DUCA Credit Union
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
DUCA Credit Union: Delivering Tailored Mortgage Solutions Across Canada
DUCA Credit Union: Delivering Tailored Mortgage Solutions Across Canada
History as a Mortgage Lender in Canada
DUCA Credit Union was established in 1954 to provide financial services to Dutch immigrants in Canada. Over the decades, DUCA has grown into a trusted financial institution with more than $6 billion in assets under management. As a cooperative, DUCA is member-owned, ensuring its profits are reinvested to benefit members through lower rates, better terms, and improved services. Its commitment to financial well-being and community involvement makes it a standout option in the Canadian mortgage market.
Types of Mortgage Products & Programs
DUCA, in collaboration with RateShop Mortgages, provides the following:
Residential Mortgages:
Fixed-Rate Mortgages: Secure a consistent rate for the term of your loan.
Variable-Rate Mortgages: Benefit from potentially lower rates with market-based fluctuations.
High-Ratio Mortgages: Options for buyers with a down payment of less than 20%.
First-Time Home Buyer Programs: Tailored solutions with low down payments and incentives.
Open and Closed Mortgages: Flexibility to pay off your loan early with open mortgages or benefit from lower rates with closed options.
Residential Mortgages:
Fixed-Rate Mortgages: Secure a consistent rate for the term of your loan.
Variable-Rate Mortgages: Benefit from potentially lower rates with market-based fluctuations.
High-Ratio Mortgages: Options for buyers with a down payment of less than 20%.
First-Time Home Buyer Programs: Tailored solutions with low down payments and incentives.
Open and Closed Mortgages: Flexibility to pay off your loan early with open mortgages or benefit from lower rates with closed options.
Commercial Mortgages:
Loans for income-generating properties, including multi-unit residential and retail.
Customized financing for construction projects and land development.
Flexible refinancing options to access equity or restructure debt.
Commercial Mortgages:
Loans for income-generating properties, including multi-unit residential and retail.
Customized financing for construction projects and land development.
Flexible refinancing options to access equity or restructure debt.
Specialized Programs:
Self-Employed Mortgages: Flexible income verification options.
Stated Income Programs: Designed for individuals with non-traditional income sources, such as gig workers.
Bridge Financing: For borrowers transitioning between homes.
Home Equity Lines of Credit (HELOC): Access funds for renovations or other financial needs.
Specialized Programs:
Self-Employed Mortgages: Flexible income verification options.
Stated Income Programs: Designed for individuals with non-traditional income sources, such as gig workers.
Bridge Financing: For borrowers transitioning between homes.
Home Equity Lines of Credit (HELOC): Access funds for renovations or other financial needs.
Minimum Credit & Income Requirements
DUCA's flexible approach accommodates a variety of borrower profiles, including:
First-Time Home Buyers: Minimum down payment of 5% for properties under $500,000 and a credit score of 620 or higher.
Salaried Employees: Stable income and employment verification, with a debt-to-income ratio under 44%.
Contract Workers: Proof of consistent employment for at least two years.
Self-Employed Borrowers: Can provide alternative documentation, such as bank statements or NOAs.
DUCA's flexible approach accommodates a variety of borrower profiles, including:
First-Time Home Buyers: Minimum down payment of 5% for properties under $500,000 and a credit score of 620 or higher.
Salaried Employees: Stable income and employment verification, with a debt-to-income ratio under 44%.
Contract Workers: Proof of consistent employment for at least two years.
Self-Employed Borrowers: Can provide alternative documentation, such as bank statements or NOAs.
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*Advertised rates may not be offered by this lender. Mortgage lender offers are aggregated by RateShop & its Brokerage Network subject to change without notice. Speak with our mortgage broker about APR and qualification requirements.
Mortgage Underwriting Criteria for Approval
DUCA’s underwriting process evaluates:
Debt Service Ratios (GDS/TDS): Gross Debt Service (GDS) ≤ 39%, Total Debt Service (TDS) ≤ 44%.
Credit History: Minimum credit score requirements depend on the product but typically start at 620.
Income Verification: May include traditional pay stubs, employment letters, or alternative sources such as tax returns or bank statements.
Down Payment: Minimum of 5% for insured loans; 20% for conventional mortgages.
Property Appraisal: Verifies the value of the property against the loan amount.
