CWB Optimum Mortgage

Purchases

Purchasing a new home or rental property?

Mature family
  • It’s a perfect solution for new homebuyers or real estate investors.
  • Borrow up to 95% of the value of your property for owner-occupied homes and 80% for rental properties.
  • We have flexible lending solutions for non-traditional borrowers.
  • Customize features, rates and terms specific to your needs.

Whether you’re looking to purchase your own home or add to your rental portfolio, there are many options available. Take a look at the information below to help you decide what will best match your needs.

New Homes 

  • If you meet insurer guidelines, you can borrow up to 95% of the value of your property. If you don’t meet the insurer’s guidelines, we still have plenty of lending options available to help you purchase your new home.
  • Financing is available for different property types single-family detached homes, semi-detached or town houses, and condominiums or apartments.
  • Customized features, rates and terms are available to fit your specific needs.
  • You have the opportunity to port your mortgage—transferring your existing mortgage terms to your new property.

 

Rental Properties  

  • Our products are perfect for experienced investors who already own a number of rental properties.
  • Access up to 80% of the value of each property if you meet insurer guidelines, and up to 75% if you don’t meet insurer’s guidelines.
  • There is no limitation on the number of properties you can own.
  • You have the opportunity to port your mortgage—transferring your existing mortgage terms to your new property.
What does principal balance mean?
It’s the outstanding balance that you still owe on your mortgage at any given point. It reflects the payments made since your mortgage was advanced.
How can I get a lower interest rate?
  • Lock in a competitive interest rate through a fixed rate mortgage.
  • Decrease your long-term interest charges with a variable rate mortgage.
  • Blend and extend your mortgage rate—blend the rate on your existing mortgage with the rate of the extended term.
  • If you own equity in your home, take advantage of a home equity line of credit for a flexible mortgage solution that can change as your needs change.
  • Why do I need earthquake and/or fire home insurance?

    In the event of a loss (fire, earthquake, etc.), your outstanding mortgage will remain due.

    If you have sufficient and correct coverage, your insurance provider may cover any losses that have taken place, helping you manage your mortgage balance.

    What are my options to transfer my existing mortgage?

    Transferring your existing mortgage to your new home is called 'porting your mortgage'. Our mortgages allow you to:

    • Transfer your existing interest rate and mortgage balance.
    • Avoid prepayment charges upon your approval.
    How do I manage my property taxes?

    Property taxes must be paid and maintained by the homeowner. We may ask for evidence of paid property taxes each year. Most municipalities offer monthly payment programs. Contact your local tax office for more details.

    How can I change my banking information to make payments?
  • Provide us with a copy of a void cheque and/or a bank authorization form stamped by your bank.
  • Allow a minimum of ten business days prior to your next payment date for your change to be processed.
  • What are my insurer's guidelines?
    Visit CMHC or Genworth Canada for more information on guidelines. Meeting the insurer's guidelines will help you to get approved for a higher mortgage amount.
    What costs are involved if I want to change my prepayment frequency?
    There is a service charge of $75 to process a date and/or payment frequency change.
    How do I calculate my prepayment charge?
    Prepayment charges change based on whether you have a fixed rate or variable rate mortgage. Try our prepayment calculator or contact a service representative at 1.866.441.3775 and have your mortgage number ready.
    How do I renew my mortgage?

    Complete your renewal agreement (mailed to you 45 days prior to your existing maturity date):

    • Select a term, initial, sign and date the renewal offer.
    • Fax, email or mail your documents within the self-addressed and prepaid envelope.
    • Check that the renewal agreement is received on or before your maturity date.
    • Don’t hesitate to discuss your options with one of our renewal specialists at 1.866.441.3775.
    What are my payment frequency options?
    You can make bi-weekly, accelerated bi-weekly or monthly payments.

    If you choose monthly payments, you can also select the day of the month that your mortgage payment is due.

    • Provide us with a copy of a void cheque and/or a bank authorization form stamped by your bank.
    • Allow a minimum of ten business days prior to your next payment date for your change to be processed.
    What are my options to refinance?

    By refinancing, you can reduce your monthly payments and save on interest charges. It is your choice how the funds from a refinance are used:

    • Consolidate debt into one easy payment.
    • Pay outstanding Canada Revenue Agency debts.
    • Renovate your home.
    • Go on a dream vacation.
    • Take advantage of a new investment.

    Calculate your savings to get started.

    What are my privileged payment options?
  • Pay a lump sum of up to 20% of your original mortgage amount once per calendar year.
    • Increase the amount of your regular payments by up to 20%.
    • Double up your regular payments:
      • Your regular principal and interest payments will increase.
      • More money will be put toward paying down your principal balance.
  • What is the difference between a discharge fee versus a payout statement?

    A discharge fee is:

    • An administration fee.
    • Used to process the payout and any subsequent documentation.
    • Subject to provincial guidelines.

    A payout statement is:

    • A snapshot of your mortgage balance, accrued interest, arrears, prepayment charges, etc.
    • Used to show the amount required to pay your mortgage off.

    Should you payout your mortgage, then mortgage discharge documents will be created to discharge the mortgage off title.

    Call us today to get started on your next purchase.

    Toll-free: 1.866.441.3775
    Fax: 1.866.477.8897
    Email: customer.service@cwbank.com 

    Address: 10303 Jasper Avenue NW
                    Edmonton AB  T5J 3X6

     

    To apply for a mortgage with Optimum, fill out an Application form and fax it to 1.866.477.8897.