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Why choose HLC Home Loans Canada?
Whether you're buying your first home, considering a renovation, or looking into your next purchase, HLC has the options, choice, and flexibility to meet your specific needs.
Better rates – Guaranteed discounted interest rates between 0.50% and 1.25%, or higher (including rates below prime).
Choice and flexibility – Access to 60% of all mortgage lenders in the Canadian marketplace and over 300 products.
Cash up front – Cashback up to 5% (Use the money however you like, including renovations, investments, or a lump-sum mortgage.)
Increased prepayment privileges – up to 20%.
Mortgage solutions – Specialized products specific to self-employment, previous credit issues, and rental or vacation properties.
HLC Home Loans Canada is a division of CIBC Mortgages Inc. in Saskatchewan; in all other provinces, 3877337 Canada Inc., a subsidiary of CIBC Mortgages Inc., carries on business as HLC Home Loans Canada.
What HLC mortgage product best suits my needs?
HLC's Special Mortgage Offer is available for a limited time.
HLC offers access to 60% of all mortgage lenders in the Canadian marketplace and over 300 mortgage products, including CIBC, FirstLine, and President's Choice Financial.
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Product
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Features and considerations
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| Variable-rate Mortgages |
- Short, open terms (6 to 12 months)
- Variable-rate mortgages
- Fully open products related to bank prime
- High risk tolerance
- Watch market trends
- Want flexibility and options, e.g., option to pay down mortgage at any time, without penalty
- Rate fluctuations
- Payment fluctuations
- Know how to capitalize on payment privileges
- Have equity in your home – greater than 25%
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| Long-term Products |
- Long terms (3 to 10 years)
- Fixed rates
- Closed mortgages
- Fixed payments for a set period of time
- Conservative, budget conscious
- Usually a first-time homebuyer or in the first third of your mortgage amortization (i.e. 1 to 10 years)
- Have a minimum of 5% down payment
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| Short-term Products |
- Short terms (1 to 3 years)
- Fixed rates
- Closed mortgages
- Fixed payments for a set period of time
- Somewhat conservative
- Prefer a shorter term (i.e. market/rate awareness)
- No rate or payment fluctuations
- Probably in the middle of your mortgage (i.e. 7 to 15 years)
- Have some equity in your home (i.e. greater than 15%)
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HLC Home Loans Canada is a division of CIBC Mortgages Inc. in Saskatchewan; in all other provinces, 3877337 Canada Inc., a subsidiary of CIBC Mortgages Inc., carries on business as HLC Home Loans Canada.
Register with E-rate
What is an easy way to keep an eye on mortgage rates?
HLC's E-rate Sheet is a great way to keep in touch with the mortgage marketplace and to learn about new products and offers that could save you thousands.
E-rate sheets will be distributed via e-mail every Wednesday from royallepage@hlcmortgages.ca with the subject line "www.royallepage.ca Rate Sheet Notice." You will receive a confirmation e-mail from HLC Home Loans Canada Mortgages.
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First name:
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Last name:
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E-mail:
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Personal information entered into the forms within the Mortgages section is being collected by HLC Home Loans Canada is a division of CIBC Mortgages Inc. in Saskatchewan; in all other provinces, 3877337 Canada Inc., a subsidiary of CIBC Mortgages Inc., carries on business as HLC Home Loans Canada. HLC respects your privacy and is committed to protecting your personal information. HLC's privacy statement HLC's process for Questions or Complaints.
Apply Now
How can I get pre-approval?
Mortgage Application
Take a few minutes to complete the mortgage application and an HLC mortgage specialist will contact you within four business hours, or please call 1-888-562-3284 to speak to an HLC mortgage specialist.
Mortgage FAQ
Why choose HLC?
Why should I choose a mortgage specialist?
Mortgage specialists have access to more financing products and can give you options, information, and mortgage pre-approval. They can also help you develop a mortgage strategy.
What are the features and benefits of the HLC Group Mortgages Plan?
The HLC Group Mortgages Plan allows you the choice, flexibility, and options to get the best possible mortgage solution for your personal financial situation:
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Feature and benefit
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Description
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| Preferred interest rates |
- Up to 2% below posted rates
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Choice
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- 60% of all mortgage lenders in the Canadian market, including CIBC, FirstLine, President's Choice Financial, National Bank, MCAP, First National
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Waived fees
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- Transfer or appraisal (certain conditions apply)
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Cash up front
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- Up to 5% to use however you like
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Unique solutions
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- Mortgage solutions in case of previous credit challenges, bankruptcy, or unique properties such as vacation homes, as well as personal situations such as self-employment
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Convenience
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- No need to leave your home or office – we are a phone call away: 1-888-562-3284
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What can I afford?
How do I figure out what I can afford?
House hunting begins at home... with planning. Before you grab the road maps and hit the streets with your favourite Royal LePage Realtor, you need to know how much house you can afford to buy. Knowing your affordable price range will bring your house hunting into focus.
