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MORTGAGES
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Frequently asked questions
What's the difference between a short and long-term mortgage?
- A short-term mortgage generally offers a lower interest rate than a longer-term mortgage. When current rates are high, and you think rates may drop, choosing a short-term mortgage lets you lock in for a shorter period. A short-term mortgage may also be a good option if you plan to sell your home or pay off the mortgage early.
- A long-term mortgage generally offers a higher interest rate than a shorter-term mortgage. When current rates are reasonably low, choosing a longer-term mortgage secures the interest rate for a longer period of time and makes budgeting easier.
What is the difference between an open and closed mortgage?
- Open Mortgages: Offers flexibility to make large payments and potentially pay off the mortgage before the term is complete but may have larger interest rates attached.
- Closed Mortgages: Has a pre-determined interest rate and pre-determined pay-back period. To pay off the mortgage sooner, could mean a financial penalty depending on the terms of your loan.
- Convertible Mortgages: Allows the homeowner to change the type of mortgage during the term. You could start with an open mortgage and then lock into a closed mortgage.
What is the difference between a fixed and variable rate mortgage?
With a fixed rate mortgage your rate stays the same for the whole term of your mortgage and you can relax knowing what your payments will be. A fixed-rate mortgage is available as open, closed or convertible and in terms from 6 months to 10 years.
A variable rate mortgage typically will offer a lower interest rate than a fixed rate mortgage. Your mortgage payment remains the same the whole term, however, the interest rate will fluctuate with any changes in our prime interest rate. If interest rates go down, you could pay off your mortgage faster as more of your payment will go towards paying off your principal. If the prime rate goes up, more of your mortgage payment will go towards covering interest costs. A variable rate mortgage is available as open or closed on a 5 year term, and you can switch over to a fixed rate mortgage any time with no penalty or fee.
Whether you choose a fixed rate or a variable rate mortgage, take advantage of these mortgage features:
- Choose from flexible payment terms: weekly, bi-weekly, semi-monthly and monthly
- Save money by opting to increase your payments by up to 20% each year
- Pay your mortgage down faster by opting to prepay it by up to 20% of the original amount each year
What is a mortgage prepayment charge?
Prepayment charges may apply when you prepay your mortgage balance before the maturity date. Use our mortgage prepayment charge calculator to estimate what it may cost to pay all or part of your closed mortgage before the term ends.
To learn more about prepayment penalties, visit the website of the Financial Consumer Agency of Canada at: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html.
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Mortgage rates are subject to changes without notice and are available on approved credit. Fixed mortgage rates are compounded semi-annually, not in advance; variable mortgage rates are compounded monthly, not in advance. Mortgage rates are based on a 25 year amortization. Terms and conditions may apply. Mortgage funds must be advanced within 120 days of the application date. These rates are discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply.
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The annual percentage rate (APR) calculation is based on a $300,000 mortgage with a 25-year amortization, for the applicable term, assuming a $300 processing fee. The processing fee includes costs associated with determining the property value and processing the application. If the only cost of borrowing is interest, the APR and interest rate will be the same. This example is for illustrative purposes only. The actual APR may differ depending on your mortgage amount, term, amortization, and applicable fees. Additional fees may apply.
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This mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us for further details.
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This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,500,000, who are eligible for and purchase mortgage default insurance and meet other conditions. Mortgage default loan insurance is required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment. The premium is calculated based on a percentage of the amount borrowed. Your premium can be paid upfront in a single lump sum payment, or it can be added to the total balance of your mortgage and included in your monthly payments – in this case, interest will apply to the premium as well. The minimum down payment requirement for mortgage default insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage default insurance is available only for properties with a purchase price or as-improved/renovated value below $1,500,000.
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Terms and conditions apply.
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Creditor’s group insurance is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS Services Incorporated, a subsidiary of Co-operators Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions, and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details. To contact CUMIS, A Division of Co-operators Life Insurance Company, visit www.cumis.com or call 1-800-263-9120.