CWB Optimum Mortgage

Refinances

Save thousands of dollars and lower your interest rate by refinancing your mortgage.

Couple signing contract
  •  Achieve your short- and long-term goals.
  • Reduce your monthly payments and decrease interest charges over the life of your mortgage.
  • Secure a lower interest rate.
Take advantage of the equity in your home to help finance all of your goals:
  • Renovating your home
  • Contributing to your RRSP
  • Paying for tuition
  • Purchasing a rental or vacation property
  • Taking advantage of an investment opportunities

 

Refinancing can help you get ahead faster by:

  • Consolidating multiple, high-interest debts into one monthly payment.
  • Securing a lower interest rate.

 

Find the mortgage rate option that works for you:

  • 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.

 

 

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.
What are my options to transfer my 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 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 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.
    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.

    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.

    Call us today to discuss your refinance options.

    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.