Renovate your home with a Cambrian mortgage

Save money & simplify your home renovation by financing locally.

Why Cambrian? Our purpose is to save, solve & simplify.

We aim to provide you with mortgage options that save you time and money, whether you are buying to renovate or renovating your current home.

Buy a home to renovate

Purchase Plus Improvements Mortgage

Found a fixer-upper that could be your dream home with some renovations and a lot of love?

With a Purchase Plus Improvements Mortgage you can borrow an additional 10% of the projected value of the home (value after all renovations are completed).

Let's say your dream home is listed for $300,000 and the projected value once renovations are complete is $350,000. That means you can borrow up to 10% of $350,000 or $35,000 for renovations. This amount would be added to your mortgage.

Save thousands with our low mortgage rates

When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

On a $350,000 mortgage, the difference between a 5-year rate of 5.50% and 6.50%, would be an interest savings of approximately $17,000.

5 Year Variable Closed Mortgage
5.05
%
3 Year Closed
5.10
%
Variable Open Mortgage
5.95
%

Lock in your mortgage rate with Cambrian’s Best Rate Guarantee.

On the date that you apply for a mortgage with Cambrian, we automatically lock in our current fixed mortgage rate for you, for up to 4 months. That can save you thousands of dollars.

Plus, save $222 every year with Unfee.

Moving your daily banking account to Cambrian will save you money every year with Unfee.

Bank for free by setting up a monthly direct deposit in your Cambrian chequing or savings account and we’ll refund your service fees every month. With our Premium Account, you will save $222 every year. No minimum balance required.

Get personalized, honest advice about your mortgage.

At Cambrian, we make what you may consider complicated, like renovating a home, simpler.

Each home renovation project is different. We evaluate each situation individually and make our honest recommendation based on what we feel is best for your overall financial wellness. We will listen to your financing needs and clearly explain all your options so that you can make the decision that is best for you.

How does applying for a Purchase Plus Improvements Mortgage work?

Step 1:
Apply online

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

Step 2:
Book a meeting

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).

Step 3:
Draft your Offer to Purchase with renovations in mind

When you find your perfect fixer-upper, you will need to include a condition in your Offer to Purchase for a licensed contractor to inspect the property. You will submit this quote to Cambrian for review.

Step 4:
Sign mortgage documents

We will draft the documents for your signature and review together. Your mortgage amount will include the cost of your renovations. You can sign the documents in person at the branch or we can send the documents to your lawyer for signature.

Step 5:
Start renovations

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.

Step 6:
Complete renovations & enjoy your new home!

Once the renovations are completed, Cambrian will send an appraiser to your house to confirm that the renovations have been completed as agreed. Your lawyer will then advance the funds for renovations.

Now it’s time to settle in to your new home!

What are your Payment Protection options?

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.

Top 5 things to know about buying to renovate

1. Know how you’ll pay for the renovations

The money designated for improvements will be held by your lawyer until your renovations are complete. This means you need to have funds available to pay for deposits and ongoing expenses. A Cambrian Line of Credit is a great option for this.

2. Get pre-approved

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.

3. Find a contractor to inspect the property

When you find your perfect fixer-upper, you will need to include a condition in your Offer to Purchase for a licensed contractor to inspect the property. You will submit this quote to Cambrian for review.

4. Choose the right mortgage

We will 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).

5. Save time

You can complete the mortgage process with us without needing to step foot in a branch. You can apply online, meet with an advisor via video and we can send the mortgage documentation to your lawyer for signature.

Renovate my current home

Refinance to renovate and save

Refinancing your mortgage allows you to borrow up to a maximum of 80% of the current market value of your home. This can save you thousands of dollars in interest, versus paying for your renovations on a credit card.

How does refinancing to renovate work?

Step 1:
Book a meeting

At the meeting we will review your current financial situation and discuss your options with you. When refinancing to renovate your home, you can borrow up to 80% of the current value of your home.

Step 2:
Home appraisal

An appraisal and title search may be necessary to ensure there is enough equity to lend you your requested funds. If so, we will let you know and schedule the appraisal.

Step 3:
Finalize your refinanced mortgage

We will replace your existing mortgage with the new refinanced mortgage amount. We will calculate a blended mortgage rate for your new mortgage, using the existing fixed rate on your existing mortgage amount and the current fixed mortgage rate for the new mortgage amount. This means you don’t have to pay a prepayment penalty for the mortgage that is being refinanced.

If you have a Variable Rate Mortgage, there is no blending required.

Step 4:
Sign mortgage documents

We will draft the documents for your signature and review together. You can sign the documents in person at the branch or we can securely email the documents for you to sign electronically.

Step 5:
Start renovations

Your new mortgage is now set up and you can start renovating your home!

Reach us when and where
you need us.

We know your time is precious, so we strive to make your experience quick and seamless.

Same-day response to your mortgage application.
  • Online applications will be reviewed within one business day.
  • Credit decisions are made locally ensuring a quick turnaround time.
Our average call response time is under 1 minute.
  • When you have questions, you can reach us in minutes (not hours).
  • Our contact centre representatives are personable and local.
You don’t need to come into the branch.
  • Book a meeting online to meet with an advisor by video or phone.
  • You can meet with any of our available advisors at the time that suits you best.

Find these tips and more in our helpful blog articles:

Frequently
Asked Questions

How do I qualify for a mortgage?

To qualify for a mortgage, you must have a minimum 5% of the purchase price of the home as a down payment. You also need to satisfy certain lending criteria to ensure you are financially able to make your mortgage payments.

You may also qualify for the First Time Home Buyers Incentive.


The best way to know if you qualify for a mortgage is to apply or to book a meeting with one of our advisors.

What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?

The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.


The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a penalty will apply.  


The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.


Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.

Can I get notified when Cambrian mortgage rates change?

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"

Profile.jpg

3. Under "Alerts" click the arrow beside "Rate Changes"

Mortgage-Rate-Alert.jpg

5. 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.

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"image.png
  3. Under "Alerts" click the arrow beside "Rate Changes"image.png
  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.
How do I calculate how much mortgage I can afford?

With our Mortgage Affordability Calculator, it takes 2 minutes to know how much mortgage you could afford.


The amount of mortgage you can afford depends on household income, monthly personal expenses (debt payments & other) and costs related to the home you want to buy (property taxes, heating and if applicable, condo fees).


The best way to confirm your maximum mortgage amount is to apply to be pre-approved for a mortgage, as we will review and validate your financial situation

What is Bridge Financing

If you are an existing homeowner and are buying or building a new home before the close of the sale of your existing home, you may need Bridge Financing (also known as Interim Financing).


Bridge Financing is a short-term loan ranging from 60 to 180 days that will bridge the gap between buying and taking possession of your new home & receiving the proceeds of the sale of your existing home. To qualify, you must have an unconditional offer on the sale of your existing home, meaning that the offer is not contingent on another event (such as the sale of the buyer’s home).


Book a meeting to discuss Bridge Financing

Do I have to be a member to get a mortgage at Cambrian?

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.

What does it mean to "insure my mortgage"?

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.