Alterna Mortgage
Although Alterna offers some unique mortgage products, Alterna mortgage may or may not be the ideal lender for you or your situation.
If you are interested in an Alterna mortgage product or would like to compare other products to Alterna mortgage rates, please call today or apply online.
Use our mortgage calculator to give you an idea of how much you can afford.
5% Cash Back Mortgage
Alterna offers a 5% cash back mortgage. This is a great product for first time home buyers with no down payment or savvy investors. Alterna offers this product in 5 and 7 year fixed mortgage rate term. Because this product is utilized by high-ratio and higher risk borrowers, the product usually carries a premium in terms of rate. The 5 year 5% cash back mortgage rate is usually 1.25% or more higher then their traditional 5 year discounted rate. At these historic lows in interest rates, this is still a fantastic rate for someone who wants to buy a house with very little down payment.
For more information on how to obtain a property with ‘0%’ down, look for the article in the first time home buyers section.
Self Employed Borrowers
Alterna mortgage offers mortgages to small business and self employed borrowers. With as little as 2 years notice of assessment showing no taxes owing and 2 years of proof of business you can obtain a mortgage loan up to 95%.
Other Alterna Mortgage Products Available
- High ratio mortgages – up to 95% loan to value
- Home equity line of credit
- Divide your mortgage between fixed & variable rates, length of term and open & closed
- Commercial mortgages
Alterna Mortgage Terms Available
| Fixed Rate: | 1, 2, 3, 4, 5, 7 + 10 year |
| Variable Rate: | 3 year |
| Convertible: | n/a |
| Closed: | 1, 2, 3, 4, 5 , 7 + 10 year fixed rate |
| Open: | 6 month + 1 year fixed rate |
Alterna Mortgage Payment Options
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Weekly
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Biweekly (accelerated)
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Semi-monthly
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Monthly
Alterna Mortgage Pre-payment Options
- Double your scheduled payments.
- Increase your payments by 20%
- Pre-pay up to 20% each year on the original balance of your mortgage without penalty.