Try our Mortgage Comparison Calculator to see how much you can save with Cambrian.
New envelope-less Cambrian ATMs
Our new ATMs no longer require envelopes for cash or cheque deposits. To learn more, click the link below!
New ATMs
Save money & simplify your home renovation by financing locally.
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.
On the date you apply for a Cambrian mortgage, either online or with a Personal Banking Advisor, we automatically lock in our fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.
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.
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.
When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.
For example, on a $350,000 mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $3,370 less interest cost over the 5 year term.
Special Offer Mortgage Rates cannot be combined with any other mortgage offer.
Special Offer Mortgage Rates apply to new purchase, transfer and refinance for residential and cottage mortgages. Excludes rental property and commercial mortgages. Must have net new funding of $200,000 or more. Rates subject to change without notice.
.svg)
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).
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.
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.
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.
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!
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.
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.
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 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.
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).
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.
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.
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.
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.
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.
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.
Your new mortgage is now set up and you can start renovating your home!
We know your time is precious, so we strive to make your experience quick and seamless.
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.
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 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.
Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.
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"
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.
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
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
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.
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.
It takes less than 15 minutes to apply online.
You can also book a meeting online to meet with with an advisor via
