DUCA Mortgage Rates & Reviews
DUCA Background
DUCA is a credit union that was founded in 1954 by new Dutch immigrants to Canada, and is headquartered in Toronto, Ontario. DUCA was formerly known as Dutch Canadian Toronto Credit Union Ltd. DUCA offers a variety of banking services to its members, including: mortgages, bank accounts, credit cards, line of credits, wealth management products, insurance, and business and commercial accounts. In total, DUCA has 16 branches throughout the GTA, serving over 80,000 members and employing more than 300 people. As of 2021, DUCA has over $5 billion in assets.
DUCA Credit Union Fixed Mortgage Rates
A DUCA Credit Union fixed rate mortgage will reduce the risk of future interest rate fluctuations by letting you keep the same DUCA mortgage rate for your entire term. This can give you peace of mind as a new homeowner, knowing that you will not need to worry about interest rate fluctuations over the life of your term. Because of this, the 5 year fixed mortgage rate is the most popular mortgage rate for home buyers, as it lets you not worry about renewing for 5 long years.
| Term | DUCA Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
DUCA Credit Union Variable Mortgage Rates
A DUCA Credit Union variable rate mortgage will give you the ability to still have fixed mortgage payments over your term; however, the interest rate will fluctuate with any changes in the prime rate. If the DUCA prime rate goes down, more of your payment will go towards paying off your mortgage principal, while if the prime rate goes up, more of your payment will go towards interest. As a result, this can be a great financial tool for home buyers who are expecting rates to fall in the upcoming year. With record low mortgage rates and with the Bank of Canada potentially looking to hike the overnight interest rate in the future, the potential for variable rates to move higher is likely.
| Term | DUCA Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
DUCA Credit Union History
DUCA Prime Rate
Current DUCA Prime Rate: 4.95%
DUCA Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | Greater of 3 Months’ Interest at DUCA’s current posted rate and the difference in interest payable due to the difference between the quoted posted rate when the mortgage was signed and DUCA’s current posted rate for a mortgage with a comparable term. | Greater of 3 Months’ Interest or the IRD amount |
The interest rate differential amount is determined by finding the difference between the posted rate with a similar term as the one remaining on your mortgage, and your current mortgage rate. This difference amount is then multiplied by the amount of months left on your current mortgage term, giving you your IRD mortgage break penalty.
To see how much you can expect to pay in prepayment charges, utilize the DUCA mortgage penalty calculator below:
DUCA Mortgage Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
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What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Is the Property:
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What is DUCA's current interest rate for a 1-year fixed rate mortgage?
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Other DUCA Mortgages
DUCA Flex Mortgage
A Flex Mortgage from DUCA is a mortgage that is broken into multiple components, allowing you to customize your mortgage terms exactly to your needs. DUCA allows you to customize up to 4 mortgage pieces, choosing term lengths, if it is variable or fixed, and if it is open or closed. This allows you to craft a mortgage that can have benefits from each option. For example, if you are worried about interest rates rising but still would like to benefit if DUCA mortgage rates fall, you can opt to have some pieces fixed rate, while other pieces of your mortgage are variable. As well, if you want to stagger your mortgage terms to spread out the risk that interest rates rise by the time your mortgage is up for renewal, you can opt to have each mortgage piece with a different term length.
DUCA Second Mortgage
If you are planning to purchase another property or you need a larger mortgage for your current property, a second mortgage from DUCA can help. This will protect you from needing to break your mortgage to refinance by allowing you to take out another mortgage. This will not only save your prepayment penalties, but will also allow you to keep your current DUCA mortgage rate, which may be better than the rate you get when you refinance. DUCA offers fixed rate mortgage options with terms between 6 months to 7 years, and variable rate mortgage options with terms of 3 or 5 years.
DUCA Co-op Mortgage
This DUCA mortgage product will allow you to finance the purchase of a co-operative residence, which requires different funding than a traditional mortgage. The reason for this is when you purchase into a co-op, you own shares in the co-op corporation, rather than owning the property in your name. Because of this, many lenders do not want to make co-op mortgages, and co-ops are also not as popular in Canada. You are able to get a DUCA co-op mortgage with both a fixed and variable rate option, with multiple payment schedules to meet your needs.
DUCA HELOC
A home equity line of credit from DUCA will give you the ability to access your home equity without needing to refinance your mortgage. Since the HELOC is secured by your home, you will also benefit from lower interest rates than an unsecured lending product. This makes using a HELOC good for many situations, including:
- To make a large purchase,
- Consolidate debt,
- Cover expenses, and
- To do a home renovation
A HELOC is also convenient because you will only pay interest on the amounts you draw, and you are able to draw from your credit limit at any time. You will apply for the HELOC once, then you will not need to re-apply when you use it next.
DUCA Credit Union Locations
With 16 branches across the Greater Toronto Area, you will be able to meet with a Duca mortgage representative to discuss your mortgage options. As well, other options to get in touch include calling the member contact centre at the number 1-866-900-3822. This will allow you to speak with a representative between 9:30am to 7:00pm Monday to Friday, and 9:30am to 1:00pm on Saturday.
| City | Main Location | Number of Locations |
|---|---|---|
| Toronto | Downtown Toronto: 17 John Street | 5 |
| Mississauga | Erin Mills: 5100 Erin Mills Pkway | 1 |
| Brampton | Churchville: 7900 McLaughlin Road South | 1 |
| Guelph | Waverley: 779 Woolwich Street | 1 |
| Burlington | 2017 Mount Forest Drive | 1 |
| Richmond Hill | 9174 Yonge Street | 1 |
| Orangeville | 16 Broadway | 1 |
| Pickering | 650 Kingston Road | 1 |
| Newmarket | 16640 Yonge Street, Unit 6B | 1 |
| Whitby | 1818 Dundas Street | 1 |
| Mount Albert | 19132 Centre Street | 1 |
| Bowmanville | 200 King Street East | 1 |
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.