| High-Ratio or Insured Mortgage
We may finance up to 95 per cent of appraised value or purchase price of your property, whichever is less. This type of mortgage must, by law, be insured against non-payment by companies like Canada Mortgage and Housing Corporation or Genworth Financial Canada.
Open vs. Closed Mortgage
Our open mortgage is one that lets you make additional payments, in part or in full at any time. Our open-term mortgages help you pay off as much of your mortgage as you want, whenever you want, without penalty. Open mortgages are available in six-month and one-year terms.
Our closed mortgage locks you into a specific payment schedule. You can take advantage of our highly competitive prepayment privileges if you want to pay off your mortgage over a shorter period of time. Our closed mortgages are available in six-month, and one-to-five, seven and 10-year terms.
Convertible Mortgage
Our convertible mortgage lets you convert your mortgage to a closed mortgage at any time without penalty. When you convert, the converted mortgage must be renewed for a one-year closed term or longer. We offer a six-month and a one-year convertible mortgage.
Variable Rate Mortgage
Our variable rate mortgages give you the convenience of a fixed payment with the potential to reduce your mortgage balance faster and, as a result, reduce your interest costs. A variable rate mortgage is appealing if you want to take advantage of changing interest rates.
There are different types of variable rate mortgages, but in general, when interest rates fall, more of the mortgage payment is directed to the mortgage principal. When interest rates rise, less of the fixed payment reduces the principal and more goes to pay interest.
Prime Preferred Variable Rate Mortgage
Our 66-month Prime Preferred Variable Rate Mortgage offers an ultra low introductory interest rate (two percentage points below our prime rate) for the first 12 months. The interest then floats at the prime rate for the remaining 54 months. It allows you to protect yourself from rising interest rates by converting to a fixed rate mortgage.
Lock and Roll Mortgage
Our Lock and Roll Mortgage gives you the benefits of a short-term mortgage rate without the worry of having to negotiate rate discounts each time you renew. The five-year closed-term lock and roll mortgage adjusts every six months to the prevailing six-month closed-term mortgage rate less a pre-established discount.
The amount of the mortgage payment applied to interest could change as many as 10 times throughout the five-year term.
Adjustable Rate – Adjustable Payment Mortgage
Our Adjustable Rate-Adjustable Payment Mortgage is ideal if you want to maximize your cash flow—it offers our lowest available mortgage payment. The interest rate and payment are adjusted on the first day of each month based on our mortgage prime rate and the remaining amortization period of your mortgage. This lowers your mortgage payments so you can use your extra cash for other purposes. And, you’ll benefit from an automatic rate reduction of 0.50 per cent off our mortgage prime rate during the entire 54-month term. |
