Borrowing

Mortgages

Your home is one of the biggest investments you will ever make, so make sure you speak with an ECU – A Division of WFCU Credit Union mortgage specialist before taking the plunge. Purchasing property can be complicated, but we are here to make the process simple and as straight-forward as possible for you.

Whether you are looking for a new home, refinancing or buying your first home, our mortgages offer better rates, prepay options, same-day approvals and the expertise to design a custom solution that’s right for you.

Fixed rates from six months up to seven years.

  • Get pre-approved online, over the telephone, or in one of our retail locations.
  • Interest rate guaranteed for 90 days when purchasing and for 120 for home construction mortgages.
  • Convenient payment options based on your needs – weekly, biweekly or monthly – let us show you how you can save thousands of dollars on your mortgage with weekly payments.
  • Generous 20:20 prepayment privileges to help you pay down your mortgage faster.
    • Prepay up to 20% of the original mortgage balance on the anniversary date.
    • Increase your payment amount by up to 20% each year on the anniversary date.
    • Double up the regular scheduled payment amount.
  • When you sell your home, generous options are available, including:
    • Take your mortgage rate and term to your new property.
    • The buyer can assume your existing mortgage rate and term.
  • Second mortgages at first mortgage interest rates, with sufficient equity.
  • To protect your family should something happen to you, gain peace of mind with optional group mortgage protection life insurance coverage, critical illness or loss of employment insurance coverage.

Mortgage elsewhere? Transfer it to us, and we’ll pay the legal and appraisal fees associated with the mortgage.

The house you buy may not always be the home you envisioned, but with your vision and MortgagePlus*, we can make your new house your dream home.

With MortgagePlus from ECU – A Division of WFCU Credit Union, you can borrow more than the home purchase price; for a new kitchen, a new bathroom, or even a new backyard oasis!

And, MortgagePlus is offered at the same rate as our traditional 5-year term mortgage. Why get a secondary loan when you can turn your new house into a dream home with MortgagePlus!

MortgagePlus from ECU – A Division of WFCU Credit Union gives you the opportunity to do renovations now, increasing the value and overall appeal of your home.

*Terms and conditions apply.

Get cashback to help pay for things like furniture, renovations, a vacation, etc.

  • Get 3% cashback on a 3-year fixed term, 4% on a 4-year fixed term or 5% on a 5 or 7 year fixed term.
  • Minimum $80,000 new mortgage to be eligible for cashback.
  • Maximum cashback amount is $7,500.
  • Low cashback mortgage rates.
  • Get pre-approved online, over the telephone, or in one of our retail locations.
  • Interest rate guaranteed for 90 days when purchasing and for 120 for home construction mortgages.
  • Convenient payment options based on your needs – weekly, biweekly or monthly – let us show you how you can save thousands of dollars on your mortgage with weekly payments.
  • Generous 20:20 prepayment privileges to help you pay down your mortgage faster.
    • Prepay up to 20% of the original mortgage balance on the anniversary date.
    • Increase your payment amount by up to 20% each year on the anniversary date.
    • Double up the regular scheduled payment amount.
  • When you sell your home, generous options are available, including:
    • Take your mortgage rate and term to your new property.
    • The buyer can assume your existing mortgage rate and term.

To protect your family should something happen to you gain peace of mind with optional group mortgage protection life insurance coverage, critical illness or loss of employment insurance coverage.

Need a mortgage and want it fast?

Don’t wait days or even weeks – ECU – A Division of WFCU Credit Union offers Same Day Mortgage Approvals!* In today’s real estate market, you need answers quickly. ECU – A Division of WFCU Credit Union leads the way in outstanding member service with Same Day Mortgage Approvals!*

Visit one of our conveniently located retail locations to get your Same Day Mortgage Approval*, today!

*All mortgage applicants must meet ECU – A Division of WFCU Credit Union lending criteria. Subject to credit approval. Some restrictions apply. Where a member is eligible for a same day mortgage approval, we will try to give a decision the same day, if not, the decision will normally be given within 24 hours. There is no guarantee of the mortgage amount you will be approved for, if any. The time between mortgage approval and transfer of funds may vary.

Lines of Credit

CU LINE Personal Line of Credit is a pre-approved loan that is there when you need it. It provides convenient access to credit to travel, purchase a second car or vacation home, finance a child’s education or to take advantage of an investment. Once your CU LINE Personal Line of Credit is established, you can draw up to your available credit limit in whatever amount you require to meet your needs.

