Benefits of a Convertible Mortgage.
Greater control over your mortgage rate options.
Flexibility to secure a lower rate.
In a declining rate environment, our Convertible Mortgage gives you the option to secure a lower fixed rate anytime during your 12-month term. No fees, no penalties.
No long-term commitment.
Our Convertible Mortgage is a short-term option that provides flexibility to switch to a longer term within 12 months.
No penalty when you convert your mortgage.
You can convert to a longer-term mortgage anytime during the 12 month terms. It’s processed as an early renewal, with no extra cost.
PRODUCT FEATURES
Convertible Mortgage features*.
Our Convertible Mortgage is designed to create flexibility and empower you with greater control over your mortgage rate options.
Loan purpose: Purchase or refinance.
Term: 12-month term.
Mortgage conversion: The new mortgage is processed as an early renewal with no renewal fee.
Timing: Conversions can only be processed on the next payment date.
HOW IT WORKS
Ready to get started?
We work directly with Mortgage Brokers to offer you the right mortgage solution.
01
Find a Mortgage Broker.
If you already have a broker, perfect! If not, use our Find a Broker tool to connect with one in your area.
02
Your broker submits your application.
Your broker will handle the submission of your application for review. A few initial documents will be needed to get things started (like a paystub, job letter, or ID).
03
We review your application.
Our team of underwriters will carefully review your application and work with your mortgage broker to make sure everything is in order. If your application meets our lending guidelines, we will send a commitment letter to your Mortgage Broker, which may include conditions or requests for more information.
04
Final step: closing.
Once all conditions in the commitment letter are met, you’ll be ready to move forward. You’ll meet with your lawyer/notary to sign the final documents and pay your down payment. On closing day, your lawyer will coordinate with our team to release the funds, and you are closed!
Mortgage products
Fixed-rate mortgages
Your rate stays the same, even when life doesn’t.
Your monthly payments stay consistent throughout your mortgage term. → 1-, 2-, 3-, or 5-year terms → Same annual percentage rate throughout Terms apply
Improvements Mortgage
Turn your house into your dream home.
Add up to $100,000 extra to help pay for renovations or improvements. → Fixed-rate mortgage benefits → For purchase or refinance Terms apply
FAQs
Mortgages can feel complicated, but they don’t have to be.
Explore our FAQs and get the confidence you need to make smart, informed decisions.
See all FAQsWHAT’S NEXT