DUCA’s underwriting process evaluates:
Debt Service Ratios (GDS/TDS): Gross Debt Service (GDS) ≤ 39%, Total Debt Service (TDS) ≤ 44%.
Credit History: Minimum credit score requirements depend on the product but typically start at 620.
Income Verification: May include traditional pay stubs, employment letters, or alternative sources such as tax returns or bank statements.
Down Payment: Minimum of 5% for insured loans; 20% for conventional mortgages.
Property Appraisal: Verifies the value of the property against the loan amount.
Locations Serviced and Branch Presence in Canada
DUCA Credit Union is headquartered in Ontario, with over 15 branches serving members in communities across the province. RateShop Mortgages expands DUCA’s reach, offering its mortgage products to customers across Canada through digital tools and broker services.
Mortgage Application Checklist
Prepare these documents to ensure a smooth application process:
Government-issued ID (e.g., passport or driver’s license).
Proof of income (pay stubs, NOAs, or financial statements for self-employed borrowers).
Recent bank statements to verify down payment and savings.
Credit report and history.
Property details, such as the purchase agreement (for new homes).
Prepare these documents to ensure a smooth application process:
Government-issued ID (e.g., passport or driver’s license).
Proof of income (pay stubs, NOAs, or financial statements for self-employed borrowers).
Recent bank statements to verify down payment and savings.
Credit report and history.
Property details, such as the purchase agreement (for new homes).
How to Start a Mortgage Pre-Approval
Contact a RateShop Broker: Get expert guidance on DUCA’s mortgage options.
Submit Financial Documents: Provide proof of income, employment, and credit history.
Receive Pre-Approval: DUCA will review your application and provide a pre-approval letter, locking in your rate for up to 120 days.
Plan Your Purchase: Use the pre-approval amount to focus on properties within your budget.
Contact a RateShop Broker: Get expert guidance on DUCA’s mortgage options.
Submit Financial Documents: Provide proof of income, employment, and credit history.
Receive Pre-Approval: DUCA will review your application and provide a pre-approval letter, locking in your rate for up to 120 days.
Plan Your Purchase: Use the pre-approval amount to focus on properties within your budget.
How to Get Mortgage Rates
Online Rate Comparison: Use RateShop’s platform to compare live DUCA rates with other lenders.
Broker Assistance: A RateShop broker can help you access DUCA’s most competitive rates.
Monitor Market Trends: Lock in rates during favorable market conditions.
Online Rate Comparison: Use RateShop’s platform to compare live DUCA rates with other lenders.
Broker Assistance: A RateShop broker can help you access DUCA’s most competitive rates.
Monitor Market Trends: Lock in rates during favorable market conditions.
Mortgage Pre-Payment Options
DUCA offers flexible pre-payment features to help you pay off your mortgage faster:
Lump-Sum Payments: Pay up to 20% of the original mortgage balance annually without penalties.
Payment Increases: Increase your regular payments by up to 20%.
Early Payout: Options to pay off your mortgage before the term ends without penalties for open mortgages.
Portability: Transfer your mortgage to a new property without penalties.
DUCA offers flexible pre-payment features to help you pay off your mortgage faster:
Lump-Sum Payments: Pay up to 20% of the original mortgage balance annually without penalties.
Payment Increases: Increase your regular payments by up to 20%.
Early Payout: Options to pay off your mortgage before the term ends without penalties for open mortgages.
Portability: Transfer your mortgage to a new property without penalties.
With DUCA’s community-focused approach and RateShop’s expertise in mortgage brokerage, you gain access to:
Competitive mortgage rates tailored to your financial profile.
Flexible terms that suit your needs, whether you're a first-time buyer or seasoned investor.
Personalized service focused on your long-term financial success.
Contact RateShop Mortgages today to discover how DUCA’s innovative mortgage solutions can help you achieve your homeownership dreams!
With DUCA’s community-focused approach and RateShop’s expertise in mortgage brokerage, you gain access to:
Competitive mortgage rates tailored to your financial profile.
Flexible terms that suit your needs, whether you're a first-time buyer or seasoned investor.
Personalized service focused on your long-term financial success.
Contact RateShop Mortgages today to discover how DUCA’s innovative mortgage solutions can help you achieve your homeownership dreams!
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6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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