There is no cost for you to have a CU LINE Personal Line of Credit ready and available. You are charged monthly interest only on the amount you use, for the time you use it. You can be eligible for a CU LINE Personal Line of Credit, starting at $5,000. Your CU LINE Personal Line of Credit interest rate is based on your personal financial situation, the security you provide and our Prime lending rate. If your CU LINE Personal Line of Credit is secured by credit union deposits, you will benefit with a lower interest rate.

Convenient Access to Credit – You can use your CU LINE Personal Line of Credit to gain control and flexibility in the management of your finances.

Flexible Payments – Interest is charged only when you use your CU LINE Personal Line of Credit. There are no monthly or annual fees charged for maintaining your CU LINE Personal Line of Credit. When you use your CU LINE Personal Line of Credit, making payments is very flexible. You only pay the monthly interest on an outstanding balance as well as fluctuate the balance down by 20% per year.

Insurance Protection – You can protect your CU LINE Personal Line of Credit with optional creditors’ life insurance. You pay only for coverage on the balance outstanding, at affordable rates.

Record Keeping Made Easy – Your CU LINE Personal Line of Credit is included as part of your monthly statement with all your other accounts at ECU – A Division of WFCU Credit Union. All CU LINE Personal Line of Credit transactions for the month will be summarized for easy record keeping.

Manage Your Funds From Anywhere – Our automated telephone banking, online and mobile banking services are designed to help you conveniently manage all your accounts at ECU – A Division of WFCU Credit Union, including your CU LINE Personal Line of Credit. Obtain balances on all your accounts, transfer between accounts and review transactions processed, anywhere, anytime, using a touch-tone telephone or your personal computer or mobile device.

CU LINE Personal Line of Credit Provides Value – You can save money on interest because your CU LINE Personal Line of Credit may offer lower rates compared to other lending products. There is no application, registration or annual fees.

Transfers are Easy – We will take care of all the details necessary to transfer a personal line of credit from another institution to your new CU LINE Personal Line of Credit at ECU – A Division of WFCU Credit Union.

Conveniently Manage Your Finances – ECU – A Division of  WFCU Credit Union makes it easy for you to manage your finances effectively and efficiently. When you are ready to use your CU LINE Personal Line of Credit, here is what to do: Transfer, at no charge, the required amount from your CU LINE Personal Line of Credit to your Eva Account, using our automated telephone banking, mobile banking, online banking, our ATMs, at one of our retail locations or over the telephone with one of our representatives. Then you can make your purchase using your cheques or your debit card for debit transactions.

When this is inconvenient, you can make your planned purchase directly from your CU LINE Personal Line of Credit by using your CU LINE Personal Line of Credit cheques, provided to you at no charge, and pay a nominal fee for each cheque that has been processed. In addition, you can make a withdrawal from your CU LINE Personal Line of Credit, for a nominal fee, using our ATMs or at one of our retail locations. When there are unexpected shortfalls in your Eva Chequing, the credit union, for a fee, will transfer funds from your CU LINE Personal Line of Credit to cover the shortfall, so you will avoid the cost and inconvenience of being declined for your transaction.

In addition, if you do not want to manage your funds this way, you can apply for CU Overdraft Protection™ service, as security for those situations when you have an unexpected shortfall in your chequing account. There is no charge for the CU Overdraft Protection service, until you use it.

ECU – A Division of WFCU Credit Union’s Student Line of Credit assists students in financing their education. With the Student Line of Credit, you’re approved for the total amount of money you need before the school year starts.

The amount of your Student Line of Credit is flexible and you can be approved up to a maximum of $10,000 a year for a maximum of four years for full-time students.

There is no cost to set up your Student Line of Credit and no cost until you use it. While you’re a student and for up to one year after graduation, you pay monthly interest only on the amount you’ve used, for the amount of time you use it at a great rate of Prime plus 2.5%.

One year after you’ve graduated, your Student Line of Credit will be converted to a personal loan at the same great rate of Prime plus 2.5%. Once approved, you can use up to your available credit limit in whatever amount you require.

When you’re ready to use your funds, you use your Student Line of Credit in conjunction with your chequing account. You can transfer, at no charge, the required amount from your Student Line of Credit to your chequing account using our automated telephone banking, mobile banking, online banking service, one of our retail locations or by calling us to complete a telephone transfer. You can then make your purchase using your Student cheques or your debit card for Interac® Debit transactions.

When this is inconvenient, you can make your transaction directly from your Student Line of Credit using our ATMs or at one of our retail locations.

For easy record keeping, your Student Line of Credit is included as part of your monthly statement along with your other accounts.

You can protect your Student Line of Credit with optional creditors’ life insurance. You pay only for coverage on the balance outstanding, at affordable rates.

