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Split Rate Mortgage

Split Rate Mortgage

The best of both worlds: savings and security.

  • Security of a fixed rate with the potential cost savings of a variable rate
  • Choose the balance between fixed and variable rate that's right for you
  • Pay-down option at time of mortgage anniversary
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Tempted by the potential cost savings of a variable rate mortgage, but not completely confident interest rates will stay low over the term of your mortgage? A Split Rate Mortgage may be for you.

Our Split Rate Mortgage combines the security of a fixed rate mortgage with the potential cost savings of a variable rate mortgage. Your mortgage is split so that part is based on a variable rate tied to Prime, part on a fixed rate. The mix is completely flexible; 50/50, 30/70… you decide, based on your comfort level and tolerance for risk.

Split Rate Mortgage Details
Term 6 months to 10 years
Payments
  • Choose weekly, bi-weekly, semi-monthly or monthly payment frequency to suit your cash flow
  • Up to 15% of the original principal can be paid down each year on the mortgage anniversary date
  • Scheduled payments can be increased, on an on-going basis, by up to 15% once each calendar year
Rate
  • You choose the ratio of variable to fixed portions of the mortgage
  • While a portion of the mortgage rate is variable, your payments are fixed — what changes is the amount that goes to reduce your mortgage principal
  • Convert entirely to a fixed rate mortgage at any time
Amortization Up to 25 years (standard); longer amortizations available - talk to your advisor
Financing Up to 80% of the value of your property; up to 95% if insured by a third party such as CMHC

Rates

Split Rate Mortgage (Rates effective 2009-10-01) Rates
Split Rate Mortgage Rate based on the fixed and variable rate for the term selected.

Apply now or get pre-approved for a mortgage. It couldn't be easier.

† Rates are subject to change without notice at any time. For more information visit your nearest branch or call us at 604.982.8000 or toll-free 1.888.713.6728.

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