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Mortgages

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Visit our Mortgage section of our website or visit our contact page and submit your question through the "Who can help me?" link or call one of our financial experts at any of our three branches.

How can I change the frequency of my mortgage payments?
How will I know when it is time to renew my OMISTA mortgage?
Can I renew my mortgage before my term is up?
What is the difference between an open, fixed, closed, and variable mortgage?
When applying for a mortgage, what items should I bring to my appointment with my OMISTA financial expert?
What is the minimum mortgage amount I can receive at OMISTA?
What are some general reminders when making a move into a new home?
What are some other costs of purchase I can expect to have to pay?

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1. How can I change the frequency of my mortgage payments?

We understand that changes in your lifestyle may also require changes in the frequency of your payments. To change your payment frequency simply visit the branch of your account and one of our financial experts will be able to assist you in changing your payments to a frequency that suits your lifestyle and needs. Please note that interest charges may be owing for the period from your last payment date to your revised payment date.

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2. How will I know when it is time to renew my OMISTA mortgage?

Roughly 30 days before your mortgage term is up, you will received in the mail a reminder from your OMISTA financial expert informing you of the upcoming renewal date. This is a good reason to make sure your address on file with OMISTA is up to date, and a good time to review other financial needs to may have.

3. Can I renew my mortgage before my term is up?

No problem! Early renewal is available to any OMISTA owner and is especially convenient if you think interest rates may be on the rise. Early renewal will allow you to lock into current rates.

4. What is the difference between an open, fixed, closed, and variable mortgage?

Open: Gives the borrower the option to repay any amount of the balance owing at any time without penalty (interest rates are usually higher on open mortgages).

Fixed: Allows the borrower to repay portions of the mortgage amount through extra payments with an interest penalty.

Closed: Does not allow extra payments or early repayment. Interest rates are usually lower on closed mortgages.

Variable: Potential for significant savings of interest costs and improved flexibility. The interest rate varies during the term of the mortgage.

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5. When applying for a mortgage, what items should I bring to my appointment with my OMISTA financial expert?

When applying for a mortgage, you should bring the following items with you:

T-4 slip or other proof of salaried employment, or a complete financial statement/income tax returns for 3 years if you are self-employed;
Your social insurance number;
Offer to Purchase should include the real estate listing cut sheet and a picture of the home;
Your confirmation of down payment and closing costs

6. What is the minimum mortgage amount I can receive at OMISTA?

At OMISTA, there is no minimum mortgage amount.

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7. What are some general reminders when making a move into a new home?

Change your address for:

Magazines
Insurance Policies
Creditors and places where you have charge accounts or credit cards
Doctors and dentists
Schools
Financial Institutions
Employer
Government (income tax, family allowance, CPP etc.)

Subscribe to a postal forwarding service
Arrange with your insurance agent to have insurance coverage on your new home in effect on the day of closing and send notice to the lender or funds cannot be distributed.
Arrange for utilities to be available for your new home:

Telephone
Heating Fuel Company
Natural Gas
Electricity
Cable, TV

If moving out of province, arrange for hospital and medical coverage.

8. What are some other costs of purchase I can expect to have to pay?

It is important to prepare for other costs so there are no surprises. If you need further explanation of these costs, and OMISTA financial expert would be glad to explain to you in more detail.

Down Payment - a minimum down payment of 5% - 10% of the purchase price can be expected depending on your mortgage type and credit rating. OMISTA does offer more flexible options with our no down payment*.

Home Inspection fee - although not mandatory, it's a good idea to get your home inspected by a professional. The inspection may bring to light areas where repairs or maintenance are required and will assure you that the house is structurally sound.

Appraisal Fee - may be required by the financial institution to ensure the property is sufficient security for the mortgage. If CMHC insured loan, the application fee covers the cost of the appraisal and will be deducted from the loan in advance (currently up to $235).

Legal Fees (including disbursements) - includes lawyer's fees plus any disbursements required to transfer the property. These vary so check for estimates from a few reputable firms.

Land Transfer Tax - this is a one time tax paid to the province which is based on a percentage of the purchase price of the property.

Survey Certificate - OMISTA requires either a survey certificate or a First Canadian Title insurance certificate. This is to ensure the house is situated on the lot within legal restrictions.

Property Taxes and other Adjustments- you will be responsible for paying the taxes for the portion of the year which you own your property. If the current owner has already paid the full year's property taxes to the municipality, you must reimburse him/her for your share of the year's taxes. Adjustments to other items such as utilities and water & sewer may also be required.

Mortgage Insurance - if the down payment is less than 25% of the purchase price, an insurance premium on the mortgage amount is required (this premium may be added to your mortgage amount).

Home Insurance - arranged on the property in the event of fire or other damage.

Life Insurance - optional, but is available to cover amount of mortgage in event of your death of you or your spouse.

Other costs may include:

Repairs & Renovations
Hydro, phone and cable hookup
Water test for a private well
Moving costs

*Some restrictions may apply.

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