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Let us guide you through your next move

Whether you're buying your first home, or renewing for the third time, we're here for you with helpful advice, tools and tips.

Buy my first home

Buying a home is an extraordinary adventure that comes with a lot of questions. You don't have to figure out your plan alone. We're here to help.

Refinance or renew my mortgage

Your mortgage might have been a perfect fit five years ago. Let's look at mortgage options that are the right fit for you today.

Switch my mortgage

Already have a residential mortgage elsewhere? Transfer it to us and you could get $1,000 cash back*.

 

Mortgage Features

 

 

Flexible Schedule

Choose a payment schedule that works for you and your budget. Our payment options are designed to time with your paycheque. Choose either weekly,  bi-weekly, semi-monthly or monthly payments.

120-day Rate Guarantee

Still looking for the perfect property? It takes time, we get it. Your pre-approved rate is guaranteed for 120 days. Keep hunting!

Prepayment Options

Prepay your mortgage by up to 20% of the original amount each year (conditions apply).

Flexible Options

Choose between fixed or variable mortgage rates and between open or closed mortgage terms.

Skip a Payment

Sometimes life hands us a lemon (occasionally it plants a lemon grove in our backyard). Skip a payment when the unexpected happens (conditions apply).

Mortgage Protection

Choose coverage options to ensure your mortgage payments will be made in the event of a job loss, illness or death.


FEATURED MORTGAGE RATES

5-Year Fixed Closed - Insured**

4.84

5-Year Fixed Closed*

5.29

5-Year Variable Closed - Insured**

6.45

5-Year Variable Closed*

6.90

*The fixed mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us at 1-888-597-1083 for further details.

**This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions. Mortgage default loan insurance is required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment. The premium is calculated based on a percentage of the amount borrowed. Your premium can be paid upfront in a single lump sum payment, or it can be added to the total balance of your mortgage and included in your monthly payments – in this case, interest will apply to the premium as well. The minimum down payment requirement for mortgage default insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage default insurance is available only for properties with a purchase price or as-improved/renovated value below $1,000,000.

†Mortgage rates are subject to changes without notice and are available O.A.C. Fixed mortgage rates are compounded semi-annually; variable mortgage rates are compounded monthly. Mortgage rates are based on a 25 year amortization. Terms and conditions may apply. Mortgage funds must be advanced within 12 days of the application date. These rates are discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact us.

​MORTGAGE PRE-APPROVAL

Lock in your rate with our 120-day rate guarantee. Apply for mortgage pre-approval online or call us at 1-888-597-1083 to get started.

young couple dancing among packing boxes in their new home

MORTGAGE OPTIONS

FIXED RATE MORTGAGE

Relax knowing what your payments will be. Your rate stays the same for the term of your mortgage.

Key Features & Benefits

  • Available in terms from 6 months to 10 years
  • Choose from closed, open and convertible fixed rate mortgages
  • Choose flexible payment terms: weekly, bi-weekly, semi-monthly and monthly
  • Save money by opting to increase your payments by up to 20% each year
  • Pay your mortgage down faster by opting to prepay it by up to 20% of the original amount each year

 

VARIABLE RATE MORTGAGE

A variable rate mortgage typically will offer a lower interest rate than a fixed rate mortgage. However, the interest rate will fluctuate with any changes in our prime interest rate.

If interest rates go down, you could pay off your mortgage faster as more of your payment will go towards paying off your principal. If the prime rate goes up, more of your mortgage payment will go towards covering interest costs.

Key Features & Benefits

  • Your mortgage payment remains fixed for the term
  • Available as open or closed on a 5 year term
  • Choose from flexible payment terms: weekly, bi-weekly, semi-monthly and monthly
  • Save money by opting to increase your payments by up to 20% each year
  • Pay your mortgage down faster by opting to prepay it by up to 20% of the original amount each year
  • Switch over to a fixed rate mortgage at any time, with no penalty or fee

 

CONSTRUCTION MORTGAGE

Building a home can be complicated but financing it doesn't have to be. Our progressive draw construction mortgages offer flexible financing to help you build your new home or start a large-scale home renovation or expansion.

