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Flexible Features

There are many decisions that need to be made when selecting the mortgage that’s right for you. Your Investors Group Consultant and Mortgage Planning Specialist are available to help choose the right mortgage to fit your plan.

Conventional or Insured

Depending on the amount borrowed, a mortgage can be categorized as either Conventional or High Ratio.

Conventional High Ratio
Provides financing up to 80% of appraised value or purchase price of property Provides financing up to 95%* of appraised value or purchase price of property
Minimum down payment of 20% required Minimum down payment of 5% required
Does not require the value of the mortgage loan to be insured against non-payment Must be insured against non-payment by either Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada (Genworth)

*Canada Mortgage and Housing Corporation or Genworth Financial Canada insurance is required for mortgage greater than 80% of the home's appraised value at the date of the mortgage application.

Open or Closed

Depending on the term selected, our fixed rate mortgage products provide choices.

Open Closed
Allows you to pay off the principal, in part or in full, at any time without penalty Limited prepayment privileges
Good fit for a short term, usually six months to one year Penalty usually applies if loan is repaid in full prior to the end of the term
Typically carries a higher interest rate than closed mortgages Typically carries a lower interest rate than open mortgages

Refinancing Your Mortgage

  • Refinance at maturity or during the current term of your mortgage
  • Borrow the equity you established within your current mortgage
  • Refinance by adding an additional amount to your mortgage at a cost considerably less than arranging new financing

Pre-payment Privileges

  • Depending on the type of mortgage you select, you have the option of weekly, bi-weekly, semi-monthly or monthly payments.
  • Additional payments are applied directly against the principal of your mortgage
  • Pay up to 15% of the original principal balance in a lump-sum payment, once annually
  • Increase your regular payments by up to 15%, once each calendar year
  • Double your regular mortgage payment on any payment date

When it is Time to Renew

At the end of your term, you can either repay part or all of the balance owing, without penalty, or renew your mortgage for another term.

Before the end of the term (maturity date), Investors Group will send you a renewal agreement. If you accept the renewal, all details must be confirmed and the renewal agreement signed and returned before the maturity date. If you do not make arrangements for renewal, we will automatically renew your mortgage into a one-year open term mortgage for you.

I.G. Investment Management Ltd. is a licensed mortgage broker, Investors Group Trust Co. Ltd. is a trust company licensed to lend money in all jurisdictions in Canada.