Mortgages
No matter which mortgage you choose, you’ll always get:
- 3 month rate guarantee: Even if rates rise before your mortgage is advanced
- Flexible payment schedules: Make payments monthly, bi-weekly or weekly
- Your mortgage is portable1: You can transfer it to a new property when you move
- Your mortgage is also assumable1: You can sell your low interest rate mortgage with your house and swing a sale in your favour
Fixed Rate
A closed, fixed rate mortgage with flexible pre-payment options
Benefits:
- Minimize payment amounts with a great rate and up to a 30 year amortization
- Get up to 5% cashback to help cover costs of moving, renovations, or to spend however you want2
MyClassic Details:
- Make a principal pre-payment up to 20% and/or increase your mortgage payments once per year to pay off your mortgage even faster and save interest
- Flexibility to choose a term from one year up to ten years.
Variable Rate
A five year closed mortgage with a variable rate that floats with Prospera's Prime Lending Rate
Benefits:
- Secure a rate that is typically lower than fixed rates, potentially saving you thousands of dollars in interest over the life of your mortgage
- Save even more and pay your mortgage down faster if the Prospera Prime Lending Rate goes down
- Enjoy the freedom to convert to a fixed-term mortgage should your situation (or rates) change
- Budget more easily knowing that your mortgage payments will not change even if the Prospera Prime Lending Rate changes
MyWay Details:
- Make a principal pre-payment up to 20% and/or increase your mortgage payments once per year to pay off your mortgage even faster and save interest
- Five-year term
Home Equity Line of Credit
A low-rate line of credit secured by the equity in your home
Prospera Prime Lending Rate + 0.50%4
Benefits:
- Convenience: Borrow for any reason, at any time. Access funds whenever you need it by making a cash withdrawal, using your debit card or writing a cheque.
- Save Money: Use an extraordinary rate for your borrowing needs. With this great rate, it’s one of the most effective ways to lower your borrowing costs, and can save you thousands of dollars in interest if you have existing higher-interest debt.
- Flexibility: Borrow money for any reason, at any time, without having to re-apply. Pay interest only on the amount you use for the length of time you use it and pay it back at your convenience (minimum monthly interest payment is the only requirement)
Why use it:
- Renovate your kitchen
- Upgrade your car
- Invest in your RRSP or TFSA
- Consolidate debt
Mortgage calculator
Affordability and payments.
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Set up a mortgage appointment.
Hold a rate
Your rate will be held for 90 days.
