Canadian Western Bank Mortgage of February 2025
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Update date 25.04.2024

Canadian Western Bank's mortgage financing options include variable- and fixed-rate mortgages and a Home Equity Line of Credit to help borrowers find the mortgages that fit their lifestyles and work best for their budgets. CWB financing can help you buy your first home, acquire your next property, switch or refinance a mortgage, or tap into your home's equity.

CWB has a section called "Understand mortgages," where you can find helpful information and tips on ways to save on your mortgage, to avoid prepayment charges, and understand the difference between different types of mortgages.

To connect with CWB and find out about your mortgage options, fill out the straightforward form, and a CWB Relationship Manager will approach you the same day.

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 selected 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. In addition, 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 of the total 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 you during the 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.

A CWB Account Manager will help you choose the mortgage suitable for your needs and tell you what documents you must provide to apply. Most likely, these will be proof of income and employment information.

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 can't apply online

  • Limited penalty-free prepayment options 

How to make a CWM mortgage 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?

Could I pay off my CWB mortgage early? 

How much can I borrow with a HELOC?

What is the CWB mortgage rate?

How can I get pre-approved for a CWB mortgage?

30.12.2022
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Last update 25.04.2024

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