Alterna Savings Mortgage Rates & Reviews

If you are to prepay your mortgage in full before your term is up, you will incur a mortgage break penalty. This is only on closed mortgages, and if you are to get an open mortgage, you will be able to pay down your mortgage at any time with no penalty.

For a variable rate mortgage, the penalty that you will incur will be 3 months worth of interest payments based on your Alterna Savings mortgage rate. This may mean thousands of dollars in penalties. For a fixed rate Alterna Savings mortgage, the mortgage break penalty will be the greater of:

1. 3 months worth of interest payments at your current mortgage rate, or
2. The interest rate differential (IRD) amount

Bank or Lender	Variable Rate Mortgage	Fixed Rate Mortgage
	3 Months’ Interest	Greater of 3 Months’ Interest or the IRD amount

To see how much you can expect to pay in prepayment charges, utilize the Alterna Savings mortgage penalty calculator below:

Alterna Savings Mortgage Prepayment Calculator

Alterna Savings Mortgage Prepayment Calculator

Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.

Inputs

What is the remaining balance on your mortgage?

$

What is the term-length and type of your current mortgage?

Select Term1 year2 year3 year4 year5 year7 year10 year

Variable Rate

Fixed Rate

What is your current mortgage interest rate?

%

If applicable, what was the rate discount you received when you signed your current mortgage agreement?

%

The day you signed your mortgage, your lender may have provided you with a discount. You may be paying 3.25% but the posted rate on that day was 3.75%, a discount of 0.5%. If you are unaware of any discount, you can skip this step.

When did your current mortgage start?

Is the Property:

Owner OccupiedRentalOthers

Who is your current mortgage lender?

RBC

TD

Scotiabank

CIBC

BMO

National Bank

Desjardins

Others

What is Alterna's current interest rate for a 1-year fixed rate mortgage?

%

We have populated this field for you with our most up to date data. For information on why we need this field see Interest Rate Differential

What would you like to do?

Refinance my mortgageSell my property

Please complete all fields before calculating.

Calculate

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Alterna Savings Payment Frequencies

Alterna Savings offers 4 different payment frequencies on most of its mortgage products: monthly, bi-monthly, bi-weekly, and weekly payments. This allows you the flexibility to match your mortgage payment with when you receive income, making it easier to plan and budget for your mortgage payments. When possible however, choosing a more frequent payment option will allow you to save money in interest throughout your term, considering you will be reducing your mortgage balance more often.

Prepayment options

For most Alterna Savings closed mortgages, you will have the ability to prepay up to 20% of your initial mortgage amount each year. This can be done by raising your mortgage payments by up to 100%, and by prepaying through a lump-sum payment. Prepaying some of your mortgage when you have the funds available can be a great way to help you reduce your interest costs and pay off your mortgage earlier. When you prepay your mortgage or make larger payments, you will be decreasing your principal mortgage balance. If you have an open mortgage however, you will be able to prepay as much as you choose at any time.

Alterna Savings HELOC

Getting a secured line of credit from Alterna Savings will allow you the ability to utilize your home equity, without needing to refinance your mortgage. Since this line of credit will be secured by your home, you will also benefit from a low interest rate, especially when compared to lines of credit without collateral. The potential uses for a HELOC are endless, with options such as:

• Doing a renovation,
• Making a big purchase,
• Covering education costs, and
• As an emergency fund

Alterna Savings Cashback Mortgage

A cashback mortgage from Alterna Savings will allow you to take out up to 5% of your mortgage amount in the form of cash. This can be a great option for home buyers who used up all or most of their savings for a down payment on a home, and want cash back for uses such as doing a renovation, covering closing costs, furnishing the home, or even to give you added breathing room in your budget. With a cashback mortgage from Alterna Savings, you are also given the security of a fixed mortgage rate.

Alterna Savings Multi-Ownership Mortgage

With home prices across Ontario rising, home ownership is becoming increasingly difficult, especially for first time home buyers and younger buyers. The Multi-Ownership Mortgage from Alterna Savings allows you to pool your resources with others to purchase a home. This can be helpful if you are lacking the income, down payment, or minimum credit score to purchase a home alone, allowing you to purchase a home in Ontario with a loved one. With a multi-ownership mortgage, you will have the ability to choose any mortgage and term. Potential situations where a multi-ownership mortgage is most common is:

• To help an adult child purchase a home,
• To help purchase a home for elderly loved ones who are on a fixed income, and
• For loved ones who wish to pool money to purchase a home for everyone to live in

Alterna Savings Flexi-Mortgage

A Flexi-Mortgage allows you to split up your mortgage into different types of payment options and terms. The benefit of this Alterna Savings mortgage product is that it gives you more flexibility with your mortgage being split into different pieces, letting you choose different terms, if it is fixed or variable, and if it is open or closed. This allows you to customize your mortgage exactly how you want.

With locations all across Ontario, including in the GTA, Ottawa region, Southwestern Ontario, and northern Ontario, finding an Alterna Savings location to meet with a representative is possible. If you are far away from your nearest Alterna Savings branch, contacting Alterna over the phone is easy, with the toll free number for the contact centre being 1-877-560-0100. As well, you can always contact your local branch directly, with more information about Alterna branches being available in the “find a branch” section of the website.

Alterna Savings Locations