Home Mortgage Loan


Conventional mortgage loan is for properties occupied by home owners or tenants. Conventional mortgage is a mortgage that does not exceed 80% of the purchased price or the appraised value of the home, whichever is lower.

A variety of interest terms and amortization periods to meet customer's needs.

Pre-approved mortgage provide the financial certainty to potential home buyers with interest rate commitment period of up to 90 days to protect from interest rate fluctuation.

Pre-payment privileges 15 + 15 help to save on interest costs and shorten the amortization period (customer may pay off up to 15% of the original principal amount once annually and increase regular payments by up to 15% over the current payment once each year without penalty).

When bank loan money to customer, we are expecting the borrower to pay it back according to the payment schedule mentioned above. If it is an open mortgage, some or the entire principal amount owing can be repaid at any time without any prepayment fees. If it is a closed mortgage, borrower may increase the payment amount to pay off part of the outstanding balance according to pre-payment privileges 15+15.

If borrower wants to make extra payment describe above or pay off entire outstanding balance, our Bank will charge three months interest costs on the extra payment or the interest differential amount (existing mortgage interest rate and the interest rate currently charged for a similar mortgage). The early payment cost is charged based on higher calculation result.

Interest term ranges from 6 months to a maximum of 5 years.

Interest rate is fixed for close term and fluctuates for open term.

Third party cannot apply for a loan on behalf of an account holder.

To learn more about mortgages:

Canadian Bankers Association

Financial Consumer Agency of Canada