CWB Optimum Mortgage

Frequently asked questions

Have questions? We can help.

FAQ
  • How to get started.
  • Tips on managing your mortgage.
  • Calculating prepayment charges.
  • Understanding your mortgage options.
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 get a lower interest rate?
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.

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.

Who is Canadian Western Bank?

Canadian Western Bank (CWB) is the largest publicly traded Canadian bank that is headquartered in Western Canada. Canadian Western Bank Group's partner companies offer services in banking, trust, insurance and wealth management.  

Who is Optimum Mortgage?

Optimum Mortgage is a full service lender that provides clients with borrowing solutions. We offer a full range of products to meet our clients' needs, while continuing to deliver an exceptional level of service.

  

What is the relationship between CWB and Optimum Mortgage?

Optimum Mortgage is a partner company of Canadian Western Bank Group.  

What does this mean for me?

Your loan will be backed by the safety and security of a reputable Schedule I bank. 

What is alternative lending?

Optimum Mortgage specializes in alternative lending, meaning that we provide customized solutions to clients who do not fit traditional lending guidelines. This could include clients who:

  • Are self-employed or commissioned individuals.
  • Earn additional "soft income" on the side (such as tips).
  • Have bruised credit due to extenuating circumstances.
  • Have outstanding Canada Revenue Agency debts.
  • Are new immigrants to Canada.
  • Are residential real estate investors. 
What does principal balance mean?

This is 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?
What are my payment frequency options?
  • You can make bi-weekly, accelerated bi-weekly or monthly.
  • If you choose monthly payments, you can also select the day of the month that your mortgage payment is due.
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.
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 is the difference between a discharge fee and 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. 

What are insurer's guidelines?

Meeting the insurer's guidelines will help you to get approved for a higher mortgage amount. Visit CMHC or Genworth Canada for more information.     

How do I calculate my prepayment charges?

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.

What costs are involved if I want to pay my payment frequency?

There is a service charge of $75 to process a date and/or payment frequency change.