UP TO 40-YEAR AMORTIZATION

Extended Mortgage

Need to go longer? Now you can.

With a fixed-rate term, access up to a 40-year amortization for lower payments when you can't do without the budget or income-qualifying room. Get prime rates and flexible features, and the great service you've come to expect from THINK.

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Prime Rates

2-Year Fixed Rate

For uninsured mortgages,
conditions apply.

40-Year AM

Longest in the Industry

Available from 10 years up to 40 years.

Lower Payments

Get Needed Budget Room

To improve qualification, save, or spend.

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Better Prepayment Privileges

Higher lump sum allowed.

You get up to 20% maximum of lump sum ability per anniversary year. In other words, at any time during the mortgage year, on a regular payment date, you can pay lump sums totalling up to 20% of the original principal amount (set at the beginning of the term*) without penalty (minimum amount $100). Yes, that means you could pay off your entire mortgage in less than 5 years. And yes, the entire lump sum payment will go toward your principal.

*Term is the length of time your rate and options are set, which is not the same as amortization. The original principal amount is reset for a new term upon rate conversion/lock-in, early renewal or regular renewal.

Increase payments using your (higher) lump sum allowance.

Utilize your annual lump sum ability of up to 20% to increase your regular payments. This feature can be turned on and off throughout the term of your mortgage. A big lump sum payment can be made to reduce the size of all future regular payments.

Lower Payout Penalties

A penalty is charged for breaking your mortgage term before your maturity date (renewal period) — for example, if you decide to sell your home. The penalty depends on your rate type, remaining term, and the interest rate used to calculate the penalty.

THINK Financial only uses the current market rate for penalty calculations versus the (often higher) posted rate many lenders use (see THINK FAQs for more information).

Fixed-Rate Mortgage

The amount of penalty incurred for this rate type would be the greater of either:

  1. At the current mortgage rate, 3 months interest (plus a pro-rated portion of your original rebate and penalty covered by us, if received), or;
  2. The Interest Rate Differential (IRD), which is the future interest on your current mortgage, minus the interest of an equivalent mortgage rate if issued today.

[IRD penalty example:]

If you received a $400,000, 5-year fixed mortgage through us on July 1st at a rate of 4.59%, your IRD penalty, if rates stay the same, would be $0, so your penalty would be 3 months interest, approximately $4,590, depending on exactly when you paid off the mortgage.

If rates were to fall, your penalty would increase due to the IRD penalty. For example, if fixed rates fell to 3.59% in year 2, your penalty would be about $13,500.

Lower Prepayment Charges

If you want to pay off your mortgage faster than your prepayment privileges allow, you can, but it will incur penalties charged depending on your rate type, remaining term, and the interest rate used to calculate the penalty.

For example, if you decide to place a 30% lump sum (of the original principal amount set at the beginning of your term), 20% is allowable and on the remaining 10%, you would pay the greater of either 3-months interest or IRD (Interest Rate Differential) penalty

Change Your Payment Frequency

Unlike most lenders, we don't charge a fee if you want to change your payment schedule. Monthly or biweekly is considered standard (may depend on when you receive your paycheque), but other options include semi-monthly, accelerated biweekly, weekly, and accelerated weekly. Choosing an accelerated schedule can help save thousands on interest costs over the life of your mortgage and reduce your amortization by several months or years.

Recast for Lower Payments

Are you pre-paying a lump sum on your mortgage principal, or have you accumulated an amount down through increased payments? Our free (no fees) mortgage recast feature allows you to move your amortization back to where it should be (original amortization minus time served) to lower your payments now rather than wait for renewal.

No Hidden Fees

We offer exceptional mortgage service with fewer fees and full transparency. You won't be charged fees that aren't directly related to a specific action or change. Plus, we occasionally cover certain fees, for example, discharge and appraisal fees for a switch to THINK Financial (depending on qualifying details).

Easy to Read

Our mortgage commitments are easy to read and understand, and contain all the fine print you need to know for your contract.

Terms and conditions apply.

The Extended Mortgage product requires a minimum principal of $100K and has a maximum amortization of 40 years. Location restrictions apply. Offer available for uninsured mortgages (at least 20% down payment or home equity of 20% or more) for home purchases and refinances, including those transferring from another financial institution. The mortgage must fund within 120 days of the loan application date.