1. Client Services
  2. Financial Solutions
  3. Alternative Mortgage Options
Couple enjoying coffee in their new home

Flexible solutions for traditional and non-traditional borrowers

Mortgage Options, Tailored To You

We offer a variety of products, including flexible alternative mortgage solutions, for clients who may not fit within traditional guidelines. Including those who are self-employed, commissioned, have bruised credit, or have outstanding CRA debts.
Purchases & rentals
Purchasing a new home or rental property?
  • Find the perfect solution as new home buyers or real estate investors
  • Borrow up to 95% of the value of your property for owner-occupied homes and 80% for rental properties
  • Enjoy flexible lending solutions as a non-traditional borrower (self-employed, commissioned, bruised credit etc.)
  • 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. Explore the information below to help you decide what best matches your needs.

New homes
  • If you meet insurer’s 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 many lending options available to help you purchase your new home
  • Financing 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
  • You have the opportunity to port your mortgage—transferring your existing mortgage terms to your new property
Save thousands of dollars and lower your interest rate by refinancing your mortgage
  • 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
Finance all of your goals

Take advantage of the equity in your home to help reach your goals:

  • Renovating your home
  • Contributing to your RRSP
  • Paying for tuition
  • Purchasing a rental or vacation property
  • Taking advantage of investment opportunities
Get ahead faster

Refinance to help you get ahead faster by:

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

Find the mortgage rate option that works for you:

Home equity line of credit
Turn your home equity into a flexible tool
  • Pay as much or as little as you want, as long as you meet the monthly minimum payment
  • Pay interest only on the amount you use
  • Manage your interest rate and maximize flexibility by splitting your available funds into three separate lines of credit
HELOCs can help you to:
  • Renovate your home
  • Purchase a vehicle
  • Pay off credit cards
  • Consolidate debt
  • Take a vacation
  • Pay a child’s tuition
  • Purchase a rental or vacation property
  • Take advantage of an investment opportunity
HOMEWORKS® offers you the chance to:
  • Keep your existing monthly payments and reduce debt faster or lower your monthly payments and have more funds at your disposal
  • Mix and match with other banking products
  • Split your mortgage between variable and fixed rates
  • Customize a home equity line of credit (HELOC) plan to fit your needs
  • Pay as much or as little as you want, as long as you meet the monthly minimum payment
  • Pay interest only on the amount you use (lines of credit only) 
Other features available
  • Manage your interest rate and maximize your flexibility by splitting your mortgage into two or three different types of lines of credit, mortgages and/or loans
  • Access your funds at one of Canadian Western Bank’s 41 branches or 2,400 ABMs across Canada
  • Increase your HELOC limit if your home increases in value
  • Have access to Canadian Western Bank’s E-Pay System – allowing you to transfer money to bank accounts with other financial institutions 

Is your mortgage up for renewal? It's time to talk to a renewal specialist about your borrowing needs
  • Your mortgage renewal can be made over the phone without hassle, lawyers, legal fees or appraisal fees. We can help you structure your mortgage renewal to take advantage of these available benefits. Renewing early may let you lock in a lower interest rate by blending your existing mortgage rate with the new rate for an extended term
  • Changing your payment frequency can save you thousands of dollars in interest over the life of your mortgage. You can even match your mortgage payments with your payday or change how often you make payments
  • Using your prepayment privileges allows you to put extra money towards your mortgage principal without incurring prepayment charges

Contact us today to learn about your renewal options

Toll-free: 1.866.441.3775

Email: [email protected]

To apply for a mortgage with Optimum, complete the application form and fax it to 1.866.477.8897