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Canadian Western Bank Mortgage of february 2023

Apply for Mortgage from CWB verified by our specialists. On 08.02.2023 you have access to 3 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 3

Updated
30.12.2022
10:08
HOMEWORKS
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

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

A variable mortgage
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

5.1%
Term
i

Loan term for the financial product

5 years
Fixed 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

5.170% to 7.9%%
Term
i

Loan term for the financial product

1 — 5 year

Calculate the mortgage
Interest rates are given in accordance with the rates of the bank in Ottawa as of 08.02.2023
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
50
Your 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
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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$
More

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
Canadian Western Bank Mortgage of february 2023

Types of CWB mortgages 

  • Fixed mortgages from CWB let you lock in your interest rate for a chosen term. Terms vary from 6 months to 5 years. Choose between closed, open, and convertible options. For example, a 6-month fixed convertible mortgage rate is 5.4%; during this term, you could decide what to do next. The lowest rate is 5.25% for a one-year fixed closed mortgage. Open mortgage rates are higher — 7.9% for a six months term and 7.2% for a 1-year fixed open mortgage. Special offers with interest rates from 5.170% to 5.370% applied to 1 — 5 year term fixed closed mortgages.
  • A variable mortgage is a 5-year mortgage with a current rate of 5.1%. It is compounded monthly and fluctuates with CWB’s Prime Rate changes. With flexible payments (weekly, bi-weekly, semi-monthly, and monthly), you may pay off your mortgage faster and save on interest. You may change it, using a convertible mortgage to fix your rate for six months, anytime.
  • HOMEWORKS is a flexible tool that allows you to access your home's value through a mortgage, term loan, or home equity line of credit (HELOC). You may use the equity of your house to consolidate debts, make renovations, save funds for unexpected emergencies, etc. With a HELOC, you pay the interest only on the amount you use, without a need to reapply. The annual interest rate is a variable set at the CWB Prime Rate + 0.20%. There are no prepayment penalties: you can repay a part or the full balance amount at any time. The lender lets you manage the HOMEWORKS from a CWB chequing account.

How to apply for a CWB mortgage?

To apply for a mortgage or HOMEWORKS, fill in a form at the site or visit a branch; a CWB, Account Manager will consult you about your mortgage options. If you decide to get a mortgage with CWB, the manager will assist and guide you during the whole home-buying process. You may also switch to CWB with your existing mortgage.

Requirements

All mortgages are subject to meeting CWB's standard credit criteria for residential mortgages. 

To be eligible for a HOMEWORKS loan, homeowners should have a minimum of 20% equity in their home, or home buyers should provide a minimum 20% down payment. 

Pros and cons 

Pros

  • Flexible home loan option to use the equity of a home
  • Closed, open, and convertible options
  • Competitive rates
  • Promo offers
  • Mortgage rates posted on the website 

Cons

  • No information about requirements on the website 
  • You сan't apply online
  • Limited penalty-free prepayment options 

How to make a payment?

CWB allows borrowers to prepay up to 20% of the original mortgage amount every year penalty-free. With an open mortgage or HELOC, you can make payments anytime, free of charge. 

You can make a payment by deposit or transferring funds into your linked CWB bank account using online banking or at an ATM or CWB banking center.

For HOMEWORK: The payment amount is applied to the monthly interest amount plus the outstanding balance of your HELOC. Your monthly interest accrues only on the amount you use or carry over from the previous month. Payments are due the first week of the following month. 

When you withdraw funds from the CWB bank account linked to the HOMEWORK account, they are taken from the available credit limit of your HELOC. You can withdraw funds using your debit card, CWB.digital online banking, at an ATM or CWB banking center, or by cheque.

FAQ

I move. Should I close my CWB mortgage?

No, you shouldn't. You could take your CWB mortgage with you and save your rate, terms, balance, and other conditions for a new home with no charges. However, if you break a closed mortgage contract to transfer it to another lender before the end of the term, you will have to pay out your mortgage and a prepayment charge.

Could I pay off my mortgage?

If you have an open mortgage, you may prepay it in whole or part anytime penalty-free. But if your mortgage is closed, you could only prepay it once a year for a sum less than 20% of its original amount. Prepayment fees will be charged when you prepay more, pay it out to transfer to another lender, or refinance your mortgage.

How much can I borrow with a HELOC?

You may be able to borrow up to 65% of your home’s total property value. However, the amount you borrow is limited to the value of the equity in your home. To borrow up to 80% of your home’s value, consider taking a CWB mortgage. Your eligibility is also depending on your income and credit score.