Residential Mortgages

Residential Mortgages

Whether you are purchasing your first home, refinancing for renovations, require an equity take-out or need a construction loan to build the home of your dreams, we can help.  At Peace Hills Trust we have the unique level of experience to assist you into homeownership, including on-reserve financing options.

We can demystify mortgage lingo, help take the guess work out of your decisions, and guide you to the right product and terms to fit you.

Conventional vs High Ratio Mortgages Expand/Collapse

What is the difference?  A conventional or uninsured mortgage may be right for you if you have at least 20% available to put down as your equity or down payment.  A High Ratio Mortgage or insured mortgage is if you have less than 20% for a down payment.  In this instance the mortgage must be insured by Canada Mortgage & Housing Corporation (CMHC).  The cost of insuring the mortgage (the premium) can either be paid by you directly or added to the mortgage balance.  The amount of the mortgage insurance premium is based on the amount you need to borrow.

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For any mortgagor there may be an unending amount of questions or concerns, like:

  • How much can I afford?
  • How much of a down payment do I need?
  • What additional or closing costs should I prepare for, like legal work or hooking up utilities?
  • Can I prepay my mortgage without penalty?
  • What is the difference between term and amortization?
  • What is the difference between fixed or floating terms?
  • How can I save money on my mortgage?
  • Do I save more if I make bi-weekly payments instead of monthly payments?

For online assistance use our mortgage calculators and the online Mortgage Resource Centre or visit any one of our mortgage professionals to guide you through the process and make an application.