Your home isnt just your haven its central to your financial wellbeing
It’s why we’re offering you a special mortgage rate on a 5 year fixed mortgage.
Terms and Conditions
To qualify for the Special Rate Offer:
- Apply and be approved for a low ratio CWB Mortgage, or a transfer of mortgage from another financial institution, provided the original loan terms (outstanding balance or amortization length) remain unchanged, a renewal of a mortgage, a refinance, a HOMEWORKS® Product, an Ultimate Banking Package or an existing CWB Financial client (with a minimum of one product) provided that you meet the following criteria:
- All borrowers must have a minimum credit score of 600;
- Gross Debt Service Ratio must be less than 39%; and
- Total Debt Service Ratio cannot be higher than 44% based on the higher of the Bank of Canada qualifying rate or the customers' contract interest rate plus 2.00%.
- The CWB mortgage must be on a one - five year fixed closed term.
- The amortization period on your new CWB mortgage must be 25 years or less.
- To be eligible, your mortgage application must be submitted during the Offer Period and result in a written mortgage approval, containing an interest rate commitment dated during the Offer Period. The new CWB mortgage must funded within 120 days from the start date of the interest rate commitment.
- Approval of your new CWB mortgage is subject to standard lending criteria for residential mortgages, including income and employment verification.
- Maximum property value for the underlying property cannot exceed $1,000,000.
- Property must be your primary residence; owner-occupied residential properties must have only one to four units.
- Loan to value initiative of 1 – 2 units is up to 95% and 3-4 units up to 90%.
- Loan security is on the first mortgage.
- The Promotional Rate Offer may be amended, extended, or cancelled at the sole discretion of CWB at any time, without prior notice.
- CWB reserves the right to refuse or terminate your participation in the Promotional Rate Offer if CWB suspects or discovers that incomplete or incorrect information has been provided to CWB in the mortgage application.
- Interest rate compounded half-yearly, not in advance. Interest rates are subject to change without notice at any time.
*Posted rates available at branches only. All rates are per annum and are subject to change without notice.
- Interest rate compounded semi-annually, not in advance. Interest rate may be changed, extended or withdrawn at any time without notice. Special rates are discounted rates and are not the posted rates of CWB. Residential mortgages offered by CWB are subject to its standard lending qualification criteria. The annual percentage rate (APR) is based on a $ 300,000 mortgage for the applicable term assuming a processing fee of $xxx (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same. Applies to residential real estate only, subject to meeting CWB credit granting criteria.
- This special rate is only available for CWB clients who meet the following criteria: 1. The borrower must have CWB's Ultimate Banking Package and $100,000 in investible assets on deposit with the CWB Financial Group; 2. The borrower must have CWB's Ultimate Banking Package and $1 million in combined business loans and deposits with CWB; 3. The borrower has a HOMEWORKS® mortgage; 4. The borrower is an existing CWB customer with a minimum of one product.