Island Savings

The Incredible Shrinking Mortgage

This mortgage is for you if:

  • you want to save thousands of dollars in interest and live debt free sooner.
  • you want your home equity to be maximized.
  • you want flexibility in paying off your mortgage.

3.19%5-year
fixed rate
closed*

90day rate
guarantee

Overview

Key Features & Benefits

  • Step down rate means the rate decreases annually allowing you to pay less interest over the term of your mortgage
  • Save money by opting to increase your payments by up to 10% each year
  • Flexible payment terms available (weekly, bi-weekly, semi-monthly and monthly)
  • 5, 7 and even 10 year terms available

Terms & Conditions

  • Eligible property types include residence, assumable, and land only
  • Prepayments are limited to 10% of original mortgage amount annually for CMHC mortgages only
  • Owner occupied properties only
  • Not eligible for ‘skip a payment’

Click on the "What You'll Need" tab to find out more about the documents you'll need to provide as part of your mortgage application

 

*Island Savings' Incredible Shrinking Mortgage terms have a contractual starting rate and a pre-determined interest rate decrement which is available annually subject to qualification. Decrements are achieved by attainment of specified additional terms and conditions - these conditions specify lack of events of default occurring. These events of default are referenced in our filed Standard Mortgage Terms – for ease of understanding this is commonly referred to as delinquency however may not be limited to this. Rate is subject to change without notice and is available O.A.C. Some conditions apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.

Rates

Our Current Rates

Incredible Shrinking Mortgage Specials* - 5 Year (Rates effective 2017-08-15) Rates
5 Year Fixed Rate, Closed - Year 1 3.19%
5 Year Fixed Rate, Closed - Year 2 3.09%
5 Year Fixed Rate, Closed - Year 3 2.99%
5 Year Fixed Rate, Closed - Year 4 2.89%
5 Year Fixed Rate, Closed - Year 5 2.79%
Incredible Shrinking Mortgage Specials* - 7 Year (Rates effective 2017-08-15) Rates
7 Year Fixed Rate, Closed - Year 1 4.35%
7 Year Fixed Rate, Closed - Year 2 4.28%
7 Year Fixed Rate, Closed - Year 3 4.21%
7 Year Fixed Rate, Closed - Year 4 4.14%
7 Year Fixed Rate, Closed - Year 5 4.07%
7 Year Fixed Rate, Closed - Year 6 4.00%
7 Year Fixed Rate, Closed - Year 7 3.93%
Incredible Shrinking Mortgage Specials* - 10 Year (Rates effective 2017-08-15) Rates
10 Year Fixed Rate, Closed - Year 1 4.85%
10 Year Fixed Rate, Closed - Year 2 4.80%
10 Year Fixed Rate, Closed - Year 3 4.75%
10 Year Fixed Rate, Closed - Year 4 4.70%
10 Year Fixed Rate, Closed - Year 5 4.65%
10 Year Fixed Rate, Closed - Year 6 4.60%
10 Year Fixed Rate, Closed - Year 7 4.55%
10 Year Fixed Rate, Closed - Year 8 4.50%
10 Year Fixed Rate, Closed - Year 9 4.45%
10 Year Fixed Rate, Closed - Year 10 4.40%

*Mortgage rates are subject to change without notice and are available O.A.C. Rates are compounded semi-annually. Terms and conditions may apply. Mortgage funds must be advanced within 90 days of the application. These rates are discounted and can not be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.

Protection Options

Types of Protection

Mortgage life insurance

Mortgage insurance helps your family retain its home if you (or your co-borrower) die before the mortgage is paid off.

  • Pays the outstanding balance of an insured mortgage up to $1,000,000.
  • Premiums are based on your age and the amount of your mortgage when you apply for coverage
  • Available for purchase between the ages of 16 and 69 (with coverage ending at age 75)

Disability coverage

A disability rider ensures that your mortgage payment will be made in the event you are ill, or injured, or unable to perform your usual job.

  • Available for purchase between the ages of 18 and 69. Joint coverage is available at no additional cost (benefits based on 100% unless specified).
  • Benefits start after you have been off work for 60 days and continue up to 24 months for each period of continuous disability.
  • Since benefits are paid directly to your mortgage at Island Savings, there are no tax implications.

Loss of employment

A loss of employment rider ensures that your mortgage payments will be made should you become involuntarily unemployed.

  • Covers your mortgage payments up to a maximum of $3,000 per month.
  • Available for purchase between the ages of 18 and 69. Joint coverage is available for no additional cost (benefits based on 100% unless specified).
  • Benefits are paid after you've been off work for 60 days and continue for up to 9 months for each claim.
  • Since benefits are paid directly to your mortgage at Island Savings, there are no tax implications.

Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full.

  • Coverage amounts must equal life coverage and must be between $1,000 and $1,000,000.
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

What You'll Need

What You'll Need

Applying for a basic mortgage with us is simple. Depending on your current employment, you’ll need to bring the items checked off in the table below.

To apply for a mortgage, you'll need to be at least 19 years of age in order to sign all the legal stuff.

 FT employmentPT employmentSelf-Employed
Revenue Canada Notice of Assessment of current tax year*
(2 most recent if self employed)

Or

Revenue Canada Statement of Remuneration (T4)
(2 most recent if self employed)

Current pay stub**
(2 most recent if part time)

Business Financial Statements
(2 previous years)

*Assuming no commission income. If you collect commission income it is best to bring in full tax returns for the previous 2 years.
**Not required if your pay cheque has direct deposit with Island Savings for the previous 6 months.

As we understand more about your personal situation and the mortgage you are looking for additional income confirmation may be requested.

If your mortgage needs require more than the basics, that's fine. We have an array of mortgage products to suit your needs—just contact us to find out what you'll need to bring before your appointment.

Ready to apply? Applying for a mortgage with us is easy!

Online

Applying for a mortgage online just takes a few minutes and just four easy steps!

In Person

If you'd rather visit us in person, we'd be happy to go through the application process with you.

By Phone

If you’d like to call us, here is a complete list of our branch phone numbers.