Fixed and Variable


  • A mortgage is a loan to buy a home. Like any loan, interest is charged on the amount you borrow (the principal). Each mortgage payment consists of repayment of the principal plus interest.


  • Our CFF Centres have exclusive access to our most competitive rates in the industry so that when it comes to financing the home that you love, we have you covered.


  • Purchases
  • Refinances
  • Switches or Transfers


Mortgages Features

Mortgages More Info


  • Fixed Rate 1-5 year term
    A fixed mortgage guarantees one low rate for the entire term of your mortgage.  1 to 5 year terms available


  • 5 year ARM
    A 5 year term that offers clients a mortgage tied to the Bank of Canada Prime Rate.  Clients have the option to lock in their mortgage to a fixed rate product at any time during the 5 year term.


This product list is a quick reference tool which can assist you in understanding our product offerings and the options available to you through your CFF Centre mortgage broker

Apply for a mortgage through your CFF Centre mortgage broker today.

Mortgage insurance, property and borrower approval and qualifications are subject to mortgage lenders approval.

Current Product offerings subject to availability at our mortgage lenders discretion. Interest rates are subject to change without notice.

Mortgages Glossary

The information within this Glossary is informational only and may not reflect CFF Bank’s current lending guidelines.


Adjustable Rate Mortgage
A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage or a Variable Rate Mortgage.
Agreement of Purchase and Sale
A legal agreement that offers a certain price for a home. The offer may be firm (no conditions attached), or conditional (certain conditions must be fulfilled before the deal can be closed).
Amortization Period
The time over which all regular payments would pay off the mortgage. This is usually 25 years for a new mortgage.
The process of determining the value of property, usually for lending purposes. This value may or may not be the same as the purchase price of the home.
Appraisal Value
An estimate of the market value of the property.

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Blended Payments
Payments consisting of both a principal and an interest component, paid on a regular basis (e.g. weekly, biweekly, monthly) during the term of the mortgage. The principal portion of payment increases, while the interest portion decreases over the term of the mortgage, but the total regular payment usually does not change.

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Canada Mortgage and Housing Corporation (CMHC)
The National Housing Act (NHA) authorized Canada Mortgage and Housing Corporation (CMHC) to operate a Mortgage Insurance Fund which protects NHA Approved Lenders from losses resulting from borrower default.
Certificate of Location or Survey
A document specifying the exact location of the building on the property and describing the type and size of the building including additions, if any.
Certificate of Search or Abstract of Title
A document setting out instruments registered against the title to the property, e.g. deed, mortgages, etc.
Closed Mortgage
A mortgage agreement that cannot be prepaid, renegotiated or refinanced before maturity, except according to its terms.
Closing Costs
Various expenses associated with purchasing a home. These costs can include, but are not limited to, legal/notary fees and disbursements, property land transfer taxes, as well as adjustments for prepaid property taxes or condominium common expenses, if any. For CMHC (Canada Mortgage and Housing Corporation) insured mortgages, you must provide evidence of available cash for closing costs equal to 1.5% of the purchase price.
Closing Date
The date on which the sale of a property becomes final and the new owner usually takes possession.
CMHC Insurance Premium
Mortgage insurance insures the lender against loss in case of default by the borrower. Mortgage insurance is provided to the lender by CMHC and the premium is paid by the borrower at the time the mortgage funds are advanced. Borrowers have the choice to add the CMHC Insurance Premium to the mortgage loan amount or pay with the closing costs when the sale closes.
Condition Expiry Date
The date on which a condition on the offer to purchase must be satisfied to confirm the sale. The most common conditions to be satisfied relate to financing, or the sale of an existing home. If the conditions are not satisfied within the time limit stated in the offer to purchase the sale will not complete unless an extension which is agreed to by both the seller and buyer is obtained.
Conditional Offer
An offer to purchase subject to conditions. These conditions may relate to financing, or the sale of an existing home. Usually a time limit in which the specified conditions must be satisfied is stipulated.
Conventional Mortgage
A mortgage that does not exceed 80% of the purchase price of the home. Mortgages that exceed this limit must be insured against default, and are referred to as high-ratio mortgages (see below).

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Deed (Certificate of Ownership, Transfer of Land)
The document signed by the seller transferring ownership of the home to the purchaser. This document is then registered against the title to the property as evidence of the purchaser’s ownership of the property.
A sum of money deposited in trust by the purchaser when making an offer to be held in trust by the vendor’s agent, broker, lawyer or notary until the closing of the transaction.

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The interest of the owner in a property over and above all claims against the property. It is usually the difference between the market value of the property and any outstanding encumbrances.

