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Preparing For Your First Mortgage Apply Now

Four steps to take when preparing for your first mortgage. 

Step One: Know What You Want

Should your mortgage be fixed or variable?

  • Fixed Mortgage Rate:
    Enables you to “lock in” a predetermined rate for a set period of time (term). 

  • Variable Mortgage Rate:
    Changes monthly based on the mortgage lender’s prime rate.  Anyone taking on a variable Canadian mortgage rate needs to be able to handle changes to their monthly payments.

Open or Closed Mortgage?

If you're not prepared to pay a large lump sum in the coming future, generally a closed mortgage would be the best choice for you.

Open Mortgage:

An open mortgage is a flexible option that allows you to make large payments or pay off the entire mortgage without a penalty.  Open mortgage rates are higher than closed mortgage rates. This type of mortgage enables you to pay off large lump sums before the end of the mortgage term.

Closed Mortgage:

Few people require the flexibility to pay off their best mortgage rate before the end of the term. If you have a closed mortgage you will be penalized if you pay off the loan early and the charge can be quite large.

Step Two: Knowledge is Power!

Researching the best rates can save you money on your low mortgage rate. 

Step Three: Talk to a Mortgage Broker

They can help you to determine what you can afford, what your options are, and guide you through the process.

Step Four: Negotiate Your Mortgage

Once you’ve prepared, you’re ready to put your mortgage broker to work negotiating a rate. 

Take the first step towards homeownership now. Get pre-approved for a low mortgage rate.

 

Canadian Farm News

Residential Mortgages

Looking to mortgage a new home? We are proud to offer some of the best mortgage products available. Take advantage of our low rate residential mortgages with personalized service and flexible payment options available.

Commercial Mortgages

Providing commercial mortgages for more than 20 years, our team of commercial mortgage experts offer in-depth knowledge and expertise to help your business thrive. Commercial mortgage approvals are guaranteed for 120 days!

Agricultural Mortgages

Agricultural mortgages are provided through AgriRoots Capital Management. Offering conventional and alternative lending options our agricultural mortgages are tailored to support the needs of your growing farm business.

Mortgage Calculators

Our mortgage calculators are here to help you gain an understanding of what your mortgage payments will look like. Our calculators will instantly provide you with an estimated monthly payment amount, mortgage affordability & more.

What is your mortgage rate? Lets find out!

The price of your home, your income and your credit rating have a huge effect on your interest rate! - let's find your precise rate, and help get you pre-approved.