The amount you can afford depends on a number of factors. Most importantly, consider your gross household income, your down payment amount, and the mortgage interest rate.
Two rules of thumb to determine the mortgage you can afford:
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Monthly payments
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Examples
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| First, determine your gross annual household income. |
$70,000 |
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Multiply by 32% to calculate your gross debt service ratio, which is the typical portion of your income that goes toward total household expenses.
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X 32% |
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The amount gives you the full amount you can afford between a mortgage payment, taxes, and mortgage life insurance.
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$22,400 or $1866 per month. |
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Purchase price
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The total amount of purchase price you can comfortably afford is approximately three times your household income. Of course, this general rule of thumb does not consider your down payment, assets and liabilities, or personal net worth. However, it is a good indicator of your general price range.
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Household income = $90,000Price range = $90,000 X 3 or $270,000 |
What are the additional and closing costs?
This is a list of possible extra costs involved in buying a home. Some of them are one-time costs and others, such as condominium maintenance fees and property insurance, will be ongoing monthly expenses.
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Costs can range from 1.5 to 5% of total purchase price, excluding down payment. For example, a purchase price of $250,000 would yield:
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| Appraisal fees |
$250 |
| Inspection |
$175 |
| Property survey |
-- |
| Mortgage insurance |
$2000 |
| Home/fire insurance |
$450 |
| Land Transfer Tax |
$2800 |
| Interest adjustments |
$350 |
| Property taxes and utility adjustments |
$400 |
| Legal fees and disbursements |
$700 |
| Sales taxes |
$800 |
| Moving expenses |
$500 |
| Immediate repairs |
-- |
| Service charges |
$200 |
| Appliances / decorating costs / painting |
$1000 |
| 4% of total purchase price of $250,000 |
$9625 |
What mortgage products and services can I get through HLC Home Loans Canada?
What are my mortgage options with HLC?
Selecting the right mortgage is as individual as you are. Determine your risk tolerance to help you determine what mortgage will best suit your needs.
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Mortgage options
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Determining whether this makes sense for you
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Short-term mortgages
historically a faster way to pay off your mortgage balance |
- Willing to play the market
- Believe rates are going to decrease
- Want the flexibility now and will decide long-term mortgage solution later
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Specialty mortgages
variable rate with lock-in features for longer term mortgages – best of both worlds |
- Good option for customer who wants both flexibility and certainty
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Closed vs. open terms
Are you considering refinancing or selling your home within the next five years? |
- Open terms – flexibility to pay off mortgage quicker and/or refinance in shorter time increments (from anytime to 6 months to a year)
- Good option if you believe rates will be coming down
- Closed terms – locks you in for 1 to 25 years, capitalize on low rates for set period of time
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Fixed vs. variable rate
prime rate mortgages tied to Bank of Canada rate setting policies, versus fixed-term mortgages that are tied to bond market |
- Currently in a low-prime-rate environment
- Over the past 25 years, taking a variable rate mortgage over a five-year, closed mortgage has been a better overall rate decision
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What are the advantages of a pre-approved mortgage?
Pre-approved mortgage advantages:
- guarantees an interest rate for a period of time and for a certain mortgage amount
- different lenders provide different types of pre-approvals
- some only consider only rate, mortgage amount, and time period (i.e. guarantee the rate for 30, 60, or 90 days); others, including HLC Group Mortgage Plan, consider your full financial picture, actually qualifying you for a true, financial peace of mind mortgage
What are my options for pre-approval eligibility periods with Home Loans Canada (HLC)?
HLC offers eligibility periods of:
- up to 120 days for an existing property
- up to 365 days for a new construction (depending on location)
When the mortgage lender pays the property taxes, how are payments calculated?
The estimated amount of your property taxes can be added to the mortgage payment and paid on your behalf at the appropriate times. Depending on the balance in your tax account, it may be necessary to increase or decrease the amount of monthly payments to reflect the timing of property tax payments.
What do I need to know about mortgage life insurance?
What is mortgage life insurance?
This kind of insurance protects your current lifestyle. If something unfortunate happens, your mortgage is 90% paid off.
What are the benefits of mortgage life insurance (MLI)?
MLI benefits:
- MLI is different from term insurance in that it strictly covers the entire cost of the mortgage, and is not subject to probate of wills.
- Ease of purchase: When you take MLI, you're automatically protected throughout the approval stage until mortgage closing.
- Forever Young policy: The premium is based upon your age at time of initial funding of mortgage. Therefore, your premiums never increase throughout the term of your mortgage.
- MLI avoids liquidation of assets in the event of an unfortunate circumstance.
- Your creditor insurance adds less than 4% to a monthly mortgage payment.
What is the difference between high-ratio mortgage insurance and mortgage life insurance?
High-ratio insurance is a government legislated mechanism to protect deposit-taking institutions for loans over 75% of the lesser of a property's appraised value or sale price. In Canada the insurance premium is paid to either of two approved insurers. Mortgage life insurance protects the estate or co-owner of an insured homeowner.