ECU – A Division of WFCU Credit Union’s MERITLine lets you use the equity in your home to borrow at preferred rates. With one application and one-time legal and appraisal fees, you can increase your buying power.

Our MERITLine lets you establish a secured, personal line of credit, with no maintenance fees. Once it’s established, it provides a long-lasting solution for your future borrowing needs. Whether you plan to take a vacation, purchase a car or complete home renovations, your MERITLine Home Equity Line of Credit is available for use.

It’s Easy! ECU’s MERITLine makes borrowing a great deal easier. With our flexible repayment options, monthly interest-only payments are possible. You can easily access your MERITLine home equity line of credit through cash withdrawals or special cheques.

Personal Loans

Get credit for your ideas… and choose a payment schedule to suit your budget. Weekly, bi-weekly or monthly payment options allow you to match your payments to your pay schedule. Automatic transfers from your account or payroll deductions are convenient options to make repayment a breeze.

Whether you choose a fixed or variable interest rate, you’ll receive the best rate available based on the security provided. Extra payments can be made at any time without penalty and will reduce your interest costs.

Work with our lending professionals to choose the loan that provides the best interest rate and the most practical terms. You can be pre-approved for your loan. You can shop in confidence knowing the money is available when you are ready to act on your idea.

We can do all the paperwork to pay off your other debts and combine them into one convenient payment.

Couple talking about personal loans
Woman paying with credit card

Credit Cards

ECU – A Division of WFCU Credit Union is proud to offer you a competitive suite of credit cards. We have partnered with Collabria to provide a variety of options made specifically to suit your needs. Whether you want to receive cash back on your purchases, you’re a student, or perhaps you’re an avid traveler; we have the right card for you.

Reward yourself with one of our flexible Collabria Visa credit cards today.

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Auto Loans

With a 3.98%* auto loan from ECU – A Division of WFCU Credit Union you can reduce your monthly payment and save $1,000s on your new or used car.

Whether you’re buying new, used, or looking to refinance, our auto loans have the features you’re looking for, including:

  • Terms up to 96 months
  • Weekly, bi-weekly or monthly payment options
  • No early repayment penalty fees


Start saving by contacting an Auto Loan Specialist today:

1-888-767-9535

* The Annual Percentage Rate (APR) of 3.98% is for a new or used vehicle, 2014 model or newer. APR assumes no fee(s) apply. Rate subject to change without notice. Terms and conditions apply.

Woman in her new car
Couple just married
ExpressLoan Logo

New to ECU - Personal Loans Made Easy!

XpressLoan™ is the perfect way to fund your dream wedding, future investments or pay off your high interest debts.

Our quick, easy, hassle-free, online application process gets you approved and money into your account instantly!

Apply online today at www.xpressloan.ca.

RRSP Loans

Maximize Your Unused RRSP Contributions

If you haven’t always taken advantage of all your RRSP contributions each year since 1991, you can carry forward the unused portion indefinitely. Our RRSP Loans and Maximum RRSP Loans can help you top up your account.

Couple discussing RRSP loans

Don’t have the funds available for this year’s RRSP contribution? No problem. ECU – A Division of WFCU Credit Union offers both one-year and two-year RRSP loans that can help!

Take advantage of our great rates. One-year RRSP loans provide a Prime Rate of interest fixed for one-year. Our two-year RRSP loans offer a Prime Rate + 1% fixed rate for two years.

RRSPs are the best way to save for your retirement and save on your taxes at the same time.

To take advantage of all your RRSP contributions, even any unused contribution since 1991, ECU – A Division of WFCU Credit Union has introduced the Maximum RRSP Loan.

With our Maximum RRSP Loan, you can borrow up to $100,000 at a rate of Prime +1/2% and take up to 7 years to repay. In addition, you can defer payments for 60 days while waiting for your income tax refund. The longer repayment period means more affordable monthly payments. With all our loans, you can repay all or part of your loan at any time. It makes sense to take out a Maximum RRSP Loan.

For example, with a $25,000 RRSP contribution:

RRSP Loan CostsRRSP Interest Earned
$1,671.79
Based on an interest rate of 4.25% and 36 monthly payments of $740.88
$1,922.27
Based on a 3 year fixed term RRSP deposit @ 2.50%

PLUS, reduce $7,500 on your income tax, based on $300 per $1,000 RSP contribution, assuming a 30% tax bracket.

Borrowing for Commercial Members

ECU – A Division of WFCU Credit Union offers a variety of borrowing products and services specifically tailored to businesses. Receive the customized solutions you need to ensure the success and growth of your organization.

For more information on our suite of borrowing products available to our commercial members, contact a Commercial Services Representative today.

For more information on our Borrowing options: