How to choose a mortgage that works for you

Buying a home is a big, exciting decision. At Canadian Western Bank, we believe that all aspects of buying a home should be simple and straight forward.

Buying a home is a big, exciting decision. At Canadian Western Bank, we believe that all aspects of buying a home should be simple and straight forward. We have designed our mortgages with you in mind for a positive experience during your home buying process. We want you to be as informed and prepared as possible before you take that next step. We will set you up with a knowledgeable Account Manager who will walk you through the process from start to finish.

Here a few things to consider when you’re looking at getting a mortgage:

Start with a budget

You salary will often determine what you can afford. What monthly payments do you already have? Personal loans or lines of credit? Car or credit card payments? We will sit down with you to make sure you are buying within your means, while still finding a home to call your own.

Life circumstances

Buying a home is about so much more than affordability. Take a step back—where do you see yourself in the next five to ten years? How does a mortgage and homeownership fit with your plans and goals? We will take the time to listen to you and understand your situation to ensure you are borrowing in a way that makes sense for your life. After all, your plans and goals are unique to you!

Buying a home is about so much more than affordability.

Fixed or variable?

There are different kinds of mortgages, each with distinctive features. Depending on your stage of life, the structure of your mortgage can have benefits and drawbacks. A fixed rate mortgage offers a simple, peace-of-mind solution. If you’re looking for flexibility, a variable open mortgage may fit better with your lifestyle.

Depending on your stage of life, the structure of your mortgage can have benefits and drawbacks. A fixed rate mortgage offers a simple, peace-of-mind solution. If you’re looking for flexibility, a variable open mortgage may fit better with your lifestyle.

When it comes to mortgages, the best choice is what’s right for you. We’ll help you build a mortgage plan with a term and rate that compliments your life.

How to take years off your mortgage

Our mortgages come with a number of ways to help you become mortgage-free faster. Our prepayment privileges will save you money and see to it that your final payment comes sooner than expected. Options include an annual 20 per cent lump sum payment, increasing your regular payments or switching to bi-weekly or even weekly payments. In any case, the extra money goes directly against the principal—meaning you pay less interest and your mortgage will be paid off that much quicker. Learn more about how we can help you save money on your mortgage here.

Buying a home is a big decision—and we want to help. We’ll work alongside you to make sure you find a mortgage that’s right for you and your family.