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Residential Mortgage

 

Product Name

Variable Rate Residential Mortgages

Product Description

Residential Mortgage includes any loan to an individual that is secured by residential property (i.e. one to four-unit
dwellings), including the Home Equity Lines of Credit (HELOCs) noted in the Line of Credit section, equity loans and
other such products that use residential property as security for the purpose of purchasing, renovating and refinancing
up to 80% of purchase price or appraised value and being repaid in instalments against a mortgage on the property
purchase.

  1. Variable rate only; the interest rate usually is based on a fixed premium over or below the Prime Lending Rate.
  2. Open Mortgage within a maximum 36-month term: client has the privilege to exercise the options, including paying down principal by any amount, paying out the mortgage in full and converting to a new term, without having to pay interest penalties, though the client usually has to pay an application fee for an open term mortgage product.
  3. Closed Mortgage within 1 to 5 years term: client has the annual pre-payment privilege subject to maximum of 20% of the original principal, based on the anniversary of completion (not calendar year) but will be charged pre-payment penalty of 2% as the annual pre-payment exceeding 20%.
  • People with proven stable income and occupation, with creditability and good payment capacity.
  • Apply in person or through our approved mortgage brokers at any of our branches.
  • Two valid identifications, Income proof documents (latest 2 years), purchase agreement of the property, credit reports, Notices of Assessment for the past 2 years, tenancy agreements with post-dated cheques or bank statements, appraisal, etc.
  • Question #1: With the changes to the Bank of Canada interest rates and consequently CTBC Bank’s Prime Rate, how does it affect my Variable Rate Mortgage?
  • Response: For the majority of our CTBC Bank mortgage accounts where the monthly payment was calculated with the Straight-Line Amortization Method (ie: equal principal payment plus accrued interest), the monthly payment is automatically adjusted but since the payment has likely increased you will need to make sure you have sufficient funds to cover the upcoming payment. For accounts that were calculated with the Blended/Traditional Amortization Method (ie: Fixed Payment), your payment will not change unless the updates to prime rate causes the variable rate on your mortgage to reach the Trigger Rate or the existing payment is not enough to cover the accrued interest. It should be noted in the case your interest rate increases but the regular payment remains, a greater portion of your monthly payment goes toward interest and less towards the mortgage principal. As a result, this can possibly extend your original amortization period and thus your mortgage will be paid at a later date then originally scheduled. However, upon maturity, should you decide to renew your mortgage with CTBC Bank, the payments will be adjusted and the original amortization schedule will be restored.
  • Question #2:  How do I know if my mortgage is based on either the Straight-Line or Blended Method?
  • Response: In simple terms, with the Straight-Line method, since the payment is based on an equal Principal plus accrued interest per month, every payment made will vary month to month. On the other hand, for the Blended method, your regular payment is the same amount every month. If you are still unsure of your payment arrangement, please feel free to contact one of our local CTBC Bank branches who will gladly assist you.
  • Question #3: The Variable rate on my Mortgage has reached the trigger point or my regular payment is not enough to cover the accrued interest, what’s next?
  • Response: Should either one of these scenarios arise or it is closely approaching, an adjustment will be made to your monthly payment to rectify the issue and a member our CTBC Bank family will be in contact to notify you of the situation and provide further details. Contact will be made either via Phone, e-mail or mail. Formal confirmation of the modified payment will be sent in the mail.
  • Question #4: Given the possible changes to my account, what will happen to my mortgage at maturity?
  • Response: As a valuable customer to our CTBC Bank family, at maturity, should you decide to pursue a renewal with us and your account continues to meet our current requirements & you have not received any notification otherwise (ie: Non-Renewal), we will gladly consider providing you with our current renewal options & your payments will be re-adjusted with the rate offered at that time and to restore the original amortization schedule. Please note, the re-adjustment of your payments may lead to a significant increase so it is important to keep that in mind when making your informed decisions.
  • Question #5: I have concerns about my adjusted payments, are there other options for me?
  • Response: Given the fluid nature of variable rate mortgages, the Bank understands the uncertainty can be stressful. If you have any questions or concerns about your current mortgage arrangement, please feel free to contact one of our local CTBC Bank branches who will gladly assist you.
  • Question #6: I still have other questions regarding Variable Rate Mortgages, where can I find additional information?
  • Response: The Financial Consumer Agency of Canada (FCAC) website is your best resource to gather further information to make an informed decision. The links are provided below
  • https://www.canada.ca/en/financial-consumer-agency/services/interest-rates-rise.html
  • https://www.canada.ca/en/services/finance/debt.html

    *DISCLAIMER:  Although we make every effort to ensure its accuracy, the information contained in this FAQ is presented in summary fashion, for your convenience only.  Your actual legal rights and obligations are set out in the documentation provided to you at the time funds were advanced under your mortgage. In the case of any ambiguity or conflict between those documents and the information in this FAQ, your mortgage documents will govern.
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Personal Line of Credit

 

Product Name

Personal Line of Credit (or Home Equity Line of Credit, HELOC)

Product Description

The is a revolving credit facility for the purpose of purchasing real estate, readily realizable investment, home
renovation, vehicle, etc. The amount of the limit will be based on income, assets and credit record. The line is revolving
within the limit and borrower does not need to pay any interest on any undrawn balance.

Available Currencies

CAD, USD

  1. Variable interest rate only; interest is calculated on a daily basis on the balance outstanding.
  2. Clients could use the equity in your home or your investment portfolio as collateral to secure a higher credit
    limit at a lower interest rate.
  3. The limit of a Secured Line of Credit is available up to a maximum of 65% of the value of your net equity in
    your home or +/- 65% against other collateral as security.
  4. The line will be subject to annual review for the purpose of monitoring of line utilization.
  5. ​Once you pay down your balance, no need to re-apply for re-advances.
  6. Flexible repayment plan and you can repay any principal at any time without penalty to minimize your
    interest costs, though a minimum monthly repayment will be determined by the bank from time to time.
  • People with proven stable income and occupation, with creditability and good payment capacity.
  • Apply in person or with our approved mortgage brokers at any of our branches.
  • Two valid identifications, Income proof documents (latest 2 years), purchase agreement of the property, credit reports, Notices of Assessment for the past 2 years, tenancy agreements with post-dated cheques or bank statements, appraisal, etc.
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FOR MORE INFORMATION, PLEASE CONTACT US:

BRANCH ADDRESS BANKING HOURS
Vancouver Branch

2799 Granville Street, Vancouver, B.C. Canada V6H 3J1

(604) 683-3882

Monday - Friday

9am - 5pm PST
Richmond Branch

120-5911 No.3 Road, Richmond, B.C. Canada V6X 0K9

(778) 234-8700

Monday - Friday

9am - 5pm PST
Burnaby Branch

105-4501 Kingsway, Burnaby, B.C. Canada V5H 0E5

(604) 437-3868

Monday - Friday

9am - 5pm PST
Toronto Branch

28-505 Highway 7 East, Markham, ON Canada L3T 7T1

(905) 418-8869

Monday - Friday

9am - 5pm EST
 
SEE TODAY'S RATES

Rates are subject to change without prior notice. For Bank Notes, please consult with customer service.
 

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