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Get the right mortgage for your next home

Save money & simplify your next mortgage by financing locally.

4.6

Rating from 80+ post-mortgage meeting surveys

Why Cambrian? Our purpose is to save, solve & simplify.

Lock in our Best Rate Guarantee and save thousands with a low mortgage rate.

Save thousands with our Special Offer Mortgage Rates

When it comes to the cost of your mortgage, a lower mortgage rate makes a big difference.

For example, on a $350,000 mortgage, saving 0.20% with our Special Offer 5 Year Fixed Mortgage Rate would equal $3,350 less interest cost over the 5 year term.

Special Offer Mortgage Rates cannot be combined with any other mortgage offer.

Special Offer Mortgage Rates apply to new purchase, transfer and refinance for residential and cottage mortgages. Excludes rental property and commercial mortgages. Must have net new funding of $200,000 or more. Rates subject to change without notice.

3 Year Fixed Special Offer

4.55 %

4 Year Fixed Special Offer

4.30 %

5 Year Fixed Special Offer

4.30 %

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View all mortgages rates

Try our Mortgage Comparison Calculator to see how much you can save with Cambrian.

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Mortgage Comparison Calculator

Lock in your mortgage rate with Cambrian’s Best Rate Guarantee.

On the date you apply for a Cambrian mortgage, either online or with a Personal Banking Advisor, we automatically lock in our 1 – 5 year fixed mortgage rates in effect on that date for you, for up to 4 months from the date of your application.

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Plus, save $234 every year with Unfee.

Moving your daily banking account to Cambrian will save you money every year with Unfee.

Bank for free by setting up a monthly direct deposit in your Cambrian chequing or savings account and we’ll refund your service fees every month. With our Premium Account, you will save $234 every year. No minimum balance required.

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Start banking for free

Get personalized,
honest advice about your mortgage.

At Cambrian, we make what you may consider complicated, like getting your next mortgage, simple.

We evaluate each situation individually and make our honest recommendation based on what we feel is best for your overall financial wellness. We will listen to your needs and clearly explain all your options so that you can make the decision that is best for you.

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Book a meeting

“We were pleased with our advisor’s efficiency, knowledge and ability to answer all of our questions with regards to our mortgage. She was very professional and explained everything clearly. We really appreciate that the appointment was on time and the paper work was ready and organized. Thank you!”

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Heather

experience meeting with Cambrian about a mortgage

01 / 05

How does applying for my next mortgage work?

Step 1:

Apply online

You can apply for a mortgage online at anytime.

You will need the following information (if joint borrowers, you will need the information for both borrowers):

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1. Employment information, including your gross monthly salary (before taxes and deductions)

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2. Information about your assets, such as:

• Properties you own

• Vehicles you own

• RRSPs & investments

• Chequing and savings balances

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3. Information about your debt payments and liabilities, which include:

• Mortgages

• Loans

• Credit cards

• Rent & lease payments

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4. We may also need you to provide us with the following documents:

• Valid photo identification

• Income verification (pay stub, T4, etc.)

• Statements (bank, credit card, etc.)

• Tax return

Step 2:

Book a meeting

We will review your online application within one business day and email you next steps. If we are proceeding with your application, we will ask you to book a meeting online with one of our advisors (you can meet by video, phone or in person).

Step 3:

Get pre-approved

We will provide you with a pre-approval confirmation which outlines your maximum mortgage amount and the maximum purchase price that you can afford. You can now go house hunting with confirmed mortgage financing in place - this makes you a pre-qualified buyer.*

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*When making an offer to purchase, ensure you leave at least one week to finalize the mortgage financing.

Step 4:

Finalize your mortgage

Once your offer to purchase is accepted, let us know immediately.

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If required, we will arrange a property appraisal to confirm the value of the home.

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If you require bridge financing, we will set that up. Bridge Financing is a short-term loan ranging from 60 to 180 days that will bridge the gap between:

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1) buying and taking possession of your new home and

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2) receiving the proceeds of the sale of your existing home.

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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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Step 5:

Sign mortgage documents

We will draft the mortgage documents for your signature and review together via video or in-person.

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If in person, you will sign the mortgage documents in-branch.

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If by video, we will send the mortgage documents to your lawyer. You will sign these when you meet with your lawyer to go over all the home purchase documents.

Step 6:

Move in!

On possession date, you get the keys to your new home! Your mortgage payments will start after your possession date, as per the timing detailed on your mortgage documents.

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Now all you need to do is make this house your new home!

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Start the process by applying online

What are your Payment Protection options?

Payment Protection is optional and covers your mortgage payments in the event you become sick or injured, or pays off your full 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.

Reach us when and where
you need us.

We know your time is precious, so we strive to make your experience quick and seamless.

Same-day response to your mortgage application.

Online applications will be reviewed within one business day.
Credit decisions are made locally ensuring a quick turnaround time.

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Apply online

Our average call response time is under 1 minute.

When you have questions, you can reach us in minutes (not hours).
Our contact centre representatives are personable and local.

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Get in touch with us

You don’t need to come into the branch.

Book a meeting online to meet with an advisor by video or phone.
You can meet with any of our available advisors at the time that suits you best.

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Book a meeting

Top 5 things to know about buying your next home

1. Get pre-approved

Whether you’re looking to upgrade or downsize, it’s important to apply to get pre-approved before you start hunting for your next home so that when you find your perfect home, you are ready to make an offer. This will confirm the maximum mortgage you can afford and will make you a more attractive buyer since your financing has already been pre-approved with a financial institution.

2. Bridge Financing

If you are taking possession of your next home before selling your current home, you may need Bridge financing. This is a temporary loan, with terms ranging from 60 days to 180 days, to bridge the gap between:

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1) buying and taking possession of your new home and

2) receiving the proceeds of the sale of your existing home.

3. Choosing a mortgage

There are different types of mortgages and each type has a different interest rate and different terms. You will need to choose between a variable closed, variable open or fixed rate mortgage. The right mortgage depends on your circumstances and preferences.

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4. Porting your mortgage

If you have an existing mortgage with Cambrian, you can port this mortgage over to your next home. This means we transfer your existing mortgage balance and rate on the new home and add any additional mortgage amount at our current mortgage rate. The two rates combined make up your blended mortgage rate.

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Otherwise, the existing mortgage will need to be paid in full, and you could incur a pre-payment penalty (if before your mortgage maturity date). Porting the existing mortgage would save you from paying a penalty.

5. Save time

You can complete the mortgage process with us without needing to step foot in a branch. You can apply online, meet with an advisor via video and we can send the mortgage documentation to your lawyer for signature.

Frequently
Asked Questions

How do I qualify for a mortgage?

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.

What is the difference between a Variable Open Mortgage and a Variable Closed Mortgage?

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.

Can I get notified when Cambrian mortgage rates change?

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.

How do I calculate how much mortgage I can afford?

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

What is Bridge Financing

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

Do I have to be a member to get a mortgage at Cambrian?

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.

What does it mean to "insure my mortgage"?

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.