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Homebuying

Overview

Alterna solutions to meet your needs.

 

Mortgage guidance for every stage of homeownership

Whether you're buying your first home, renewing your mortgage, switching lenders, or accessing your home's equity, we're here to help you understand your options and move forward with confidence. Our Mortgage Specialists take the time to answer your questions and help you find a path that fits your goals.

Our current mortgage rates

Smart Start 3-Year Fixed Closed - High Ratio

interest rate

4.59 % *
4.65 % APR

Signature 3-Year
Variable Closed 

interest rate

4.50 % *
4.56 % APR

Signature 5-Year
Variable Closed

interest rate

4.40 % *
4.44 % APR

*rates subject to change

See All Rates

 

Your Goals

Buy a home

Wondering how much home you can afford or what you'll need for a down payment? We'll help you understand the homebuying process and mortgage options available to you.

Learn More

Refinance Your Mortgage

Looking to renovate, consolidate debt, or fund another major purchase or activity? Learn how refinancing may help you access the equity you’ve built in your home.

Learn More

Switch Lenders

Thinking about switching lenders? Learn how a mortgage transfer works and how making a move to Alterna could help support your financial goals.

Learn More

Renew Your Mortgage

Mortgage renewal is more than a signature. Is it time to think about your mortgage renewal? This is your opportunity to review your options, revisit your goals, and make sure your mortgage still fits your life today.

Learn More

 

What’s the Right Mortgage for You?

One of the most common questions homebuyers ask is whether a fixed or variable mortgage is the better choice. The answer depends on your goals, your budget, and your comfort with changing interest rates.

Fixed

Prefer consistency? A fixed-rate mortgage offers predictable payments and an interest rate that stays the same throughout your term.


Benefits

    • Payments will not change

    • Easy to budget with set payments

    • Protects you against rising interest rates
View Rates

Variable

Looking for flexibility? A variable-rate mortgage changes with market conditions and suits those comfortable with interest rate fluctuations.


Benefits

    • The potential to pay off the mortgage faster if the prime rate falls

    • Historically, proven to be less expensive over time

    • Can be converted to a fixed rate mortgage at any time
View Rates

 

Let’s talk about your goals

 

Whether you're buying your first home, preparing for renewal, switching lenders, or refinancing, our Mortgage Specialists are here to answer your questions and help you understand your options.

Book an AppointmentGet Advice

Access the equity in your home

Turn your hard-earned home equity into tax-free cash with no ongoing payments.

Learn More

Tools and Resources


Free tools and resources to plan your purchase, manage your payments and see how much you could save.

Homebuying
Blog Articles

Stay informed with practical mortgage advice, market updates, and financing tips designed to help you reach your homeownership goals.

Read Articles

Mortgage Affordability Calculator

Get an instant estimate of your maximum purchase price and monthly payment range, just enter your household income, down payment and estimated monthly expenses.

Show Me What I Can Afford

Mortgage Pre-Payment Calculator

Use this calculator to see how making extra mortgage payments can help you save on interest and pay off your mortgage sooner.

Calculate My Payment

Learn more about Alterna Savings mortgages & fees

How much home can I afford?

Buying a home starts with understanding what fits comfortably within your budget. The amount you may be able to afford depends on factors such as your income, existing financial commitments, interest rates and down payment.

A mortgage affordability calculator can help you explore different scenarios and understand what may be possible before speaking with a Mortgage Specialist.

 

How much do I need for a down payment?

A conventional mortgage requires a down payment of at least 20% of the purchase price. If you make a down payment of less than 20%, you will need to get mortgage default insurance, through a provider such as the Canada Mortgage and Housing Corporation (CMHC) or SagenTM. In some cases, mortgage default insurance may be required even with a 20% down payment.

What’s the difference between a fixed and variable mortgage?

A fixed-rate mortgage keeps the same interest rate throughout your term, providing predictable payments that can make budgeting easier. A variable-rate mortgage changes with market conditions and may appeal to homeowners who are comfortable with interest rate fluctuations.

How much do I need for a down payment?

A conventional mortgage requires a down payment of at least 20% of the purchase price. If you make a down payment of less than 20%, you will need to get mortgage default insurance, through a provider such as the Canada Mortgage and Housing Corporation (CMHC) or SagenTM. In some cases, mortgage default insurance may be required even with a 20% down payment.

What’s the difference between a fixed and variable mortgage?

A fixed-rate mortgage keeps the same interest rate throughout your term, providing predictable payments that can make budgeting easier. A variable-rate mortgage changes with market conditions and may appeal to homeowners who are comfortable with interest rate fluctuations.


*Subject to meeting Alterna Savings’ pre-approval criteria (i.e. satisfactory credit score, proof and validation of income, etc.), Alterna Savings guarantees your pre-approved fixed, or variable, interest rate for up to 120 days from the mortgage rate guarantee start date. If the mortgage is not funded within the 120-day period, the interest rate guarantee expires. Applicable to residential mortgages only and subject to Alterna Savings lending criteria for residential properties.

†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage 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.

Your financial well-being comes first

Welcome to a better way to bank. Our knowledgeable team puts your financial well-being first with good, caring and transparent advice while offering all the products and services you need.
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