How it works

Get advances to pay for building costs. Funds are distributed typically in 3-6 stages (known as draws) throughout the construction period. While construction lasts, you are responsible for interest-only payments. The typical stages are:

  • Purchase of land
  • Foundation: site set-up, excavation, drainage and piping, and slab construction
  • Framing: wall frames, roof trusses, roughing in, plumbing water, plumbing gas, electrical and wrap
  • Lock-up: windows, doors, roofing, drywall, insulation, wiring and plumbing
  • Completion: exterior and interior finishing

After the home is built and ready to occupy, the construction mortgage is converted to a conventional mortgage. 

Key Features & Benefits

  • Available for owner-occupied or rental/investment properties
  • Maximum lending is 75% of appraised value (based on land value and approved plans)
  • Maximum construction term is 18 months 
 
Mortgage Calculator

Use our mortgage calculator to find out what mortgage amount you can afford and what your mortgage payment and amortization schedule would be.​

 
 


​Our Mortgage Rates



​Apply for mortgage online or call us at 1-888-597-1083 to get started.

 

List of rates for MORTGAGE RATES†
MORTGAGE RATES†

Rates Effective: 2024-04-11

Rate
6 month fixed rate (closed)*
7.64
1 year fixed rate (closed)*
7.24
2 year fixed rate (closed)*
6.99
3 year fixed rate (closed)*
5.39
4 year fixed rate (closed)*
5.59
5 year fixed rate (closed) - insured**
4.84
5 year fixed rate (closed)*
5.29
5 year variable rate (closed) - insured**
6.45
5 year variable rate (closed)*
6.90
7 year fixed rate (closed)*
5.59
10 year fixed rate (closed)*
5.84
6 month fixed rate (open)
8.70
1 year fixed rate (open)
8.70
Variable rate (open)
7.90


*This mortgage rate is only available to members with greater than 20% down payment, purchasing a residential, owner occupied property valued at under $1,000,000, and who meet other conditions. A premium may be applied to the rates for all other mortgages. Please visit a branch or call us at 1-888-597-1083 for further details.

**This insured mortgage rate is only available to members with less than 20% down payment, purchasing a residential property valued at under $1,000,000, who are eligible for and purchase mortgage default insurance and meet other conditions. Mortgage default loan insurance is required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protect lenders against mortgage default, and enables consumers to purchase homes with a minimum down payment. The premium is calculated based on a percentage of the amount borrowed. Your premium can be paid upfront in a single lump sum payment, or it can be added to the total balance of your mortgage and included in your monthly payments – in this case, interest will apply to the premium as well. The minimum down payment requirement for mortgage default insurance depends on the purchase price of the home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Mortgage default insurance is available only for properties with a purchase price or as-improved/renovated value below $1,000,000.

†Mortgage rates are subject to changes without notice and are available O.A.C. Fixed mortgage rates are compounded semi-annually; variable mortgage rates are compounded monthly. Mortgage rates are based on a 25 year amortization. Terms and conditions may apply. Mortgage funds must be advanced within 120 days of the application date. These rates are discounted and cannot be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact us.

 

Credit Protection

Protect your home with mortgage insurance and gain peace of mind.

Customizable

Builds on Existing Coverage

Affordable & Convenient

PERSONAL MORTGAGE

Protect your home and your family's finances from the unexpected with mortgage balance insurance. That way, you can rest assured that your payments are covered in the event of critical illness, disability or death.

 

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)

 

Mortgage disability insurance

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 $5,000 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.

 

Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.

 

 

 

Resources for buying a home

 

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Find out how much mortgage you can afford and what your payments might look like.

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Find out the assessed value of your current home and compare it to others in that area.

Get insights on buying your home, from understanding your credit score to saving for a downpayment.