When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.
For example, the difference between a fixed rate of 6.05%* and our rate of 4.19% on a $350,000 mortgage would mean interest savings of $18,950 over the 3 year term.
*For illustrative purposes only
.svg)
.svg)
On the date you apply for a Cambrian mortgage, either online or with a Personal Banking Advisor, we automatically lock in our 1 – 5 year fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.
At Cambrian, we aim to make what you may consider complex, like your first mortgage, simpler. We evaluate each situation individually and make our honest recommendation based on what is best for you, our member.
You can apply for a mortgage online at anytime.
You will need the following information (if joint borrowers, you will need the information for both borrowers):
1. Employment information, including your gross monthly salary (before taxes and deductions)
2. Information about your assets, such as:
• Properties you own
• Vehicles you own
• RRSPs & investments
• Chequing and savings balances
3. Information about your debt payments and liabilities, which include:
• Mortgages
• Loans
• Credit cards
• Rent & lease payments
4. We may also need you to provide us with the following documents:
• Valid photo identification
• Income verification (pay stub, T4, etc.)
• Statements (bank, credit card, etc.)
• Tax return
We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).
We will provide you with a pre-approval confirmation which outlines your maximum mortgage amount and the maximum purchase price that you can afford. You can now go house hunting with confirmed mortgage financing in place - this makes you a pre-qualified buyer.*
*When making an offer to purchase, ensure you leave at least one week to finalize the mortgage financing.
Once your offer is accepted, let us know immediately.
We will arrange a property appraisal, if required. A formal property appraisal may be required to confirm the value of the home. The amount of mortgage financing is dependent on the value of the home.
We will also help you choose the mortgage option that is right for you. We will clearly explain the different types of mortgages (variable closed, variable open and fixed rate) and the mortgage payment options (monthly, bi-weekly, weekly). You may also choose to make accelerated bi-weekly or weekly payments - this means you’ll make an extra mortgage payment with every scheduled payment, reducing the interest you’ll pay.
We will draft the mortgage documents for your signature and review together via video or in-person.
If in person, you will sign the mortgage documents in-branch.
If by video, we will send the mortgage documents to your lawyer. You will sign these when you meet with your lawyer to go over all the home purchase documents.
On possession date, you get the keys to your new home! Your mortgage payments will start after your possession date, as per the timing detailed on your mortgage documents.
Now all you need to do is make this house your new home!
Payment Protection is optional and covers your mortgage payments in the event you become sick or injured, or pays off your full insured mortgage balance if you pass away.
*Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
We know your time is precious, so we strive to make your experience quick and seamless.
Cambrian has helped thousands of members become first time home buyers and these are the top 5 things we think you should know.
Apply to get pre-approved before you start house hunting so that when you find your perfect home, you are ready to make an offer. This will confirm the maximum mortgage you can afford and will make you a more attractive buyer since your financing has already been pre-approved with a financial institution
Research the government programs to help first time home buyers including the First Time Home Buyer’s Incentive, the RRSP Home Buyer’s Plan and the First Time Home Buyer’s Tax Credit.
You need to have a minimum down payment of 5% of the home’s purchase price to qualify for a mortgage. If you have less than 20% down payment, you need to have mortgage default insurance; the cost is added to your mortgage amount. You will also need to budget 1-2% of the purchase price for closing costs, which are payable at the end of the process, when you are taking possession of the house.
There are different types of mortgages and each type has a different interest rate. You will need to choose between a variable closed, variable open and fixed mortgage type. The right mortgage depends on your personal circumstances or preferences.
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.
Yes, you can sign up for alerts when interest rates change.
1. Login to Online Banking
2. Select your name in the top right menu and click "Profile & Settings"
3. Under "Alerts" click the arrow beside "Rate Changes"
4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.
Getting pre-approved for a mortgage means we will review your financial situation and confirm the maximum mortgage amount that you can afford.
This allows you to narrow your search to the homes you can comfortably purchase.
Being pre-approved also gives you several advantages:
After you submit your application online, we will contact you within one business day to obtain all the required information. Once you have provided the information, your pre-approval should be completed the next business day.
Apply for your pre-approval online or contact us for more information.
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.
There are two types of mortgage insurance - mortgage default insurance and payment protection.
Mortgage Default Insurance is required if your down payment is less than 20% of the home purchase price. Typically, the insurance premium is added to your mortgage balance. Mortgage Default Insurance is provided by Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty. We will arrange this insurance for your mortgage if required.
Payment Protection covers your mortgage payments in the event you become sick or injured, or pays off your insured mortgage balance if you pass away. Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
