What is a mortgage?
A mortgage is a type of financial aid that you take out for a home or a vehicle and acknowledge to pay back the loan amount at an interest rate.
Buying your first dream home
Versatile payment options can help you achieve your dreams.
Your next property
Plan for retirement with a mortgage that can adapt to your ever-changing needs.
Refinancing your home
Free up money for renovating your home or other investments.
Kinds of mortgages are available?
Canada Life offers four kinds of mortgages. Each mortgage has unique features designed to help meet the needs of the customer.
How does the policy work?
|Fixed-rate mortgage||Variable-rate mortgage||Lock and roll mortgage||Adjustable-rate mortgage|
|Main features of the mortgage||You can set the interest rate||The term is fixed, and the interest changes||Every six months, interest payments and rates automatically adjust||Every month interest payments and rates automatically adjust|
|Payments are fixed||Payment is the same for the length of the term||You can reduce your monthly payment|
|At any time, the policy can be converted to another term with Canada Life|
|Differences||You are protected from rising the interest rates||Take advantage of the decreasing rates||Every six months, the rate is locked||Every month the rate is adjusted|
|Payments are fixed||A portion of the payment goes towards the principal. As our prime rate changes, interest will change||You get the best of both worlds||Make the most out of our changing interest rates|
|Combines the benefits of a long-term mortgage (Five years) with the benefits of a short-term mortgage rate|
|Payment options||Accelerated weekly||Accelerated weekly||Accelerated weekly||Accelerated weekly|
|Accelerated bi-weekly||Accelerated bi-weekly||Accelerated bi-weekly||Accelerated bi-weekly|
|Mortgage term||Flexible options up to ten years||Five years||Five years||Five years|
|Suitable if||You think over time; the interest rates will increase||You want to take advantage of changing interest rates but want a fixed payment amount for the entire term of the mortgage||You are looking for a long-term mortgage with the capacity to take advantage of short-term rates||You want the lowest mortgage payment option available|
|You like having predictable payments||You’re okay with the possibility of semi-annual payment adjustments over the term||You’re okay with your monthly payments changing over the term|
How much mortgage can you qualify for?
A formula determines your mortgage. Below-mentioned includes these factors:
The annual income of the household
The gross annual income of your household.
Includes property taxes and monthly maintenance fees.
Includes personal loans, car payments, and credit card balances.
Money saved for your initial payment on the cost of your home.
Qualifying interest rates
Along with meeting other criteria, you must also pass the stress test.