With our Best Rate Guarantee, you'll automatically get our best fixed rate mortgage once you're pre-approved.
When you switch your mortgage to Cambrian, we cover the following fees:
Property Valuation Fees
As part of the mortgage transfer, we may require a property value appraisal to establish the value of your home and Cambrian will cover the fees.
Title Insurance Fees
Cambrian will cover the fees for First Canadian Title (FCT) to protect you in the event of title or land survey issues.
Discharge Fees
When you transfer your mortgage, your current financial institution must give up the rights to your property. This is known as “discharging” your mortgage. Cambrian currently covers up to up to a maximum of $300 of discharge fees charged by the other financial institution.
*Terms and Conditions apply. Based on maximum average of $500 for standard transfer-in appraisals on residential properties located within the City of Winnipeg, standard First Canadian Title (FCT) fee of $515.34, and maximum average of $300 for lender discharge fees. Members are responsible for any prepayment penalties charged by their current financial institution.
Get mortgage-free faster! Every little bit helps. We love helping you save money with more flexible prepayment options. Choose to pay up to an additional 20% of your original mortgage balance every year, without penalty. Make one lump sum payment or make several smaller payments regularly throughout the year – whichever way works best for you.
For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The prepayment can be made in one lump sum or you can make several payments adding up to the maximum of 20%.
For variable open mortgages, you can prepay any amount anytime, penalty-free.
If you want to prepay your mortgage in full prior to your maturity date, there may be a prepayment penalty. Contact us to discuss your options.
To make additional mortgage payments in Online Banking:
1. Log into Online Banking
2. Go to the "Move Money" menu and select "Transfer Funds"
3. Select the "From" account and the mortgage as the "To" account
4. Select "Principal Payment" as the "Payment Type" (note that if you automatically pay your mortgage you will not need to select “Principal Payment” as it will default to principal payment)
The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.
You do not need to be a member to apply for a mortgage. We will open a Cambrian membership if your mortgage application is approved.
More mortgage questions? Book a meeting with one of our advisors.
Use our Mortgage Comparison Calculator to estimate how much you could save in interest by switching to a lower mortgage rate.
If you switch before your current mortgage before your term is up, you may need to pay a pre-payment penalty to your current lender.
We can calculate if the cost savings of switching to our lower mortgage rate will outweigh the penalty amount. We can also add the penalty to your mortgage, so you would not need to pay out of pocket. Book a meeting with an advisor to discuss.
Here’s how to make a regular mortgage payment within Online Banking:
Note that if you already pay your mortgage automatically, you cannot make a regular payment through Online Banking or the Mobile App.
Mortgage Prepayments
For fixed rate or variable closed mortgages, you can prepay up to 20% of your original mortgage balance, every year, without penalty. The prepayment can be made in one lump sum or you can make several payments adding up to the maximum of 20%.
For variable open mortgages, you can prepay any amount anytime, penalty-free.
If you want to prepay your mortgage in full prior to your maturity date, there may be a prepayment penalty. Contact us to discuss your options.
To make additional mortgage payments in Online Banking:
The "Maximum Principal Only Payment" that you are allowed penalty-free will be indicated.
When you switch your mortgage to Cambrian, you can get up to $1315 in transfer fees covered*.
Property Valuation Fees
As part of the mortgage transfer, we may require a property value appraisal to establish the value of your home and Cambrian will cover the fees up to $500.
Title Insurance Fees
Cambrian will cover the fees for First Canadian Title (FCT) to protect you in the event of title or land survey issues (standard fee of $515.34).
Discharge Fees
When your transfer your mortgage, your current financial institution must give up the rights to your property. This is known as “discharging” your mortgage. We currently cover up to a maximum of $300 of discharge fees charged by the other financial institution.
If you switch / transfer your mortgage before the maturity date, you may incur a mortgage pre-payment penalty. Cambrian does not cover this fee but we can calculate if switching to our lower rate will outweigh the cost of the penalty.
*Terms and Conditions apply. Based on maximum average of $500 for standard transfer-in appraisals on residential properties located within the City of Winnipeg, standard First Canadian Title (FCT) fee of $515.34, and maximum average of $300 for lender discharge fees. Members are responsible for any prepayment penalties charged by their current financial institution.
With a Fixed Rate Mortgage, the interest rate and mortgage payment will not change for the term of the mortgage. Terms usually range from 6 months to 5 years.
With a Variable Rate Mortgage, the interest rate will fluctuate as market rates go up or down. However, the mortgage payment won’t change, therefore the amount of principal you pay per payment will fluctuate as the rate changes.
Check out our current mortgage rates or book a meeting with an advisor to review which mortgage option is best for you
An open mortgage means you can pay off the mortgage or transfer it to another financial institution at any time, penalty-free.
Typically, open mortgages have a variable interest rate, meaning the rate can go up or down as market rates change.
A closed mortgage means you are locked into a fixed term that ranges from 6 months to 5 years. Closed mortgages can have a fixed rate or a variable rate and will incur a pre-payment penalty if paid out or transferred to another financial institution before the end of the term.
Check out our current mortgage rates or book a meeting with an advisor to review which mortgage option is best for you.
Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.
The Cambrian Variable Closed mortgage has a 5-year term, and typically has a lower interest rate than the Variable Open Mortgage. If this mortgage is paid out prior to maturity, a 3-month interest penalty will apply.
The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.
Check out our current mortgage rates or book a meeting with an advisor to review which mortgage option is best for you.
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