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Frequently
Asked Questions

I have insurance on my mortgage. How do I make an insurance claim?
I have insurance on my loan. How do I make an insurance claim?
I’ve just received a text/phone call/email from someone claiming to be from Cambrian. How can I tell if it’s real?
What do I do if my Cambrian Credit Union Mastercard® is lost or stolen?
How do I place a hold on my account if my Cambrian debit card is lost or stolen?
How do I set up Two-Factor Authentication on my Cambrian account?
Can you open a banking account online?
What is the contribution limit for TFSA’s?
Experiencing issues logging into the Cambrian Mobile App or Online Banking?
What are the new login credentials?
What if I don’t use Cambrian Online Banking or Mobile App?
How were members notified about the change to the joint account login?
Why is Cambrian changing how I log into my joint account?
Can I use the same Password for all or some of my joint accounts?
Can I use the same User ID for all or some of my joint accounts?
Why am I not changing the login on all my Cambrian accounts?
How do I set up new login credentials for a minor child?
What happens if a joint account holder doesn’t log in before the deadline date?
Does everyone on my joint account need to set up their new login at the same time?
Why do I need to enter my Social Insurance Number or ATM/ Debit Card number to change my login?
What information will I need to change my joint account login?
How do I cancel a bill payment?
How do I get a bank draft?
When are GIC Rate Climbers redeemable?
How do I receive an Interac e-Transfer?
Will my Cambrian Credit Union debit card work at an International ATM?
How do I view, edit or cancel a pending transfer?
How do I order cheques?
How do I make a mortgage payment?
When will my payment come out?
How do I view bill payments?
How do I update the contact information of an Interac e-Transfer recipient?
Interac e-Transfer Security
Interac e-Transfer® History
Redeposit Interac e-Transfer®
Pending Interac e-Transfer®
Auto Reclaim Interac e-Transfer® (Expired or Declined)
Autodeposit Interac e-Transfer®
Cancel Interac e-Transfer®
Resend Interac e-Transfer®
Request Interac e-Transfer®
Receive Interac e-Transfer®
Send Interac e-Transfer®
Manage Interac e-Transfer® Recipients
Create Interac e-Transfer® Sender Profile
Do you finance cottages on government or leased land?
Can I use the Home Buyers Plan for the down payment to buy a cottage?
How much do I need as a down payment for a rental property?
Can I take money out of my RRSP to fund the down payment for my rental property?
Does my project have to be based in Manitoba for a Commercial Mortgage?
What industries do you work in?
What sort of commercial projects have you financed?
Do you offer Business Loans in USD?
What are your business lending term lengths?
Do I qualify for a Business Loan or Line of Credit?
Should I get a Business Loan or a Line of Credit?
Do I need a minimum amount to invest in a mutual fund?
How do I purchase a GIC online?
How do I switch my dashboard from grid to list view?
How do I customize my account names?
How do I add, modify or delete a bill payee?
Why do you need a credit report to open an account?
What is a deposit guarantee?
What is the difference between a debit card and a credit card?
Do you offer credit cards?
How do I download your mobile banking app?
What is Unfee?
How long will it take for my loan or mortgage application to be approved?
How does the PayOff Loan work?
How do I switch / transfer my mortgage?
Can I renew my mortgage online?
How do I know if an e-Transfer was sent?
How do I find the interest rate on my account?
What is the difference between a fixed rate and variable rate mortgage?
What is the difference between an open and closed mortgage?
Can I increase my mortgage amount?
What is the penalty to pay off my mortgage early?
I am behind on my mortgage payments. How can I make a payment now?
How do I qualify for a mortgage?
What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?
Can I pay another financial institution from my Cambrian account?
How do I sign up for Online Statements & Documents?
What are your service fees?
Can you open a banking account online?
What is the difference between an account number and a member number?
Should I open a Savings account or a Chequing account?
What is the difference between Qtrade Direct Investing™ and Qtrade Guided Portfolios™?
Is there a minimum amount I need to invest in a Qtrade account?
How do I know if a GIC or Market Based Investment (i.e.: mutual fund; stock; ETF; bond) is most suitable for me?
How do I choose which investments are right for me?
What is the best way to invest?
Do I have to be a Cambrian member to invest with a Financial Advisor or the Wealth Solutions Team?
What is a co-signer?
How can I calculate how much I can save with a consolidation loan?
Do you have to be a Cambrian member to get a loan through Cambrian?
How do I calculate how much I can save by switching my mortgage?
Can I change my term length when I renew my mortgage?
Can I get notified when Cambrian mortgage rates change?
How do I calculate how much mortgage I can afford?
Is there a fee to deposit a cheque using the Mobile App?
Why did I get a login error on the Mobile App?
Can I set up alert for ATM transactions?
Can I set up alerts on my account?
How do I sign up for the Cambrian Mobile App?
Why did my cheque clear for a different amount?
How do I dispute a credit card transaction?
Why am I being prompted to update my Cambrian Online Banking password?
What devices can be used to make a deposit using the Mobile App?
How do I download transactions for an accounting software?
Why didn't my automatic payment go through?
What does a "bad PIN" error message mean?
How can I change the payment dates on my mortgage?
How much have I paid in mortgage interest?
Can my loan be paid off by someone else?
What is your Best Rate Guarantee?
What happens if I deposit a NSF (Non-sufficient funds) cheque?