After I submit my mortgage application, can I make any changes?
Can we make changes to the mortgage application once the application has been submitted, such as length of term, repayment frequency, etc.?
Yes. Your ideal mortgage formula has probably already been created, but if you want to consider a change, it's possible to review the potential benefits.
What is an interest adjustment date (IAD)?
If your mortgage is due to close in the middle of the month, but your regular payments are set for the start of the month, your first mortgage payment could be delayed for several weeks. To cover this, a date is set as the IAD and an amount is collected on closing to cover this IAD period. Talk to your mortgage specialist about the possible IAD for your purchase.
To demystify mortgage terminology, consult our Glossary of Terms.
Lender Showcase
What borrowers and lenders does HLC work with?
HLC lenders specialize in the right mortgage financing solution for you:
- purchasing your first home
- Refinancing
- Debt consolidation
- Self-employment
- Downsizing
- Renovating
- Construction or project financing
- Rental properties
- Past credit issues
- Previous bankruptcy
- First and second mortgages
- Urban and rural properties
| Lenders |
Applicable regions |
Highlights |
| CIBC |
National |
Insured and conventional
Closed terms of 6 months, 2–5, 7, 10 years |
| Firstline |
National |
Insured and conventional
Closed terms of 6 months, 1–5,7, 10 years |
| PCF |
National (except QC) |
Insured and conventional
Closed terms of 6 months, 1–5, 7, 10 years |
| ING |
AB, BC, ON, PEI, NB, NF, NS, and SK |
Insured and conventional
Closed terms of 6 months, 1–5, 7, 10 years |
| MCAP |
National (except BC) |
Insured and conventional
Closed terms of 6 months, 1–5, 7, 10 years |
| National |
National |
Insured and conventional
Closed terms of 6 months, 1–5, 7, 10 years |
| First National |
National |
Insured and conventional
Closed terms of 6 months, 2–5, 7, 10 years |
| COOP |
ON, BC, AB, SK, MB, Atlantic |
Vision mortgage
Up to 75% loan-to-value ratio
95% insured |
| B2B |
National |
Insured and conventional
(6 month, 1–5, 7, 10 years closed)
"B" Program (ON only)
Up to 75% loan-to-value ratio |
| First Marathon Mortgage Corporation |
AB, BC, ON, PEI, NB, NF, NS, and SK |
Insured and conventional
Closed terms of 6 months, 1–5, 7, 10 years |
| Bridgewater |
ON, BC, AB, SK, MB, and Atlantic (except NS) |
Insured up to 95% |
| Equisure Trust |
ON, BC, AB, Atlantic (except NF) |
Insured up to 95% |
| Equitable Trust |
ON |
75% loan-to-value ratio in urban areas |
| Home Trust |
ON, BC, AB, NS, and NB |
"A","B," and "C" programs, up to 75% loan-to-value ratio in urban areas, up to 65% in rural areas. |
| Home Trust |
ON and AB |
Secured line of credit
AB up to 80%
ON up to 85%
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| Household Finance Corporation |
ON, BC, AB, central Prairies, Atlantic, QC |
Up to 90% loan-to-value ratio
2nd mortgages behind CIBC or institutional 1st
Specializes in self-employed |
| ICI (Not presently Lending) |
ON, BC, AB, Atlantic (except NS) |
Insured up to 95% |
| Industrial Alliance (Not presently Lending) |
Greater Toronto Area only |
Up to 75% loan-to-value ratio |
| Option Mortgage |
National (except YT and NWT) |
High-ratio, uninsured, and conventional
Terms of 1, 3, 5-years
Specializes in self-employment |
| Private |
ON, BC, AB |
Up to 85% loan-to-value ratio
2nd mortgages
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| XCEED Mortgage Corp. |
ON, AB, MB (Winnipeg only), Atlantic, BC |
Up to 90% loan-to-value ratio
90% financing
1st mortgage uninsured |
HLC Home Loans Canada is a division of CIBC Mortgages Inc. in Saskatchewan; in all other provinces, 3877337 Canada Inc., a subsidiary of CIBC Mortgages Inc., carries on business as HLC Home Loans Canada.
Contact the Experts: HLC Home Loans Canada
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First name:
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Last name:
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E-mail address:
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Phone:
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City:
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Province:
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Alberta British Columbia Manitoba N.W.T. Newfoundland Nova Scotia New Brunswick Ontario PEI Quebec Saskatchewan Yukon
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Comments:
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______________________
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Personal information entered into the forms within the Mortgages section is being collected by HLC Home Loans Canada is a division of CIBC Mortgages Inc. in Saskatchewan; in all other provinces, 3877337 Canada Inc., a subsidiary of CIBC Mortgages Inc., carries on business as HLC Home Loans Canada. HLC respects your privacy and is committed to protecting your personal information. Click here to read HLC's privacy statement. Click here to read HLC's process for Questions or Complaints.
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If the form does not function, simply contact us directly at: royallepage@hlcmortgages.ca
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