief measures: Our Credit Union evaluates financial difficulty under our Market Code of Conduct, as the government’s definition of financial difficulty is not specific. We determine the member’s financial position and may waive fees or associated costs based on our assessment to support members experiencing financial challenges.
  1. Not requiring insured mortgage holders to requalify under the insured minimum qualifying rate when switching lenders at mortgage renewal: As long as the mortgage remains insured and no additional funds are requested the Credit Union will facilitate the transfer of an insured mortgage without the need for requalification using the minimum qualifying rate.
  1. Contacting homeowners four to six months in advance of their mortgage renewal to inform them of their renewal options: Due to market fluctuations and as a smaller not-for-profit organization, we cannot commit to rates too far in advance. However, members are informed about their mortgage renewals through our Online Banking platform. They have the freedom to reach out at any time to discuss and explore various renewal options available to them.
  1. Giving homeowners at risk the ability to make lump sum payments to avoid negative amortization or sell their principal residence without any prepayment penalties: While our mortgages do not incur negative amortization, members are provided with the flexibility to make lump sum payments against their mortgage principal to mitigate any potential risks. Additionally, waiving of prepayment penalties will depend on the overall financial position and the impact it may have on our member.
  1. Not charging interest on interest in the event of temporary negative amortization:As our mortgages do not undergo negative amortization by design, members will not be charged interest on interest.


Please note that eligibility for these relief measures is determined individually, and not all situations may qualify. Members are encouraged to reach out to discuss their unique circumstances.

*A Fixed Rate Mortgage is not based on the Credit Union’s Base Rate (Prime).  The rate is Fixed for the duration of the term of the Mortgage.

*Merit-Line rates are a Variable Rate Mortgage based on the Credit Union’s Base Rate (Prime).  Variable Rate Mortgages will have an adjustment factor above the Base Rate.  For example, if the Base Rate is 4.00% with an adjustment factor of 1.00%, your total Interest Rate will be 5.00% APR.  The Credit Union may vary the Base Rate at anytime.  The Base Rate is not geared to the Bank of Canada’s Rate or the Prime Rate you may see at other Financial Institutions.  Your adjustment factor will remain the same for the term of your Mortgage.

*In the event of delinquency, payments that are blended with Principal and Interest will be applied in the following order: Delinquent Interest, Interest, Delinquent Principal, Principal.

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