Get the right mortgage for your next home

To qualify for a mortgage, you must have a minimum 5% of the purchase price of the home as a down payment. You also need to satisfy certain lending criteria to ensure you are financially able to make your mortgage payments.

You may also qualify for the First Time Home Buyers Incentive.

The best way to know if you qualify for a mortgage is to apply or to book a meeting with one of our advisors.

The Cambrian Variable Closed Mortgage typically has a lower interest rate than the Variable Open Mortgage.

The Cambrian Variable Closed Mortgage has a 5-year term and can be paid out prior to maturity, however a 3-month interest penalty will apply.  

The Cambrian Variable Open Mortgage has no specific term and can be paid out at any time without penalty.

Both the Variable Closed and the Variable Open have a variable rate that can fluctuate up or down throughout the life of the mortgage.

Yes, you can sign up for alerts when interest rates change.

1. Login to Online Banking

2. Select your name in the top right menu and click "Profile & Settings"

3. Under "Alerts" click the arrow beside "Rate Changes"

4. Turn on the alert by selecting the email you want to receive it to then selecting the rate alerts you wish to receive below. You can also turn off alerts by unselecting them.

With our Mortgage Affordability Calculator, it takes 2 minutes to know how much mortgage you could afford.

The amount of mortgage you can afford depends on household income, monthly personal expenses (debt payments & other) and costs related to the home you want to buy (property taxes, heating and if applicable, condo fees).

The best way to confirm your maximum mortgage amount is to apply to be pre-approved for a mortgage, as we will review and validate your financial situation

If you are an existing homeowner and are buying or building a new home before the close of the sale of your existing home, you may need Bridge Financing (also known as Interim Financing).

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Bridge Financing is a short-term loan ranging from 60 to 180 days that will bridge the gap between buying and taking possession of your new home & receiving the proceeds of the sale of your existing home. To qualify, you must have an unconditional offer on the sale of your existing home, meaning that the offer is not contingent on another event (such as the sale of the buyer’s home).

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Book a meeting to discuss Bridge Financing

You do not need to be a member to apply for a mortgage. We will open a Cambrian membership if your mortgage application is approved.

There are two types of mortgage insurance - mortgage default insurance and payment protection.

Mortgage Default Insurance is required if your down payment is less than 20% of the home purchase price. Typically, the insurance premium is added to your mortgage balance. Mortgage Default Insurance is provided by Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty. We will arrange this insurance for your mortgage if required.

Payment Protection covers your mortgage payments in the event you become sick or injured, or pays off your insured mortgage balance if you pass away. Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.