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Convertible Mortgages

Ready for Any Scenario

Members who are uncertain about the longer-term interest rate environment can choose a Convertible Mortgage.  Take advantage of today’s low interest rates by starting out with a 6 Month Closed Fixed Rate Mortgage that can be converted, any time during the term, into a Fixed Rate Mortgage with a new term , greater than the remaining term of the original mortgage, without penalty.

You Also Get These Other Great Features

► High-Ratio Mortgage Option

For Members with less than 20% available as a down payment, the Cash Back Mortgage is also available as a high-ratio loan.  An insurance premium is added to the loan amount and financed over the term of the mortgage.  Insurance can be provided either by Canada Mortgage and Housing Corporation, an agency of the federal government, or Genworth Financial Canada, a private insurer.

► 90-Day Rate Guarantee

FirstOntario lets you shop for the right home with confidence, knowing your pre-approval guarantees your interest rate for 90 days from your application.  If rates increase during that period, you’re protected; if they fall, you get the full advantage of the lower rate.

► Payment Flexibility

Select a weekly, bi-weekly or monthly payment option. To retire your mortgage earlier and save thousands of dollars in interest over the life of the loan, choose an accelerated payment option.

► Prepayment Options

You can benefit from generous prepayment privileges up to 20% (15% on a 7 Year mortgage) of the original principal amount annually by either topping up regular payments and or a lump sum deposit.

► Skip-a-Payment

If unforeseen financial circumstances pinch your cash flow, you can skip a mortgage payment once a year (not applicable on High-Ratio mortgages).

► Mortgage Protection Insurance

Life, disability, critical illness insurance and loss of employment are available to make sure you and your family are protected in the event of illness or death.

Let’s chat about your home-buying plans. Call us at 1 800 616 8878 or visit your local branch to book your Service Chat today.


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Fixed Mortgage Rates

1 year closed3.79%
4 year closed3.79%
5 year closed3.89%