Mortgages

Promotional Mortgage Rates

Promotional High Ratio Fixed Mortgage Rates (Rates effective 2020-01-13) Rates
5 Year Fixed Closed - High Ratio Only 1.64%
Promotional High Ratio Fixed Mortgage Rate:
Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.64%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Gross Debt Service (GDS) & Total Debt Service (TDS) at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per Alterna’s Operational Credit Policy: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Maximum amortization of 25 years. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum. Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Alterna may cover mortgage-related fees up to $1,000. Subject to credit approval.
Note: The cost of default insurance is subject to change if the purchase price or appraised value, the amount of down payment or the amortization changes. The final premium and the cost of your mortgage default insurance will be disclosed in your mortgage commitment/loan document.  
Promotional Variable Mortgage (Rates effective 2020-01-13) Rates
5-Year Variable Closed-High Ratio 1.95%
5-Year Variable Closed 2.95%
5-Year Variable Closed - High Ratio Only
Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.95%(Prime – 0.50%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Gross Debt Service (GDS) & Total Debt Service (TDS) at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per Alterna’s Operational Credit Policy: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Maximum amortization of 25 years. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum; Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Alterna may cover mortgage-related fees up to $1,000. Subject to credit approval.
5 Year Variable Closed:
Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Rate guaranteed for a maximum of 60 days. Rate guarantee does not apply to the Alterna prime rate. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 2.95%. Prime Refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime Rate changes. Rates calculated monthly not in advance. Maximum Amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 60 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Some conditions apply.
 
Fixed Rate Mortgages - Closed (Rates effective 2020-01-13) Rates
6-Month Fixed Closed 3.25%
1-Year Fixed Closed 1.79%
2-Year Fixed Closed 1.79%
3-Year Fixed Closed 1.79%
4-Year Fixed Closed 1.84%
5-Year Fixed Closed 1.89%
5-Year Fixed Closed - Cash Back 5.44%
7-Year Fixed Closed 5.55%
10-Year Fixed Closed 5.95%
Fixed Rate Mortgages – Closed
1, 2, 3, 4, 5, 7, 10 Year Fixed Closed: Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate posted. Rates calculated semi-annually not in advance. Maximum amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Some conditions apply. Subject to credit approval.
Fixed Rate Mortgages - Open (Rates effective 2020-01-13) Rates
6-Month Fixed Open 7.25%
1-Year Fixed Open 6.35%
1-Year Fixed Open - Second Mortgage 7.00%
Rates calculated semi-annually not in advance
Open mortgages are open to prepayment.
Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
These interest rates and terms are subject to change without notice. Posted mortgage rates.
Variable Rate Mortgages - Closed (Rates effective 2020-01-13) Rates
3-Year Variable Closed 3.55%
5-Year Variable Closed 2.95%
- Rates calculated monthly not in advance.
- These interest rates and terms are subject to change without notice.Posted mortgage rates.
Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
Variable Rate Mortgage - Open (Rates effective 2020-01-13) Rates
3-Year Variable Open 4.15%
Rates calculated monthly not in advance. Posted mortgage rates.
Rates are subject to change without notice and are for information only. For details please contact us 
Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. Posted mortgage rates.