- Select a fixed payment frequency of your choice
- Finance up to 95% of the value of your home purchase
- Access up to 80% of the equity in your current home
- Choose from closed term options of 6 months to 5 years or a 1 year open term
- Prepay up to 20% of your original balance annually on the anniversary date
- Increase your payments by up to 100% at any time during the term
Northsave Mortgage Special
For your first home, your dream home, or anything in between.
Great rates and the right advice for:
- New mortgages
- Renewals
- Renovations
- Recreation and more!
CreditMaster® mortgages: a different kind of lending solution
Northern Savings members enjoy exclusive access to CreditMaster® mortgages and home equity lines of credit, a unique home financing solution that helps you build a mortgage-free tomorrow, without sacrificing your freedom today.
Unique, flexible lending options
Unlike mortgages offered by most financial institutions, the CreditMaster® mortgage is re-advanceable – which means it’s easy to access some of the money you’ve paid down.
Level up your borrowing power
As you pay down your mortgage, you can easily tap into your home equity to consolidate debts, finance a home reno, or pay for a big purchase – without additional legal fees.
Explore our flexible home financing options
House hunting? Get pre-approved and lock in your rate for 120 days!
Fixed Mortgages
Enjoy predictable mortgage payments, without the worry of interest rate ups and downs.
Features and benefits
Open Variable Mortgages
Enjoy the flexibility of making lump sum payments or pay off your mortgage at any time without penalty.
Features and benefits
- 3 year term available
- Interest rates fluctuate with Prime Rate changes
- If rates decrease, more of your regular payment is applied to your principal
- Ability to convert into fixed rate term at any time, without paying a penalty
- Finance for up to 95% of the value of your home purchase
- Access up to 80% of the equity in your current home
Closed Variable Mortgages
Benefit from potential interest rate decreases over time and enjoy flexible prepayment options.Features and benefits
- 5 year term available
- Interest rates fluctuate with Prime Rate changes
- Increase payments by up to 100% any time during the term
- Prepay up to 10% of your original balance annually on the anniversary date
- Ability to convert into fixed rate term at any time, without paying a penalty (some conditions apply)
- Finance for up to 95% of the value of your home purchase
- Access up to 80% of the equity in your current home
Home Equity Line of Credit (HELOC)
Pay for life’s big purchases or even your everyday borrowing needs, with easy access to cash through our Prime Line HELOC.
Features and benefits
- Borrow up to 65% of your home’s value
- Interest rates fluctuate with Prime Rate changes
- Finance a home reno, your kids’ education, or any other big purchase
- Pay off the line of credit at any time and use it again without having to re-apply
- Pay lower interest rates than with credit cards or other loans
Construction Mortgages
Found the perfect spot to build your dream home? Get cash flow to cover construction costs with flexible terms for changes in plan.
Features and benefits
- Loan advances for different construction stages
- Only pay interest on advanced loan amounts
- Interest-only payments while your home is built
- Minimum 25% down payment
- Open or closed terms at competitive fixed or variable rates
- Amortizations of up to 25 years
Give your home-construction project a safety net
Our local insurance experts can get competitive quotes for a short-term policy to cover the construction phase or an annual policy that can easily converts once the home is completed.
EnergySave Mortgages and Loans
Invest in energy-saving upgrades for your home, and save on borrowing costs with low-interest lending options
EnergySave Loans
Finance your green home upgrade with affordable rates and flexible payment terms.
Learn more
- Loan amounts starting at $3,500
- Prime + 0.75%*
- Terms up to 10 years
Eligible Upgrades
- Insulation
- Energy efficient windows and doors
- Heat pumps and energy efficient furnaces
- Solar panels
Want to make sure your project qualifies?
Contact us
EnergySave Mortgages
Renewing or refinancing your mortgage? Roll in the cost of your upgrades at discounted rates.
Features and benefits
- Loan amounts starting at $5,000
- Borrow up to 65% of your home's equity
- Up to 0.75% off posted mortgage rates*
Find more rebates and offers
Check out provincial and national green incentive programs
Try our mortgage calculator
Find out how much home you can afford with different terms and payments.
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Check out our competitive rates
Enjoy fixed or variable rate options based on Northern Savings’ Prime Rate.
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Need help getting started?
Our team of local mortgage experts can answer your questions.
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Tips for your mortgage journey
Whether you’re buying your first home, renewing or refinancing, find out what you need to get started.
What to bring to your in-branch mortgage approval appointment
When you apply for a mortgage, we’ll book an appointment with you to review your situation and go over your options.
In your appointment, you’ll need to provide:
- Proof of income, like a T4 or recent paystub if you’re a salaried employee. If you’re a seasonal employee, business owner or self-employed, you’ll need to provide T1 General Tax Returns and other tax documents.
- Details on your home purchase, like a Purchase Agreement or a Realtor Spec Sheet
- Information about your assets, including investment statements and a list of all the property and assets you own
- Your total outstanding debts, including credit card, loan, mortgage and line of credit balances
Mortgage 101: key questions to ask
When shopping around for a mortgage, you’ll need to consider:
- How long you want your amortization period to be: This is the total length of time it will take to pay off the balance in full.
- Open or closed: Open mortgages allow you to pay back your mortgage in full at any time; closed options have more limits on how much principal you can pay back and when
- Fixed or variable: You might choose fixed if you prefer a set interest rate for the full length of the term, but variable could be a good option if you’re comfortable letting your mortgage float with interest rates.
- Options for payment increases and making extra payments
- Penalties for paying off your mortgage early
Find out more about the different types of mortgages available and key terms that you’ll encounter in your mortgage journey.
Learn more
Financing your down payment
The RRSP and FHSA are two of the top tools for saving a down payment.
- Use up to $35,000 of your RRSP savings (or $70,000 for a couple) to help finance your down payment on a home
- To qualify, the RRSP funds you're using must have been deposited at least 90 days prior
- Under the Home Buyers’ Plan (HBP), you must be considered a first-time buyer, and intend to occupy the home as your principal residence within one year after buying or building it
- The First Home Savings Account (FHSA) is a registered plan to save for your first home tax-free
- You can save up to $40,000 in an FHSA and contribute up to $8,000 per year, with unused contribution room carrying forward
Find out more about financing a down payment and get tips on qualifying for a mortgage faster.
*Terms and conditions are subject to change. On approved credit. For applications meeting eligible energy efficient upgrades. Cannot be combined with other outstanding promotions, discounts or offers.
Protect your home from the unexpected
For homes and budgets of any size, we’ve got flexible coverage options to help you protect the things that matter most.
Plan for your other financial goals
Homeownership is just one of your dreams. Let our team of financial planning experts help you figure out the rest.
Credit cards that fit your lifestyle
Enjoy rewards points, 24/7 security, robust coverage options and convenient mobile payments with a Northern Savings card.
