The Standard Charge Mortgage Terms (SCMT) is a legal document that describes all of the terms and conditions regarding borrowing money using real property as collateral, and about repaying that money. It defines what the borrower agrees to when they obtain mortgage financing at ACU; of course, as lender ACU also agrees to follow the terms and conditions.

Within the SCMT,  you'll find definitions for the legal and banking terms used throughout the document; descriptions all of the mortgage types covered under the agreement such as variable and fixed interest rates and open and closed terms; the rules about repayment including prepayment provisions and default actions; and it defines what the borrower and lender promise to do under the SCMT agreement. References to the SCMT will include the Land Titles registration number, which identifies the most recent version filed and recorded.

This legal document must be provided to all ACU members when they borrow money using their real property as collateral. If the financing is completed with a lawyer, the lawyer will provide a copy. If the financing is done in branch as a refinance of an existing mortgage, ACU will provide a copy. Alternatively, referencing this electronic copy can replace a paper copy and allows ACU to further our mandate to reduce our impact on the environment.