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Fire Insurance
Before a mortgage can be advanced, the purchaser must have arranged fire insurance. A certificate or binder from the insurance company may be required on closing.
Firm Offer
An offer to buy the property as outlined in the offer to purchase with no conditions attached.
Fixed-Rate Mortgage
A mortgage for which the rate of interest is fixed for a specific period of time (the term).
A legal procedure whereby the lender eventually obtains ownership of the property after the borrower has defaulted on payments.

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Gross Debt Service (GDS) Ratio
The percentage of Gross Household Income required to cover monthly payments associated with housing costs. Most lenders recommend that the GDS ratio be no more than 32% of your gross (before tax) monthly income.
Gross Household Income
Is the total salary, wages, commissions and other assured income (before deductions), by all household members who are co-applicants for the mortgage.

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High Ratio Mortgage
If you don’t have 20% of the lesser of the purchase price or appraised value of the property, your mortgage must be insured against payment default by a Mortgage Insurer, such as CMHC.
An amount of money required to be withheld by the lender during the construction or renovation of a house to ensure that construction is satisfactorily completed at every stage.
Home Equity
The difference between the price for which a home could be sold (market value) and the total debts registered against it.

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The examination of the house by a building inspector selected by the purchaser.
Interest Rate Differential Amount (IRD)
The interest differential based on the difference between the current interest rate of this mortgage and the fully discounted interest rate we offer for a mortgage with a term that is nearest to the remaining term of the existing mortgage, all as determined by the mortgage lender.
Interim Financing (Bridge Financing)
Short-term financing to help a buyer bridge the gap between the closing date on the purchase of a new home and the closing date on the sale of the current home.

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Lender Comparison Rate
Is the current annual interest rate for a new mortgage with a term that is the next closest to the remaining term of your existing mortgage. eg. If you have 2 years, 6 months remaining you would select the rate from the 3 year term. If you have 2 years and 5 months remaining you would select the rate from the 2 year term.

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Maturity Date
Last day of the term of the mortgage agreement.
Mortgage Life Insurance
A form of reducing term insurance for all mortgagors. If you die, have a terminal illness, or suffer an accident, the insurance can pay the balance owing on the mortgage. The intent is to protect survivors from the loss of their homes.
Mortgage Term
The number of years or months over which you pay a specified interest rate.  Terms may range from six months to 10 years.
Mortgagee and Mortgagor
The lender is the mortgagee and the borrower is the mortgagor.

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Open Mortgage
A mortgage which can be prepaid at any time, without requiring the payment of additional prepayment charges.

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Principal, interest and taxes. Together, these make up the regular payment on a mortgage if you elect to include property taxes in your mortgage payments.
Payment Frequency
The choice of making regular mortgage payments every week(weekly), every other week(bi-weekly), twice a month(semi-monthly) or monthly.
This allows you to move to another property without having to lose your existing interest rate. You can keep your existing mortgage balance, term and interest rate plus save money by avoiding early prepayment penalties.
Prepayment Charge (Prepayment Penalty)
Compensation when the borrower prepays all or part of a closed mortgage more quickly than is allowed as set out in the mortgage agreement.
Prepayment Option
The ability to prepay all or a portion of the principal balance. Prepayment charges may be incurred on the exercise of prepayment options.
The amount of money borrowed for a new mortgage.

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Renegotiating your existing mortgage agreement. May include increasing the principal or paying out the mortgage in full.
At the end of a mortgage term, the mortgage may “roll over” on new terms and conditions acceptable to both the lender and the borrower. This is known as renewing a mortgage. Otherwise, the lender is entitled to be repaid in full. In this case, the borrower may seek alternative financing.

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In the case of mortgages, real estate offered as collateral for the loan.

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The length of the current mortgage agreement. A mortgage may be amortized over a long period (such as 30 years) with a shorter term (six months to five years or more). After the term expires, the balance of the principal then owing on the mortgage can be repaid or a new mortgage agreement can be entered into at the then current interest rates.
Total Debt Service (TDS) Ratio
The percentage of Gross Household Income needed to cover monthly payments for housing and all other debts and financing obligations. The total should generally not exceed 40% of gross monthly income.

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Variable Rate Mortgage
A mortgage for which the rate of interest may change if other market conditions change. This is sometimes referred to as a floating rate mortgage or an Adjustable Rate Mortgage.

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Mortgages Apply Now

Mortgages Rates

5 Year - Fixed - 30 days2.89%
1 Year - Fixed2.89%
2 Year - Fixed2.54%
3 Year - Fixed3.09%
4 Year - Fixed 2.99%
5 Year - Fixed - 120 Days2.94%
5 Year ARM - Prime less 0.90%2.55%