How do I advise the credit union that I will be traveling?
How do I check my balance in the Mobile App?
How do I cancel my mortgage insurance?
What happens when I pay off my mortgage in full?
The ATM did not give me my money. What do I do?
What is an NSF (Non-sufficient funds)?
What is the cutoff for making a cheque deposit through the Mobile App?
How much can I borrow if I refinance my mortgage?
How do I add or change a beneficiary on my account?
How do I log out of Cambrian Online Banking?
What is the mortgage maturity date?
What is my mortgage term?
Do you offer mortgages for cottages outside of Manitoba?
Can I renew my GIC online?
Can I schedule government payments?
Is there a minimum amount for a GIC, TFSA or RRSP?
I entered the wrong PIN and my ATM / Debit card is locked out. What do I do?
How do I make a payment to my Cambrian US Dollar Mastercard®?
What is Bridge Financing
Can I deposit coins?
Can I withdraw my GIC before the maturity date?
Can I skip a loan payment?
What is collateral and do I need it to get a loan?
How do I activate my new ATM / Debit Card?
Are there fees to use Cambrian Online Banking?
What happens if I am late on a loan payment?
What is my loan payoff amount?
What is the difference between account balance and available balance?
When will you send my tax forms?
How do I set up automatic bill payments?
How can I verify that my online transaction went through?
What does it mean to be pre-approved for a mortgage?
How do I login to Cambrian Online Banking?
How do I change the PIN on my ATM /Debit Card?
Can I skip a mortgage payment?
What are the fees to switch a mortgage?
If someone transfers money into my account, can they see my account balance?
Do I have to be a member to get a mortgage at Cambrian?
Is depositing a cheque using the Mobile App secure?
Can I prepay my mortgage?
How do I sign up for Cambrian Online Banking?
How long should I keep the paper copy of a cheque that I deposited with the Mobile App?
How do I add another person on my account?
What do I do if my Cambrian Credit Union Mastercard® is lost or stolen?
Is Online Banking available for business accounts?
Can I renew my mortgage early (before it matures)?
How do I make a member to member transfer?
Can I use my ATM / Debit card when I travel?
How can I view, edit or cancel a scheduled bill payment?
Why am I being charged service fees when I have a direct deposit?
Why are my ATM or Debit transactions being denied?
How do I transfer to my Variable RRSP or Variable TFSA account?
What happens to my TFSA / RRSP when I die?
What are mortgage discharge fees?
What's the difference between a Debit card and an ATM card?
Can I add an account to my membership online?
How do I see an image of cashed / cleared cheques?
Can I print my statements?
How do I make a stop payment?
Can you give me a copy of my credit report?
Can anyone open an account at Cambrian Credit Union?
Do you offer Apple Pay / Google Pay / Samsung Pay?
Is there a hold on cheques deposited using the Mobile App?
How many Cambrian accounts can I open?
How do I set up Two-Factor Authentication (2FA)?
How do I buy foreign currency?
How do I pay CRA?
How do I order a new ATM / Debit Card?
Where do I find my online statements?
How do I set up "Remember me"?
Why can't I login to Cambrian Online Banking?
Can I cancel an Interac e-Transfer?
Where can I see my credit card reward points?
How does my credit score impact my ability to get a loan?
Is an International Bank Account Number (IBAN) required for international transfers?
How do I transfer to/from another financial institution?
How do I increase my credit card limit?
How do I deposit a cheque with the Mobile App?
What are the limits for depositing cheques using the Mobile App?
Can I access tax forms online?
How do I make my credit card payments?
How do I change my name, address, email, phone number or other contact information?
How do I transfer money between accounts?
How do I enable Touch ID or Face ID to login to the Mobile App?
What does it mean to "insure my mortgage"?
How do I change my online banking password?
How do I check my balance without logging in to the Mobile App?
How do I apply for a credit card online?
How do I send a Secure Message?
When will my online bill payment be paid/processed?
How do I know if an Interac e-Transfer was sent?
How do I replace my ATM/Debit card?
How do I cancel my lost or stolen ATM/Debit Card?
What is my account / member number?
How do I set up Autodeposit for Interac e-Transfer?
How do I send an Interac e-Transfer?
How can I increase my INTERAC e-Transfer / Debit / ATM limit?
How do I get a void cheque?
How do I set up a direct deposit in my account?
How do I pay a bill?
What is your transit / routing number?
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Top Questions
Account Set Up & Updates
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Account Transactions
Pay Bills
Cheques/Deposits
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Statements
Transfers
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GICs
Loans
Mortgages
What is my transit / routing number?
What is my transit / routing number?
What is my transit / routing number?
What is my transit / routing number?
Back to all FAQs

What is the difference between an open and closed mortgage?

Online Banking
Mobile App
Other

An open mortgage means you can pay off the mortgage or transfer it to another financial institution at any time, penalty-free.

Typically, open mortgages have a variable interest rate, meaning the rate can go up or down as market rates change.


A closed mortgage means you are locked into a fixed term. Terms range from 6 months to 5 years.

If you pay off your mortgage or transfer it to another financial institution before the end of the term, you will pay a pre-payment penalty.

Closed mortgages can have a fixed rate or a variable rate.


Contact us to review which mortgage option is better for you.

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