You do the Dreaming, We'll do the Financing.

Motor City Community Credit Union is pleased to offer our members a full range of lending solutions. We realize that sometimes life presents needs that require more funds than you might have in your account.

Take a moment to consider what you would like to finance and then contact us. Whether you are a first time home buyer, a homeowner planning a renovation, a student looking to finance education, buying a car or ready to take a vacation, MCCCU will be there to help.

Mortgages Expand/Collapse

Buying a home while often overwhelming is nothing short of exciting. Purchasing or investing in your home is one of the biggest financial decisions you will make in your life. Choosing the correct mortgage is as important as choosing your home. When making your choice you owe it to yourself to carefully examine the advantages and long-term benefits of a Motor City Community Credit Union mortgage.

Our mortgages are designed to meet your needs and our professional and knowledgeable staff will help you decide on the type of mortgage that fits you and your family. We offer flexible and economical mortgages.

  • Competitive interest rates:  Fixed or Variable*.
  • Your choice of an open or closed mortgage.
  • A variety of repayment options: monthly, semi-monthly, bi-weekly or weekly. To calculate a mortgage payment, please try the Mortgage Payment Calculator using the link below.
  • Available mortgage terms from 1 to 5 years.
  • Up to a 35 year amortization period available.
  • Refinancing of up to 80% of the value of the property.
  • Insured mortgages available up to 95% with 25 year maximum amortization.
  • Consolidation and home renovations mortgages available.
  • Life, Disability, Critical Illness and Loss of Employment Insurance available

View our mortgage rates to the right.

Mortgage Calculators   Apply Today! 

    Insured Mortgages

    Mortgages greater than 80% of purchase price are considered High Ratio mortgages. High Ratio mortgages are insured by the Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada.

    First Time Home Buyer? Do you have questions?

    We have your answers at Motor City Community Credit Union. We have been helping our communities reach their financial destinations for over 75 years. Our expert Financial Service Representatives will become your partners in navigating the changing mortgage environment. They will not only present the features and benefits of the home financing products MCCCU offers, they are dedicated to meeting your individual needs.

    From the initial mortgage discussion, to your pre-approval and finally to congratulating you on your closing date, we are here for you.

    Please ask your local branch Financial Service Representative how you purchase your first home for as little as 5% down.

    Would you like to run some numbers for your first mortgage? Please try the Mortgage Payment Calculator using the link below.

    Home Buyer's Plan (HBP)

    The Home Buyer's Plan (HBP) is a program that allows participants to withdraw up to $35,000 per person (or $60,000 per couple) from your registered retirement savings plans (RRSPs) to help buy or build a qualifying home. Withdrawals that meet the HBP conditions are not required to be included in your income and there is no withholding tax taken on the withdrawals.

    Repayment of RRSP funds back to your RRSP plan must be made within a period of a maximum period of 15 years. Annually you have to repay 1/15 of the total amount withdrawn until the full amount is repaid. Your repayment period starts the second year following the year in which you made your withdrawals. If the required amount is not repaid in a year, that year’s repayment amount will be added to your income and taxed accordingly. You can make full repayment prior to the 15 year deadline.

    Please contact your local branch Financial Service Representative if you have questions regarding HBP or other home ownership programs. For more details regarding the Home Buyers Plan click here.

    *Some conditions apply. Available for residential properties only and is subject to meeting Motor City Community Credit Union credit granting requirements. Offer may be changed, extended or withdrawn at any time without notice. Interest rate compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.

    Personal Loans Expand/Collapse

    Dreams can come true with a little planning and the help of a Motor City Community Credit Union Financial Service Representative. Whether you need a new car, boat or simply want to consolidate debts, MCCCU will design a personal loan to help your dream become a reality.

    • Competitive interest rates available*.  Please click here to view the MCCCU prime rate.
    • A variety of repayment options: monthly, semi-monthly, bi-weekly or weekly.
    • Repayment terms from 12 to 60 months.
    • Consolidation and home renovations loans available.
    • Life, Disability and Critical Illness Insurance can be added to your personal loan.

    *Interest rates are subject to change without notice at any time.

    Line of Credit Expand/Collapse

    Personal Line of Credit

    A Personal Line of Credit is an approved loan amount which you can borrow at any time you need.  Once you attach your personal line of credit to your chequing account, your account is allowed a negative balance ("authorized overdraft") within your personal approved limit.

    Motor City Community Credit Union has designed a line of credit for the different life stages of our members.  Speak to one of our Financial Services Representatives to discover which line of credit is the one for you.

    Home Equity Line of Credit Expand/Collapse

    Meritline Home Equity Line of Credit

    Meritline lets you use the equity value in your home as security, which provides our lowest borrowing rate. With one application and one-time legal and appraisal fees, you can increase your buying power.

    This secured personal line of credit has no maintenance fees. Once the Meritline has been approved, it provides a long-lasting solution for your future borrowing needs. Use it for anything you like – home renovations, vehicles, your child’s education, a wedding, even investments.

    Meritline makes borrowing much easier and you can easily access it through our mobile app, online banking, telephone banking, or in branch.

    To apply or learn more about a Meritline contact us today!

    Student Line of Credit Expand/Collapse

    Heading to college or university is a big step in life, and your aim is to graduate with the least amount of debt as possible. If you are planning to undertake post secondary education (or if you are already there) and need some financial assistance, visit, call or e-mail your local MCCCU branch.

    Regardless of your age or plan, we will treat you with respect and honesty.

    Scholar Power Line of Credit

    The Scholar Power Line of Credit for the purpose of financing post secondary education. The funds advanced for this line of credit can be utilized for tuition, books and living expenses. MCCCU offers this line of credit at a much lower interest rate in comparison to traditional lines of credit.

    • Available to any member enrolled full-time in an approved college or university program.
    • Students can be eligible to borrow $10,000 per school year with a lifetime maximum of $50,000 Interest rate applied is Prime + 1%.
    • Line of credit is convertible to a personal loan 1 year after student completes or stops post-secondary education. Loan is repayable at same low interest rate for a period of 5 years.
    • Line of credit must have a guarantor.*

    *Please contact your local branch for additional details.

    RRSP Loans Expand/Collapse

    Saving for your retirement is a key component of your financial roadmap. At Motor City Community Credit Union we understand that it is not always possible to maximize your annual RRSP contributions. For these times, MCCCU offers variable rate RRSP loans for a one year term.

    Ask one of our dedicated Financial Service Representatives about our variable rate RRSP loan or another flexible loan option suited for your RRSP goals.

    If you are debating whether to borrow or not for your RRSP, these two calculators are useful in making that decision:

    Retirement Planner
    Loan Calculator

    You may also complete an online RRSP Loan application.

    Mortgage Calculator


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      Mortgages (Rates effective 2020-04-14)
      1 Year Fixed 3.04%
      2 Year Fixed 3.04%
      3 Year Fixed 3.14%
      4 Year Fixed 3.19%
      5 Year Fixed 3.29%
      1 Year Open 6.50%

      View all Motor City Rates

      Apply today!