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Choosing My Mortgage Loan

This is the page you've been waiting for. Just wait until you see what great surprises are in store for you!

You’ve made the purchase, now it's time to save! How? By getting the most out of every element of your mortgage according to your financial situation. You could win big, with minimal effort.

Choosing a mortgage loan is just a question of rates, since a mortgage loan can be broken down into four basic elements. That's why, after combining these four elements according to your needs and requirements, we can offer you several kinds of mortgage products:

If you aren't sure which one is best for you, use our Financing Product Selector.

The Four Basic Elements of a Mortgage Loan

1. Term

This is length of time set for the interest rate and payment conditions.
We offer two kinds of terms (open or closed), the duration of which can vary from six months to ten years. The shorter the term, the lower the interest rate, but you are more exposed to interest rate fluctuations.
Check out the comparative table to find out more about the two types of terms and choose the one that is best for you.

2. Mortgage Interest Rate

There are two types of mortgage interest rates: fixed and variable. Depending on your circumstances and needs, you could also opt for a mortgage line of credit or our Homeowner's Kit.
Check out the comparative table to compare our four mortgage financing options and choose the one that is best for you.

3. Amortization Period

This is the number of years you would like to take to repay your mortgage. You can choose from anywhere between 10 and 30 years*. Shorten it as much as you can but without over-tightening your belt. The potential interest savings made by amortizing five years earlier than planned, for example, are astounding.
Check out the following comparative table and see for yourself.

4. Mortgage Payment Frequency

This is the interval of time between your payments. The payment frequency can be:

  • normal (once a month);
  • accelerated (twice a month); or
  • optimal (four times a month).

By increasing the frequency of your payments, you could really lower your interest charges and, at the same time, shorten your amortization period. It's quite astonishing how much you can save just by managing your monthly payments differently. It’s really in your best “interests” to switch into accelerated gear!

Pre-payment Options

Every year, we offer you two additional opportunities to save on interest charges. Choose one or the other, or both, and you could, under certain conditions:

  • make a lump sum pre-payment of up to 15% of your initial mortgage1; or
  • increase the amount of your periodic payments by up to 15%2.

Check out the comparative tables to see how much you could save by increasing the frequency of your payments or by making lump sum pre-payments. 

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Legal notice

1. This privilege is non-cumulative. The borrower does not benefit from this privilege when the amount of the pre-payment is higher than 15% of the initial amount.
2. This privilege is non-cumulative. This advantage is not applicable to variable with the variable payment option.
* Maximum 25 years for insured loans.

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