Our Mortgages
Penalty calculations:
Three months interest or the difference in interest rates to the balance of the loan term, whichever is greater.
Penalty calculations:
Subject to a 90 day penalty (using nominal rate), not IRD (interest rate differential).
Calculating the Rate Differential:
IRD is based on the posted rate minus your discount.
Variable Rate Fixed Mortgage Payments:
The payment includes a payment towards both principal and interest.
The amount of each regular payment is fixed, but the portions allocated to pay interest and principal may vary as the Annual Interest Rate changes.
Based on the Principal Amount of the Loan, if the Annual Interest Rate exceeds a rate that the regular payment will no longer cover the interest that would accrue between payments, we may, on notice to the member, increase the amount of their regular payment.
- A home equity line of credit lets you borrow against the equity built in a home
- Customers can draw against the HELOC up to the limit rather than receive the entire loan amount as a lump sum
- The loan is open, funds can be repaid without penalty and re-borrowed up to the authorized limit
- Required payments are interest only
- Maximum portion not to exceed 65% loan to value, all sliding scales must be applied
- For a secured HELOC, the payment is calculated based on the outstanding balance amortized over 25 years. Use the greater of the contract rates +2% OR the 5 year Bank of Canada Benchmark Rate
A Multi-Purpose Mortgage can do much more than just pay for a home:
- You can split a mortgage into sections, each with its own term length and interest rate. HELOC's also available as a section
- You can even borrow up to 80% of a home’s equity. HELOC portion max 65% of the 80% LTV
- Flexible pre-payment options: Up to 20% anytime of the year and up to double payments on regular payment dates
Porting your mortgage allows you to transfer your existing mortgage to a new property and remain with Coast Capital Savings. As long as you meet certain requirements, you can keep your existing interest rate and term without payment a prepayment penalty. For adding new funds this can either be done as adding a new segment, or by way of a blend and extend.
The borrower will have up to 3 months from pay out date, to port the mortgage and the penalty will be refunded after the new mortgage funds.
- IRD is based on the posted rate minus your discount
- Discount can be found on the annual mortgage statement
- Up to 20% anytime of the year and up to double payments on regular payment dates
- Click here to learn more about Trigger Rates at Coast Capital.