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2.09%1 5-year fixed closed mortgage

Cozy up to a great rate

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Choose your mortgage. Love your rate.

If you’re buying a new home, refinancing the one you already have, or switching your mortgage to motusbank, we’ve got you covered.

Our simple, online application takes you through the process, step-by-step. If you need help along the way, our Member Service team is on standby. Just give us a call.

Want to see our other amazing rates? View all rates
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Friends & family mortgages

Tired of renting? Ready to leave the nest (again)?

  • Join forces with family or friends and pool your money, for a larger shared home
  • It’s an innovative and affordable way to become a homeowner
  • Get some of that ‘equity’ that your parents’ generation always talk about
  • Keep your real estate options open
Learn more

Go ahead, crunch the numbers

Find a home in a price range that will suit your budget. Use our mortgage affordability calculator to figure out what size mortgage you can afford based on your income and expenses

What’s the difference between fixed and variable mortgages?

Fixed rate mortgage

If you like predictability when it comes to your finances, a fixed rate mortgage may be just what you need.
With a fixed-rate mortgage, you’re locked in for the duration of your term. If mortgage interest rates go up during the term, you're protected because your rate stays the same.
Variable rate mortgage
This type of mortgage might be right for you if you’re comfortable taking on more risk. The interest you pay fluctuates based on the lender’s prime rate.
If you can take advantage of decreasing interest rates, you can pay down more of your principal than originally planned. But you’ll need to keep a close watch on rising rates, which could have the opposite effect.

Ok, now here’s the difference between open and closed mortgages

Open mortgages

An open mortgage can be paid off in full, any time, without a penalty.  Sounds pretty good, right? But pay attention to the rates. You’ll likely pay a higher rate on an open mortgage than on a closed one.
Closed mortgages

A closed mortgage allows only limited prepayments and includes a penalty if you want to repay more than what’s allowed.

Looking for everything there is to know about the different types of registered charges? Gotcha covered.
Learn about mortgage security
Want to do everything in your power to get that mortgage gone? We’ve got that too.
Pay your mortgage off faster

First-Time Home Buyer Incentive

Good news for first timers! Check out the First-Time Home Buyer Incentive (FTHBI) from the Canadian government. This program helps lower mortgage costs for eligible first-time buyers, making home ownership possible for more people. If you qualify, you could get 5 to 10% of a home’s purchase price as a shared equity mortgage with the government, in addition to your motusbank mortgage. This means lower mortgage payments without a bigger down payment. Sweet.

To get the scoop on eligibility, how to apply, and how repayment works, visit the First-Time Home Buyer Incentive website or contact us.

Pay down up to 20% of the original principal balance, per year, without penalty.  
You can also increase your monthly payment by up to 20% of your original payment plan each year (or a combination of both).

This feature is as simple as it sounds – we let you skip one month’s worth of mortgage payments, once per calendar year, to give you a little breathing room.

Having a mortgage is a long-term commitment. Choose a payment schedule that suits you and fits your budget. Make weekly, bi-weekly, monthly, semi-monthly or accelerated weekly and bi-weekly payments.

Mortgage Protection / Creditor Insurance

Group mortgage protection (GMP) insurance is a monthly premium that can be added to your mortgage payments. Protect your home in case you miss payments due to things such as critical illness, disability and just the overall hardships of life, for as long as you hold your mortgage.

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How to choose between a fixed or 
variable rate mortgage

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