The biggest financial decision you may ever make
At IG Private Wealth Management we look at your entire financial picture and help you design a mortgage to suit your goals and objectives – for your family, your future and your lifestyle! The right mortgage can help save you thousands of dollars in interest, assist you in reaching financial goals and help you own your home faster.
By selecting an IG Private Wealth Management mortgage, you’ll enjoy…
- Convenient service and professional advice from our mortgage experts
- Peace of mind of knowing your mortgage is an integral part of your overall financial plan
- Flexible mortgage solutions that help you get the most out of your mortgage
- Competitive mortgage rates (see www.investorsgroup.com for our rates)
Selecting the right mortgage solution that fits your needs is a key component of your financial plan. Your IG Private Wealth Management Consultant and Mortgage Planning Specialist will work with you to sort through the various mortgage solutions, helping ensure you find the best one for your specific situation.
Fixed Rate Mortgage
Choosing a fixed rate mortgage locks in your interest rate for the full term, offering you the security of knowing what your monthly payment will be and how much will remain owing on your home at the end of the term. You can select from a wide variety of fixed rate mortgage terms ranging from as little as 6 months up to 10 years.
Variable Rate Mortgage
Variable rate mortgages have interest rates generally lower than fixed rate mortgages of similar terms. The rate is based on Our Mortgage Prime Rate which may fluctuate depending upon market conditions. Although your payments will most likely remain the same throughout the term, the portion of your payment that is applied to the principal amount can fluctuate with changes in interest rates. If interest rates fall, more of your payment will be applied towards reducing the outstanding principal amount owing. If rates rise, more of your payment will go towards paying interest costs.
Lock and Roll Mortgage
Selecting a Lock and Roll variable rate mortgage allows you to enjoy the peace of mind that comes with a long term mortgage (5 years), while taking advantage of low shorter term interest rates. Our Lock and Roll Mortgage is based upon our Six Month Fixed Rate, where your interest rate and payment amount are automatically adjusted every 6 months.
Adjustable Rate/Adjustable Payment Mortgage
Adjustable Rate – Adjustable Payment mortgages may provide you with a lower mortgage payment than other types of mortgages. Our Adjustable Rate/Adjustable Payment Mortgage is a Lock and Roll Mortgage that is based upon our One Month Fixed Rate* where the interest rate and payment amount are automatically adjusted each month during the term of the mortgage.
* Our One Month Fixed Rate is equal to Our Mortgage Prime Rate on the date of each monthly adjustment, or Rollover Date.
Solutions BankingTM1 All-in-One
The Solutions Banking All-in-One integrates the features of a mortgage, a line of credit, a chequing account and a savings account into one comprehensive solution. This solution allows you to access the equity in your home* to consolidate all of your banking and financing needs. Use it in conjunction with a fixed rate mortgage to give you a mix of both variable and fixed interest rate financing.
* Subject to credit approval by National Bank of Canada. Some conditions apply.
There are many decisions that need to be made when selecting the mortgage that is right for you. Your IG Private Wealth Management Consultant and Mortgage Planning Specialist will help you sort through the options to ensure you choose the right mortgage for your plan.
Reducing the cost of your mortgage
Depending on the type of mortgage you select, you may have the ability to take advantage of some mortgage features that will help you pay off your mortgage faster and allow you to save money on interest payments. For example, you have the option to:
- select weekly, bi-weekly, semi-monthly or monthly payments*;
- increase your regular payments by up to 15%, once each calendar year;
- double your regular mortgage payment on any payment date; and
- pre-pay up to 15% of the original principal balance in a lump-sum payment, once annually.
* Some product restrictions apply.
Making moving easier
If you are thinking about moving, the Portable/Assumable feature of an IG Private Wealth Management mortgage can help you avoid expensive penalties as they enable you to take the mortgage with you to your new qualifying property, or use it as a selling feature on your current home by letting the new buyers assume the mortgage*.
* Subject to approval of the purchasers by Investors Group.
Peace of mind
Taking out a mortgage is a big financial commitment. If something unexpected were to happen, it is important to have a plan in place that provides replacement income if you are unable to work due to an accident or illness or full coverage in the event of your death. We offer several insurance options that can give you and your loved ones peace of mind in knowing your mortgage will be covered. We can conduct an Insurance needs analysis to help ensure you have the right insurance in place for your plan.
Refinancing your mortgage
Whether you decide to refinance at maturity or during the current term of your mortgage, you have a number of options you can take advantage of:
- Borrow the equity you have established within your current mortgage with our Re-advance clause. This clause allows you to re-advance up to the original amount of your existing registered mortgage amount without incurring additional legal costs.
- Refinance by adding an additional amount to your mortgage at a cost that can be considerably less than arranging new financing.
- If markets dramatically change during your term, consider a refinance to take advantage of lower interest rates or to lock in for an extended term if rates are on the rise.
If you refinance prior to the end of your term, prepayment penalties may apply. Ask us for more details on conditions and restrictions.
When it is time to renew
When your mortgage term comes to an end you will have a variety of renewal options available at any given time.
If your mortgage is within 90 days of its maturity date, our early renewal option allows you to lock in at current rates if you select one-year closed fixed term or longer.
If interest rates are on the rise and you’re currently in a Variable Rate, Lock and Roll or Adjustable Rate – Adjustable Payment mortgage product, you have the ability to lock-in your mortgage to a fixed rate product for a term equal to or greater than your existing term with no penalty.
If you are currently in a fixed rate mortgage you have the ability to extend your term for up to 5 years. Pre-payment charges and additional administration costs may apply.
Transferring your mortgage
If you want to ensure you have the right mortgage for your plan you can transfer it to Investors Group from another institution. We’ll cover the transfer costs* charged by the other lender and help you sort through all the various mortgage solutions and features available to you.