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​Homebuying *

Good is homebuying made affordable.

* Not available to the residents of Quebec. Please contact us for more details. 

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Get started with our great rates, great service, and online process.  Get your preapproval in minutes.

​Easy in action.

​Watch our quick video to see how we have made the mortgage process easier than its ever been.

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Our Mortgages

All our online mortgages come with flexible prepayment privileges. Pay up to 20% of your original mortgage balance per year.

Closing costs are covered up to $800.










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Features

Closing Costs Covered
Mortgage Free Sooner
The Basics
Mortgage Insurance
Calculators

​Closing costs covered up to $800!

How about that? A little extra money in your pocket must feel good. It's common to overlook closing costs toward the end of the buying process and most people find themselves strapped for cash as a result. 

To help you out, we'll give you up to $800 to cover legal fees and appraisals. That should make up for those nearly endless coffee runs. Here's to your new home. Cheers. 

Mortgage-Free in 4 easy steps.​

1. Instead of montly payments, consider semi-monthly, biweekly, or weekly. It's easy and because you're making payments a bit sooner each month, it adds up to big savings over the years.

2.  Shorten your amortization period: the number of years needed to pay off your mortgage. The less time it takes, the less you pay in interest.

3.  Increase your regular payments by as much as double the current amount if you can afford to. 

4.  Each calendar year you can make an additional payment of up to 20% of your original mortgage balance, which is a fast route to mortgage freedom. 

These options are available for all mortgages. Each calendar year the sum of options 3 and 4 cannot exceed 20% of the original mortgage principal. Prepayment penalities may apply for principal payments over the stated annual limit. 

​To learn more about paying off your mortgage faster, visit the Financial Consumer Agency of Canada's website at: http://www.fcac-acfc.gc.ca

Mortgage Basics

Q: What exactly is a mortgage?

A: A mortgage is a loan used to buy real estate. In your case, a home. Phrases you hear about a mortgage include Amortization and Term, Fixed or Variable Rates, Equity and Principal. More about these below.

Q: Do I need a down payment?

A: Yes, you do. A down payment of over 20% of the home cost is called a conventional mortgage. A down payment of less than 20% is called a high-ratio mortgage and will require mortgage default insurance.

Q: How do I save that kind of money?

A: If this is your first home, there’s the federal government’s Home Buyer’s Plan. It lets you withdraw up to $35,000 from your RRSP without a penalty - ask us for details. We also have great rates and products to make the most of your savings before your buy.

Q: How much will it cost every month?

A: That will depend. But as a general rule of thumb, you should budget no more than 35% of your monthly income toward paying for your home. That’s everything including your mortgage payment.

Q: What’s the difference between amortization and term?

A: Amortization is the number of years it takes to pay down a mortgage to zero. A typical amortization period is 25 years. Term is the length of time your mortgage agreement is in effect. A mortgage with a five year term will need to be renegotiated or paid in full after five years.

Q: What’s better, a fixed rate or a variable rate?

A: There’s no set answer. It depends on your situation. A fixed rate stays the same for the term. A variable rate changes with the prime interest rate. Some people like the stability of budgeting with a fixed rate. Variable rates can be lower than fixed rates, but they come with a bit of uncertainty.

Q: Can you explain equity and principal?

A: Equity is what you own in the house. It’s the difference between what you owe and how much the house is worth. Principal is the amount of money you owe on the mortgage. Principal and interest make up your monthly payment.

Q: How much money should I have for closing?

A: Here’s what you should be thinking about. You’ll need a lawyer. There’s land transfer taxes and home insurance to remember. If you have a high-ratio mortgage, you’ll have to pay mortgage default insurance. And don’t forget to put some money aside for a moving van and pizza. Visit CMHC.ca for some helpful calculators to determine closing costs.


Mortgage Insurance

Life is too short to worry. Learn about how this comprehensive coverage can give you peace of mind over life’s twists and turns. Alterna provides mortgage protection in case of the diagnosis of a critical illness, total disability, involuntary loss of employment and loss of life. 

Fair warning, what you’re about to read was written by a lawyer. But all you need to know is, we’ve got you covered.

Critical Illness

Critical illness insurance covers you in the event of falling victim to a life threatening illness.The insurable balance at date of diagnosis of a critical illness plus accrued interest plus settlement interest and any mortgage pre-payment penalty will be paid for cancer, stroke or heart attack*. Maximum coverage is $1,000,000 and coverage ceases at age 75.

Disability

In the event of a disability, the insured Alterna mortgage’s monthly mortgage payments will be paid up to a maximum of $3,000 per month for 24 months (per claim) up to age 75.

Involuntary Loss of Employment

If you lose your job, your insured monthly mortgage payments will be paid up to a maximum of $3,000 per month for nine months (per claim) up to age 75.

Life

In the event of death the insured Alterna mortgage balance plus accrued interest plus settlement interest up to age 75 will be paid to a maximum of $1,000,000 plus any mortgage pre-payment penalty.

When you apply for a mortgage, we will call you to discuss your mortgage insurance needs.

*See policy for full coverage details, including restrictions.

The Mortgage Affordability Calculator helps you to determine how much you can borrow. The Mortgage Payment Calculator estimates the amount of a mortgage payment and generates an amortization schedule for payments. The Mortgage Comparison Calculator establishes which mortgage product is right for you.

    Mortgage Calculator Legal 

These calculators are made available to you as tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy. All examples are hypothetical and are for illustrative purposes only. Please visit your branch to seek personalized advice from qualified professionals for all personal finance issues.

These calculators are intended for Personal accounts. For Non-Personal accounts (Commercial, Business and Community), please consult with your Alterna Account Manager.

     ​Legal

All Mortgages: 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. 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.

Rates available for online mortgages only.

Variable Mortgages: Prime refers to the Alterna Prime Rate. Alterna Prime Rate is currently 3.45% as of January 19, 2018. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated monthly not in advance. 

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