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6 Month Convertible - Fixed Rate Mortgage

Lock into a fixed rate now and convert to a longer closed term mortgage at any time without penalty.

Man and woman happily embracing.
  • Option to convert to a longer closed term at any time without penalty
  • With a fixed interest rate mortgage payments are guaranteed not to change for the entire length of the term
  • Conventional and high-ratio financing available
  • Perfect if selling in the near future or undecided
6 Month Convertible Product Details
  • Purchase
  • Refinance or debt consolidation
  • Purchase Plus Improvements
Property Type Owner-occupied (maximum 2 units)
Term 6 month convertible
Rate Fixed, Refinances are subject to a surcharge in rate, See rate sheet for details
Loan Amount $50,000 to $500,000
Maximum loan size to the value of your home (LTV)
  • 95% for purchase
  • 80% for refinance
Down Payment Gifted or from own resources
  • Minimum 5 years
  • Maximum 25 years
  • Refinances are subject to a maximum 25 year amortization
Payment Options Monthly, semi-monthly, bi-weekly, weekly (accelerated)
20% + 20% Prepayment
  • Lump sum up to 20% of the original principal amount (minimum $100) each year.
  • 20% increase in payment, incremental fixed amount can be added to principal and interest payment each year.
Early Payout
  • Early Payout Premium: Greater of 3 months interest or Interest Rate Differential
  • Reinvestment Fee: $500
  • Can be converted to a longer closed term (greater than 6 months) at any time without penalty
  • Available with Home Mortgage Protection (mortgage life insurance)
  • Portable and assumable upon approval
Subject to change without notice.

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