Mortgage Selector

Helpful Tips!

HST may be added on the price of a new home. Be sure to include this in the property purchase price.
If your down payment is small compared to your property purchase price, high ratio financing may apply. Contact an advisor to find out more.
Historically, a variable interest rate is the most cost effective way to pay off your mortgage but it is considered higher risk.

If you're thinking about buying a new home, it's a good idea to develop a written analysis of your needs in order to create a clearer picture of what you might need and want. After defining your needs, you'll need to seek advice on how much you can afford and begin to look at the market for homes that fit your needs and budget.
Pre-payment penalties may apply when breaking your mortgage contract. Often, if you are taking out a new mortgage, your lender will reduce or eliminate the penalties, but if you are changing lenders, add a penalty into your closing cost calculations. However, pre-payment penalties can also be avoided through portable and assumable mortgages.
If you've found that 'perfect' house but your house hasn't sold yet, you'll need to decide if you can carry both mortgages for a time or if you are in need of bridge financing — a temporary loan to cover the costs of your new home when the sale of your existing home has not yet completed. Talk to your realtor and your financial advisor if you are in this situation.

An important consideration for your investment property is choosing the best location. If you are considering a townhouse or a condo for your investment, then you want to ensure that it is located close to major shopping, transportation and schools and amenities that will appeal to prospective tenants. You will usually get higher rent when your location is desirable.
It's important to consider all the expenses when you purchase an investment property. The obvious expenses are the principal and interest costs associated with the mortgage or financing on the property, the annual taxes and any monthly strata fees. You may wish to consider regular maintenance items to protect the value of your investment property and the systems that are associated with your property.
Once you have purchased your investment property your other major consideration will be your degree of involvement. Depending on the type of property purchased (recreational or residential) you'll want to determine whether you have the time and experience to coordinate management of the property (e.g. find tenants, coordinate maintenance) or if you'll want to hire a professional property management firm to do this for you.

When you renew, you keep your current mortgage but have the opportunity to adjust the mortgage details like rate, term length, amortization and payment schedule (bi-weekly, monthly, etc.). If the flexibility and features of your current mortgage work well for you, you can renew with your existing lender easily by discussing the modifications you need and negotiating the rate.
Early renewal options are available as features of some mortgages, but you must discuss this with your lender; pre-payment fees generally apply to reimburse the lender for lost interest.

Transferring your mortgage from another financial institution is relatively easy and there are many reasons why you might want to do this. For example, better service, a better interest rate, greater repayment flexibility or simply to consolidate all your financial needs with an organization you trust and who values your business.
There are often penalties associated with transferring your mortgage. Contact your current financial institution to find out more.

Property purchase price?

If you're in the market to buy a home, you'll want to calculate the purchase price of the property you're interested in buying.

Property purchase price$

Your down payment?

Determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home - including how you write your purchase offer, as well as, the mortgage and interest rate you qualify for.

Your down payment$

What is your property value??

Determining your property value requires consideration of a variety of factors including, but not limited to, size, location, condition, upgrades, comparable prices, appraisal, assessed valued and market conditions. Do your homework and consult a real estate professional to help put the right value on your property.

What is your property value?$

What is your outstanding mortgage??

The principal balance of a mortgage is the outstanding amount which does not include interest or other charges.

What is your outstanding mortgage?$

Do you require additional funds (for renovations, travel or other)??

Your home is one of your most valuable assets, and you can use your home equity to meet ongoing credit needs.

Do you require additional funds (for renovations, travel or other)? Yes No

Extra amount needed :$

What would you consider to be your comfort level if interest rates rise??

Remember to consider what the effect will be on your mortgage and budget if interest rates increased. If you know in advance what areas of your budget have the most flexibility it will give you a good grasp on exactly how interest rates will affect your lifestyle and future payments.

* What would you consider to be your comfort level if interest rates rise? Not at all comfortable Somewhat comfortable Very comfortable

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