Best Mortgage Lenders in Canada in 2024 – DUCA Credit Union

Originating as the Dutch Canadian Toronto Credit Union Ltd. in 1954, DUCA Credit Union, based in Toronto, has become a prominent financial institution within the DUCA network. The credit union was established by Dutch immigrants, creating a community-focused financial institution that has grown to serve the diverse needs of its members.

With a strong presence in Southern Ontario, DUCA Credit Union boasts 16 branches strategically located to cater to the financial requirements of its ever-expanding membership base, which currently exceeds 70,000 members. This expansive network underscores DUCA’s commitment to providing accessible and convenient financial services to individuals and communities across the region.

DUCA Credit Union, being a member-owned cooperative, goes beyond traditional banking by prioritizing the financial well-being of its members. In addition to offering a variety of mortgage products, DUCA extends its services to include personal loans and a comprehensive range of banking services. This multifaceted approach ensures that members can access a complete suite of financial solutions to meet their diverse needs.

By blending a rich history rooted in Dutch immigrant heritage with a commitment to innovation and community support, DUCA Credit Union has emerged as a trusted and reliable financial partner for individuals and families throughout Southern Ontario.

Types of Mortgages

Though DUCA started small, it has grown rapidly. It has been delivering one-stop solutions to Canadians who are frustrated with traditional banking. It has made quite a name for offering some of the most favourable Canadian mortgage rates. It offers co-owned mortgages, company-exclusive mortgages, as well as standard mortgages.

Let’s take a look:

Low Rate High Ratio Insured Mortgages

6 Month Convertible 4.25%

1 Year Fixed Closed 2.69%

2 Year Fixed Closed 2.59%

3 Year Fixed Closed 1.79%

4 Year Fixed Closed 2.39%

5 Year Fixed Closed 2.04%

3 Year Variable Rate 3.45%

5 Year Variable Rate 2.95%

Low-rate mortgages at DUCA come with prepayment options of up to 20% annually. If you switch to DUCA, they promise to cover your transfer fees up to $1,000 (for mortgages $400,000+) or up to $250 (for mortgages under $400,000)

DUCA Exclusive Mortgages

6 Month (Convertible) 4.35%

1 Year Fixed Closed 2.99%

2 Year Fixed Closed 2.69%

3 Year Fixed Closed 2.79%

4 Year Fixed Closed 2.89%

5 Year Fixed Closed 2.44%

6 Year Fixed Closed 4.59%

7 Year Fixed Closed 4.79%

3 Year Variable Rate 3.55%

5 Year Variable Rate 3.25%

1 Year (Open) 5.85%

Co-ownership Mortgages

6 Month (Convertible) 5.45%
1 Year Fixed Closed 4.39%
2 Year Fixed Closed 4.09%
3 Year Fixed Closed 4.19%
4 Year Fixed Closed 4.29%
5 Year Fixed Closed 3.84%
1 Year (Open) 6.45%

Second Mortgages

6 Month (Convertible) 4.60%
1 Year Fixed Closed 3.24%
2 Year Fixed Closed 2.94%
3 Year Fixed Closed 3.04%
4 Year Fixed Closed 3.14%
5 Year Fixed Closed 2.69%
6 Year Fixed Closed 4.84%
7 Year Fixed Closed 5.04%
3 Year Variable Rate 3.80%
5 Year Variable Rate 3.50%
1 Year (Open) 6.10%

At DUCA, the maximum amortization is 30 years on a conventional purchase and 25 years on a refinance mortgage in Canada or an insured mortgage.
Key Features

DUCA sports a team of experts called Mobile Mortgage Specialists who strive to bring you only the top Canadian mortgage rates. They’ll be putting their years of knowledge to good use to help you decide which deal suits you best. You can review the brief portfolios of the mortgage specialists and dial any of them up to meet for advice, wherever and whenever you deem fit.

DUCA offers Flex mortgages in their exclusive section, and this type is customizable. What’s great about the Flex mortgages?

Here are some reasons:

You can mix and match between a maximum of 4 components/products.
Craft a mortgage plan that’s unique to your needs.
Options vary between variable rates, fixed rates, and the PrimeLine line of credit.

Approval Process

Each annual percentage rate (APR) is calculated using a $100,000 mortgage with monthly payments and a 25-year amortization. The APR assumes that no fee(s) apply. If you require an appraisal or pay any additional fee(s), your APR will rise.

All residential mortgages are determined semi-annually rather than in advance.

Flex mortgage rates are subject to a 10 bps increase for mortgage amortization longer than 25 years.

To avail of mortgage-related services at DUCA, all applicants must fulfill the DUCA Financial Services Credit Union lending criteria. To learn more about what these criteria entail, get in touch with the company at their registered contact number. You may also choose to visit your nearest branch for more information.


If we disregard the relatively small number of DUCA branches, we’ll see that DUCA offers stiff competition to traditional banks by lending mortgages to those with poorer credit scores or former bankruptcies. Additionally, it has rolled out customizable Flex mortgages to meet the diverse needs of buyers. As a final perk, they readily offer 20% annual prepayment options.

DUCA Credit Union - Wikipedia

By Aban

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