Mortgages

O.A.C Rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest and is the regulatory Annual Percentage Rate if there is no cost of borrowing other than interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with Meridian Prime Rate, which is currently 3.20%. Where applicable, borrowers will be subject to qualifying criteria. Builder's pricing applies to posted rates, not to promotional or special rates. For commercial mortgage rates, please speak to your Commercial Relationship Manager.

A High Ratio mortgage is applicable in cases where a borrower places a down payment of less than 20% of the purchase price on a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.

For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.

*Cash Back is advanced on the date of mortgage funding, not in advance – if mortgage isn’t advanced, no cash back will be credited.  The Cash Back amount is a percentage of the contractual mortgage amount, with an applicable rate increment based on the terms of the Mortgage. Cash Back is advanced to the Borrowers for the full length of the mortgage term for any new mortgage application, if the borrower pays out the mortgage prior to maturity, Cash Back must be repaid at predetermined prorated amounts in addition to any applicable prepayment & discharge fees. Available for mortgage terms from 3-5 Years, applicable to both Fixed Closed & Variable Mortgages.  Maximum allowable cash back amount is up to $50,000. Offer may be cancelled at any time. Standard mortgage approval requirements, OAC. Other conditions apply; speak to an advisor for details.