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Alterna bank Mortgage of february 2023

Apply for Mortgage from Alterna bank verified by our specialists. On 09.02.2023 you have access to 4 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 4

Updated
07.01.2023
16:08
Closed mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4,84% - 7,85%
Term
i

Loan term for the financial product

6 months to 10 years
Open mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

7,05% - 8,00%
Term
i

Loan term for the financial product

6 months to 3 years
Variable rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,95% - 6,55%
Term
i

Loan term for the financial product

3 - 5 years

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Fixed rates mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

5,85% - 7,85%
Term
i

Loan term for the financial product

1 to 10 years

Calculate the mortgage
Loan amount
i

Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
50
Youl loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
25
Interest rate
i

Choose the interest rate on the loan

4 %
6 %
Type of payments
i

Specify the type of payment for calculating

Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
Online application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgageOnline application for a mortgage
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Alterna bank Mortgage of february 2023

Types of mortgages

Alterna Bank provides customers with two types of mortgages: fixed-rate and variable-rate. Moreover, customers can apply for open mortgages and closed ones. However, customers can use their mortgages only for home purchases, so if they need to renovate their homes, these mortgages may be inconvenient. In addition, one must consider that Alterna Ban is the direct banking branch of Alterna Savings.

  • Fixed rates mortgages. For example, if clients choose a fixed-rate mortgage, they can select a term from 1 to 10 years, and rates would vary between 5,85% (4,69% - special offer) and 7,85%.
  • Variable rates mortgages. Variable rates are initially lower than fixed ones. Moreover, clients must consider that the bank only offers two types of variable rates mortgages options: a 3-year term or a 5-year term. Their rates are 6,55% for three years and 5,95% for five years.
  • Open mortgages. The bank offers several types of open mortgages: 6-Month Fixed Open with 8,00% rate, 1-Year Fixed Open with 7,05% rate, 1-Year Fixed Open - Second Mortgage with 7,50% rate, and 3-Year Variable Open with 7,15% rate.
  • Closed mortgages. The bank provides clients with closed fixed mortgages ranging from 6 months to 10 years with rates of 5,85% - 7,85%; closed variable mortgages for 3 and 5 years and 6,55% and 5,95%. Also, there are special rates closed fixed mortgages varying between 1 and 5 years with rates between 4,69% and 4,84% and special rates variable mortgages for 3 and 5 years with 4,90% rates.

Finally, the bank offers high ratio mortgages with fixed and variable rates. Fixed-rate mortgages can be taken for 3 and 5 years with 4,39% and 4,49% rates. At the same time, variable rate mortgages can only be taken for five years with a 4,55% rate.

How to apply for an Equitable Bank mortgage?

Applying for the Alterna Bank mortgage is very simple. To start, customers must choose the “Homebuying” section on the bank’s website homepage and click on the “New Mortgage Application” link. Afterward, they will be redirected to the online application form webpage and need to enter the required information.

  • My New Mortgage. On this page, customers need to enter the cost of the home they want, the down payment amount, when they buy a home, and answer whether they are an existing client of Alterna.
  • More About Me. In that section, customers need to enter estimated mortgage payments, choose a mortgage option, select amortization period; repayment frequency and check whether they fit the bank’s requirements.
  • Personal Information. Full name, prefix, postal code, address, city, province. Also, they need to choose how many years they have lived at that address. Moreover, they need to enter their phone number, email address, date of birth, last four digits of SIN, living situation, employment status, and income type and answer several questions.

Besides, customers need to enter details of their home, what they own/owe, and choose the most suitable Alterna Bank option. As soon as the application is completed, they will be connected with the bank’s support group to finalize all the details. Customers can switch their mortgage to Alterna Bank onlinу at fixed or variable rates.

Requirements

Customers need to meet several requirements to qualify for a mortgage by Alterna Bank. For example, customers must be over the age of majority, be Canadian residents or permanent citizens, have not declared bankruptcy for the last seven years, have not been declined credit for the previous six years, have Canadian home address and details handly, have the last four digits of their SIN, have operated their business for at least three years (if self-employed), their co-applicants are their spouses/partners living at the same address and applying for the same products. Also, customers need to provide several required documents such as ID, housing documents, income verification, etc.

Pros and cons

Pros

  • Variety of different mortgage types;
  • Simple online application;
  • The interest rates are relatively low;
  • Variable and fixed rates are offered;
  • Customers can apply for a mortgage and track the process online;
  • Customers can switch their mortgage to Alterna Bank;
  • Self-employed customers can be approved;
  • Mortgage insurance coverage is offered. 

Cons

  • Customers can use their mortgages only for home buying;
  • Their rate can increase depending on the type of mortgage;
  • For some mortgages, terms are very short;
  • There are no mortgage solutions for business people. 

How to make a payment?

Customers can adjust their repayment schedule according to their needs.  For example, the bank offers customers to repay their mortgages monthly, semi-monthly, bi-weekly, and weekly.  They can set up automatic withdrawals or make payments through the bank’s online portal or mobile application.

FAQ

What should I do if I can’t make a scheduled payment to Alterna Bank?

If customers cannot make their scheduled payments, they should contact the bank to notify them in advance and find the most suitable solution.

Can I pay off my Alterna mortgage before the end of the term?

Yes, customers can pay out their mortgages in different ways before the end of the term. For example, they can repay weekly, bi-weekly or semi-monthly; shorten their amortization period; increase their regular payments and make an additional 20% each calendar year. However, they need to note that they can meet prepayment penalties if they have a closed mortgage. 

Does Alterna Bank provide mortgage insurance coverage?

Yes, the bank provides customers with mortgage protection in case of the diagnosis of a critical illness, total disability, involuntary loss of employment, and loss of life. Customers may choose from several options and find the most suitable solution. 

Do I need to make a down payment with Alterna Bank?

Yes, customers will need to make a down payment, and its amount can impact their mortgage type. If they make a down payment of more than 20% of the home cost, they will have a conventional mortgage. If their down payment is less than 20%, they will have a high-ratio mortgage that requires mortgage default insurance.