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Mortgage Payment Terms

Manage your mortgage the way that works for you. 

We offer flexible mortgage payment options to help make your home ownership dreams come true.
Fixed vs variable
Choose a fixed or variable rate mortgage, with terms ranging from six months to five years.

Variable Rate Open Mortgage

  • Pay off part or all of your mortgage at any time, without interest penalties or service fees
  • Convert to a Fixed Rate Closed Mortgage if interest rates rise
  • Enjoy a flexible interest rate with a set mortgage payment (as long as the amount is sufficient to cover your interest cost)

Variable Rate Closed Mortgage

  • Competitive mortgage rate and monthly payments
  • Predictable mortgage payments
  • Pre-pay up to 20% of your balance each year, with no interest penalty or service fees

Fixed Rate Closed Mortgage

  • Guaranteed interest rate, protected for the duration of your term
  • Predictable monthly payments
  • Terms range from six months to five years
  • Prepay up to 20% of your balance each year, with no interest penalty or service fees
  • Set up a payment schedule of your choice (as long as you don't exceed 20% annually)
Payment frequency
Select weekly, bi-weekly, semi-monthly or monthly payments to suit your cash flow. Accelerated weekly or bi-weekly payment options are also available.
Without penalty or services fees, you can repay up 20% of your original or renewed mortgage balance each year, by:
  • Increasing your payment by a fixed amount
  • Making an additional mortgage payment
  • Making one maximum-allowed lump-sum prepayment each year
  • Making several small prepayments at any time each year
Port your mortgage
If you love your mortgage more than your home, take it with you when you move. This option is available at no cost, for all mortgage types.
Transfer your mortgage terms to the buyer when you sell (as long as they qualify at the current posted rate).
Credit insurance available for loss of employment, loss of life, disability and critical illness (with qualification) and is offered through The CUMIS Group Limited.
Down payment options

High Ratio Mortgage

Purchase your home with a down payment as low as 5%, with a High Ratio Mortgage and protection offered by one of our partners. The amount you pay for protection depends on the size of your mortgage, and can be built into your mortgage amount.

Conventional Mortgage

Perfect for those with 20% or more saved for their down payment.

Home Buyers' Plan

This federal government program lets you withdraw up to $35,000 tax-free from your RRSP in order to buy your home. Learn more on the Canada Revenue Agency's RRSPs and Related Plans page.

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Need more help?

Call us at 204.958.8588 / 1.877.958.8588 or book an appointment with one of our financial advisors.

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