Compass Mortgage

We like to keep costs down in order to provide our clients with a better rate.

Supporting a myriad of different mortgage brokerages and mortgage agents would require us to hire numerous sales representatives and auditors. This would be costly and would require us to raise our mortgage rates.

Some mortgage brokers are less than pleased that we only offer our products through a select few brokers, and thus may make false claims about us and our products. If you have any questions, please contact us directly. We’re always happy to hear from you.

Never has a CMHC-approved lender gone bankrupt. The federal government maintains a very high standard for the level of equity and underwriting requirements needed to be an approved lender. They regularly verify that these standards are continuously maintained.

Furthermore, audit after audit has shown that our pool of clients not only has the highest average credit scores but also some of the lowest arrears rates.

The agreement we have with each of our clients lasts for the term of their mortgage. This arrangement can’t be changed by us or anyone purchasing THINK Financial.

No. Callable mortgages in Canada are very rare and dependent on specific circumstances. A callable debt is a provision in a loan that allows the mortgage lender to require you to repay the loan in full before the end of the loan term, which can happen if the terms of the loan are breached, and at the discretion of the lender.

Some lenders compound their rates on a monthly basis, which means you pay more interest. At THINK Financial, we compound your rate semi-annually, which is more beneficial to you.

The Compass Mortgage is currently offered as a fixed-rate mortgage with a 2-year term.

If your mortgage is paid out in full before maturity for any reason, here is the process:

• A lawyer is typically retained to request a mortgage discharge statement for a specific date.
• We provide a payout statement requesting the charges owed, which can include a pre-payment penalty ($1500, 3-month's interest or 3% of balance as per pre-payment penalty terms), discharge fees, reinvestment fee (if for a closed rate mortgage), any designated rebate clawback, and any other associated charges.
• On the designated date, once payment is received in full, the mortgage discharge statement is processed and sent to your lawyer or the relevant land registry office to file.
• THINK’s financial claim (lien) for the mortgage is then removed from your property.
• You or your lawyer will receive confirmation that your mortgage is paid in full; you can request a copy of the discharge document from us.

You can choose to renew your mortgage with us or have it transferred to another lender. At this time, you also have the flexibility to pay down an additional lump sum beyond the standard pre-payment limit.

If we have not received a signed renewal agreement or the mortgage has not been paid on or before the maturity date, we automatically renew your mortgage into a term that will be disclosed on your renewal agreement.

Some lenders don’t allow you to increase your regular payments on their mortgages, and they may also have smaller lump sum options and only allow you to make one lump sum payment per year.

With THINK Financial's Compass Mortgage, you get up to 20% maximum of lump sum ability. In other words, at any time during the mortgage year, you can increase your regular mortgage payments or make lump sums totalling up to 20% of the original principal amount without penalty (minimum lump sum amount is $100).

Your insurance policy must include the first loss payee as follows:

TSX Trust Company
C/O True North Mortgage Inc.
3600 - Bow Valley Square II
205 5th Ave SW
Calgary, AB T2P 2V7

It can be emailed to: requests@thinkfinancial.ca

No one likes hidden fees, including us. We lay everything out clearly so there are no surprises. Have a question about a fee? Just ask — we’re happy to explain. Contact us.

THINK Financial reserves the right to amend these fees.

Returned or Refused Payment (NSF): $175

Hold/Delay Payment: $90

Non-Preauthorized Debit Payment: $35

Discharge Fee: BC – $75 | AB – $0 | MB – $132 | Other – $380

Government Fee for Discharge: Varies by province

Duplicate Discharge Documents: ON – $25 | Other – $100

Assumption Fee: $450

Change of Covenant Fee: $350

Reinvestment Fee: $249

Legal Action Administration Fee: $1,295

Property Inspection Fee: $200

Property Tax Administration Fee: $300/year (charged monthly)

Property Tax Account Cancellation Fee: $75

Municipal Property Tax Admin Fee: Varies

Account Maintenance Fee: $360/year (charged monthly)

Amortization Adjustment Fee: $95

Bankruptcy/Consumer Proposal Fee: $200

Condominium/Utility Arrears Administration Fee: $200

Renewal Fee: $399

Bridge Loan Processing Fee: $500-700

Statements are available online. However, when you require a printed version, the following fees may apply:

Annual Statement Reprint: $25

Reprint of Previous Years: $75

Printed Information Statements: $25

Amortization Schedule: $25

Tax Account Breakdown: $25