Switch to a Cambrian mortgage

Switch your mortgage to Cambrian and save money.

4.6
Rating from 80+ post-mortgage meeting surveys

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

Save thousands by switching to our low mortgage rate and we pay your transfer fees.

Save thousands with our low mortgage rates.

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

For example, 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 to transfer your mortgage to Cambrian, we automatically lock in our current fixed mortgage rate for you, for up to 4 months. That can save you thousands of dollars.

Get your transfer fees covered by Cambrian.

When you switch your mortgage to Cambrian, we cover the following fees:

Title Insurance Fees
Cambrian will cover the fees for First Canadian Title to protect you in the event of title or land survey issues.  

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. Cambrian currently covers up to up to a maximum of $235 of discharge fees charged by the other financial institution.

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.

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 switching your mortgage.

At Cambrian, we make what you may consider complicated, like switching your mortgage, simple.

We will explain all the steps to switching, complete all the required documents and work with your current lender to get your mortgage transferred over to Cambrian.

“Our Cambrian advisor has done an excellent job in moving our mortgage and setting up a line of credit for us. He has kept us informed of all the steps in the process and been available for any questions we have had.”

Cory

experience getting a Cambrian mortgage and line of credit

5

How does switching your 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:
Property appraisal

If required, we will arrange a property appraisal to confirm the value of your home. Cambrian covers the cost of the appraisal.

Step 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).

Step 5:
Notify your lender

Cambrian will work with your current lender to transfer your mortgage. This process usually takes 7 - 10 business days.

Step 6:
Sign 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 7:
You've switched your mortgage!

We will set up the mortgage in your Cambrian account including automatic mortgage payments, as per the terms in your mortgage document.

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.

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.

Top 5 things to know about switching your mortgage

1. Apply to lock in our low mortgage rate

On the date we receive your mortgage transfer application, we lock in our current fixed mortgage rates for you for up to 4 months. See details.

2. Cambrian covers your transfer fees

When you switch your mortgage to Cambrian, we cover the following fees:

Title Insurance Fees

Cambrian will cover the fees for First Canadian Title to protect you in the event of title or land survey issues.  

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 up to a maximum of $235 of discharge fees charged by the other financial institution.

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.

3. Consider pre-payment penalty fees

If you break your term at your current lender, you will be charged a pre-payment penalty fee. We can calculate if the cost savings in 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.

4. Choosing a mortgage

There are different types of mortgages and each type has a different interest rate and different terms. You will need to choose between a variable closed, variable open or fixed rate mortgage. The right mortgage depends on your circumstances and preferences.

5. Save time

You can complete the mortgage transfer process with us without needing to step foot in a branch. You can apply online, meet with an advisor via video and sign your documents electronically.

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.

How do I calculate how much I can save by switching my mortgage?

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 term is up, you will 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.

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"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.
What are the fees to switch a mortgage?

When you transfer / switch your mortgage to another lender, you will be charged transfer fees.


When you switch your mortgage to Cambrian, we cover the following fees:


Title Insurance Fees

Cambrian will cover the fees for First Canadian Title to protect you in the event of title or land survey issues.


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 up to a maximum of $235 of discharge fees charged by the other financial institution.


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.


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.

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.