What you need to know
Before you start house hunting, talk to one of our lending specialists to find out how much you can afford to spend.
- Will define the price range of homes you can afford
- Gives you a competitive advantage when making offers against other purchasers since it shows you are serious enough to have looked at financing
Know how much you need to save to buy that dream home.
- You need 25% of the purchase price as a down payment for your home.
- If you don’t have 25% for a down payment you may qualify for a high-ratio mortgage. These are approved by our partners, Sagen or CMHC (Canada Mortgage and Housing Corporation)
Renewing Your Mortgage
We're here to offer great rates and advice when it's time to renew your mortgage
- At the end of your term (the number of years your mortgage rate is locked in for) you will have to renew the mortgage.
- At this time your interest rate may change based on the current rates at that time.
Refinance Your Mortgage
There are many reasons why you might consider refinancing your mortgage.
- You might be looking for a shorter term, access to extra cash or a chance to take advantage of lower rates.
- All of these are good reasons, but keep in mind that there are penalties when paying off a mortgage early. As a general rule, you shouldn't refinance your mortgage unless the new rate is two full percentage points lower than your current rate. Typically the two-point rule compensates for the hard costs associated with refinancing.