Fixed Rate Mortgages
If you would like to guarantee a fixed payment for the length of your term, a fixed rate mortgage would be best for you.
- Enjoy the security of a set, competitive interest rate.
- Repayment plans to suit your needs with a fixed payment.*
- Available for both conventional and high ratio mortgages.**
- Both open and closed options available:
|Term is 1 year.||Terms up to 7 years.|
|Pay off as much as you want above your regular monthly payment and/or as early as you want without prepayment penalties.||Can prepay up to 15% of the original loan amount per calendar year and up to double your regular monthly payments before prepayment penalties apply.|
|Flexibility to switch to a closed mortgage.|
- *Payments can be made weekly, biweekly, semimonthly or monthly
- **Conventional mortgages require a minimum down payment or equity position of 20%. Mortgages with less are considered high-ratio and must be insured through Canada Mortgage and Housing Corporation (CMHC) or Genworth Corporation
- Must meet certain approval conditions
- Cost of credit and any fees associated with the loan will be disclosed at the time of approval