Whether you’re buying your first home and are looking for flexible payment options or are refinancing to help free up money for renovations, there’s a mortgage designed to meet your needs. We’ll work together with a mortgage professional to find the mortgage that fits best with your financial plan. Here you’ll find more information on mortgage types, payment calculators and Canada Life mortgage rates. Need more in-depth details on mortgages, including definitions of terms related to mortgages? Visit Canada Life’s Mortgages.
There are four basic types of mortgages available with Canada Life. Each has unique features designed to help meet different needs.
Find out what you need in your financial plan when thinking about buying a home.
Description: This animated video introduces a character named Sam, her fiancé and her advisor with illustrated graphics to show how a mortgage can be added to a financial plan.
Text: Ask an advisor: Can you help me get a mortgage?
Description: An illustration of a home with a price tag draws into the frame.
Sam: We’re thinking of buying a home!
Description: Sam and her fiancé talk on a video call while on a picnic at a park with their dog.
Advisor: That’s fantastic. I’m glad you let me know.
Description: Cut to the advisor in his office on the video call.
Advisor: Buying a home is probably the most important investment you'll make in your lifetime.
Description: An illustration of a two-storey home appears.
Advisor: I can put you in touch with a Canada Life credit planning consultant who,
Description: Cut to Sam and the advisor displayed in circles. A credit planning consultant enters the frame. He waves to Sam.
Advisor: with our competitive interest rates, can help you determine the price of the home you can afford and how much of a down payment you’ll need.
Description: The camera pans upward to the two-storey home. An illustration of a price tag appears with the text “with a down payment of 5-20%.”
Advisor: They’ll also ensure the type of mortgage you choose is in line with your financial goals and meets your borrowing needs.
Description: A line with illustrations of goals appears: travel, a home and a wedding.
Sam: Really? I didn't know I could get a mortgage through Canada Life.
Description: Cut to Sam on a video call.
Advisor: You can. And by building your mortgage into your financial plan,
Description: Cut to the advisor as he gestures towards his laptop.
Advisor: I can get a more complete picture of your financial situation.
Description: Cut to the goals displayed on a line.
Advisor: I can also recommend the savings and insurance solutions you’ll need to help protect and preserve your home and your family.
Description: Illustrations of a piggy bank for savings and shield for insurance are added to the line.
Advisor: Let me connect you with a credit planning consultant and get you into that home!
Description: Cut to the advisor in his office. The frame splits in half and Sam appears. They both smile as her dog barks.
Text “Let’s talk. Contact me today.” appears onscreen with the Canada Life logo and legal line: “Canada Life and design are trademarks of The Canada Life Assurance Company. canadalife.com 1-204-946-1190.”
Your mortgage is determined by a formula that includes these factors:
You must pass a stress test, along with meeting other criteria.
The mortgage affordability calculator can help you determine your maximum home purchase price.
Find your price range.
We have fixed-rate and variable-rate mortgage specials available.
View mortgage rates
View mortgage rates
Choose monthly, semi-monthly, accelerated bi-weekly or accelerated weekly payments with Canada Life mortgages. Accelerated payments will save you interest over the length of your mortgage, and could mean you’ll be mortgage-free sooner. Also, our prepayment privileges allow you to make lump sum payments towards your principal to build equity in your home faster and substantially reduce interest. The mortgage payment calculator can help you discover which options work best for you. Calculate your mortgage payments
If you have an open mortgage, you can prepay a large amount of your mortgage or renegotiate to take advantage of lower interest rates at any time. An open mortgage can be repaid in part or full at any time without having to pay a penalty. It gets a little more complicated if you have a closed mortgage.
Your closed mortgage allows you to pay down 15% of your outstanding principal balance each year, without a prepayment charge.
You can pay down more than 15% but there’s a charge because you’re paying off your mortgage faster than your original contract specified. In some cases, you may benefit from paying the prepayment charge because you could save money in the long run. The prepayment calculator can help you find out if it’s worth it for you. Prepayment charge calculator
Let’s talk about a mortgage solution that’s right for you.
Contact me today to learn more
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Munira Kazia, B.Comm., CHS, CFP