Types of Mortgages


CLOSED FIXED RATE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS**:

Get the advantage of predictable payments and always know what your payments will be
  • 6 Months
  • 1 - 5 Years
  • 7 Years
  • 10 Years 
Learn more about 10-Year Fixed Term Mortgage Rate
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Pay up to 20% of the original principal amount per calendar year
  • Increase your payment up to 100%
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OPEN FIXED RATE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

An open mortgage gives you the choice to pay your mortgage off whenever you like, without penalty
  • 6 Months
  • 1 Year
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Mortgage can be paid off at any time without penalty
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CLOSED VARIABLE RATE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

With a variable rate mortgage your interest rate fluctuates with the Prime rate. A variable rate mortgage is ideal when interest rates are dropping. If interest rates go up so will your costs of borrowing.
  • 3 Year
  • 5 Year
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Pay up to 20% of the original principal amount per calendar year
  • Increase your payment up to 100%
VIEW RATES

OPEN VARIABLE RATE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

With a variable rate mortgage your interest rate fluctuates with the Prime rate. A variable rate mortgage is ideal when interest rates are dropping. If interest rates go up so will your costs of borrowing.
  • 3 Year
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Mortgage can be paid off at any time without penalty
VIEW RATES

CASH BACK MORTGAGE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

When you take out a Cash Back Mortgage, you're given a fixed rate that won't change for the entire length of the mortgage term, and the option of taking an amount of up to 5% of the principal back in cash.**

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  • 6 Months
  • 1 - 5 Years
  • 7 Years
  • 10 Years
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • Pay up to 20% of the original mortgage principal amount per calendar year
  • Increase your payment by up to 100%
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MULTI-OWNERSHIP MORTGAGE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

Homebuying is intimidating enough, so why go in alone? Have you ever considered buying a home with your parents? Here at Alterna, we aim to give you as many options as possible. 

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  • 6 Months
  • 1 - 5 Years
  • 7 Years
  • 10 Years
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • As per mortgage type chosen
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MULTI-OPTION MORTGAGE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

The Alterna Multi-Option Mortgage offers the combination of a mortgage with other financing options at attractive rates, all within one account.

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  • Various
  • Weekly
  • Bi-Weekly
  • Monthly
  • As per mortgage type chosen
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FLEXI-MORTGAGE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

The Flexi-Mortgage acts like a mortgage "ladder" where renewal dates are staggered. You get it all – the security of a closed mortgage, and the flexibility of an open one.

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  • Mixed - up to 6 terms
  • As per mortgage type(s) chosen
  • As per mortgage type(s) chosen
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INVESTMENT (OR NON-OWNER OCCUPIED) MORTGAGE TERMS: PAYMENT FREQUENCY: PRE-PAYMENT OPTIONS:

Buying a property to rent out can be a great investment. Not only could it appreciate in value over the years, but it can give you a steady monthly income in the meantime.
  • Variable Closed, 3 and 5 Year
  • Variable Open,
    3 Years
  • Fixed Closed,
    6 months, 1 - 5*** Year, 7 and 10 Year
  • Fixed Open,
    6 Months and 1 Year
  • Weekly
  • Bi-Weekly
  • Monthly
  • Semi-Monthly
  • As per mortgage type(s) chosen
VIEW RATES
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*For variable rate mortgages, the rate guarantee applies to the variance to Prime.

**Conditions apply. Contact us for complete details.

***Promotional rates are not available on 5-year Investment Mortgage terms.