Mortgage rates that are pretty great

No, that’s why we’ve partnered with Pine, to help you spend less on your mortgage with low rates and great monthly rebates.

Pine is a Canadian mortgage provider that offers a digital-first mortgage process that can be accessed at anytime. They have a dedicated team of experienced advisors, and have helped thousands of Canadians secure a mortgage, with no hidden fees and zero paperwork. With a quick and easy application process, they can offer you a personalized rate in 10 minutes or less, and typically a commitment letter within 48 hours. They're changing the way Canadians do mortgages, and we're changing the way they do money, so choosing them as a partner was a no-brainer.

Pine offers pre-approved, refinancing, and purchase mortgage products with fixed and variable rates, for both insured and uninsured mortgages. Here's a detailed breakdown:

Insured Mortgage – purchase & switch/renew (property value <$1M)

• Fixed rate - 1, 2, 3, 4, 5 yr term + 25 yr amortization period

• Adjustable Rate Mortgage (ARM) - 5 yr term + 25 yr amortization

• Refinances do not qualify for mortgage insurance

• Pre-approval available

Uninsured Mortgage – purchase & switch/renew (property value >$1M)

• Fixed rate - 5 yr term + up to a 30 yr amortization period

• Adjustable Rate Mortgage (ARM) - 5 yr term + 25 or 30 yr amortization

• Refinance available

• Pre-approval not available

Here are some other things to consider with Pine's mortgage products:

• Pine offers a minimum mortgage value of $100,000.
• Pine limits cash disbursements in re-finances up to $200k. