Financing and Payment Options
We offer your clients maximum value and flexibility through a variety of financing and payment options.
Understanding Mortgage Security
For information concerning the differences between the types of security required by a bank for a collateral charge mortgage and a conventional or standard charge mortgage (including transferring or assigning the mortgage security to a new lender, borrowing additional funds and discharging the mortgage security), please visit the Canadian Bankers Association.
Purchase and Refinance
Available for owner-occupied residential, vacation/secondary homes and rental properties.
FCT Platinum Refinance and Transfer Program
B2B Bank offers First Canadian Title’s Platinum Refinance and Transfer Program.* This means you can offer the following benefits to your clients when completing a refinance transaction:
- Fast, seamless service
- In-home signing services
- Frequent updates and email notifications at key milestones throughout the transaction process
- Competitive pricing
* Available in all provinces except Quebec
For your clients who have a residential first mortgage with another lender, we will work with you to transfer their existing mortgage balance to us at no additional cost. Transfer fees (appraisal and legal) will be paid by B2B Bank for switches of a minimum of $75,000, with at least a 5 year term. Based on owner-occupied properties up to 2 units.
Of course, we will transfer a mortgage for any of your clients who request a term of less than five years or an amount that's under $75,000 but in these instances, the client must pay all legal and appraisal costs.
We offer bridge financing for up to 30 days for approved clients. (Issued by Laurentian Bank of Canada)
Your client can transfer, or port, their current B2B Bank mortgage rate, loan balance and maturity date to their new home.¹
Qualified buyers can take over, or assume, the mortgage of an existing client.
Payment frequency options
Mortgage payments can be made weekly, bi-weekly, or monthly. These payments are automatically debited from your client's account at the financial institution of their choice.
Accelerated mortgage payments
Choosing this feature can reduce the amortization period and save your client thousands of dollars in interest costs. This feature applies to weekly and bi-weekly payment frequencies. This option is not available for variable rate mortgages with variable payments.
15/15 prepayment privileges
Once each calendar year, at any time, and free of charge, your client can:
- Increase mortgage payments (principal and interest) by up to 15% over current payments.²
- Prepay up to 15% of the original mortgage principal.²
1 Certain conditions apply.
2 This prepayment privilege is non-cumulative and is available after the first anniversary of the mortgage. Not available for variable rate mortgages with variable payments.
This information is intended for financial intermediaries only.