OUR BETTER STANDARD MORTGAGE

The Works Variable

Fly further with full, flexible features.

Your adjusting, great-rate variable mortgage has more options and fewer fees. A wiser mortgage choice to help reach your financial goals sooner — it's eye-opening how much you could save.

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The best 5-year, full-featured variable mortgage you can get.

Floating payments adjust with the prime rate to keep your mortgage goals on track.

More flexibility and lower penalties compared to fixed rates.

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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.

Higher payments with 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).

Variable-Rate ARM Mortgage (Adjustable Rate Mortgage)

The penalty charged for this rate type is 3 months interest at the current mortgage rate (plus a pro-rated portion of your original rebate and penalty covered by us, if received):

  1. The present value, as determined by us, of the total amount of interest which would have been payable on the outstanding principal amount if the prepayment had not been made, calculated from the date of prepayment to the maturity date, at the current mortgage rate.
  2. The present value, as determined by us, of the total amount of interest calculated on the outstanding principal amount, calculated from the date of prepayment to the maturity date, at the interest rate per annum set by us applicable to residential mortgages in Canada, for the mortgage term nearest in length to the remaining term of the loan on the prepayment date.
  3. The percentage of the remaining term multiplied by the original rebate amount plus the amount of penalty covered by us when issuing an early renewal.

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 a 3-months interest 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 to Lower Your Payment

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 it should be (original amortization minus time served) to lower your payments now rather than wait for renewal.

Portability

During your current mortgage term, you may be able to transfer your existing mortgage (rate or blended rate and product features) to a new property without breaking your contract and paying a penalty (a fee may apply). Not all lenders offer this feature, and your ability to port can depend on government limitations and funding restrictions. Please provide at least 30 days' notice before your possession date to allow time for your port approval.

Cash-Back and Rebates

During your current mortgage term, you may be able to transfer your existing mortgage (rate or blended rate and product features) to a new property without breaking your contract and paying a penalty (a fee may apply). Not all lenders offer this feature, and your ability to port can depend on government limitations and funding restrictions. Please provide at least 30 days' notice before your possession date to allow time for your port approval.

No Hidden Fees

We offer exceptional mortgage service with fewer fees and full transparency. You won't be charged made-up fees, like 'wire,' 're-investment,' or other admin 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).

More Features

Other options are part of your premium mortgage product at a great rate, including assumable mortgage, convertibility (from a variable rate into a fixed rate), early renewal, and 'blend and extend' (fees may apply). Please see THINK Mortgage Basics or contact your THINK mortgage broker for more information.

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 Works mortgage product requires a minimum principal of $100K and a maximum amortization of 25 years. The mortgage must fund within 40 days of the loan application date.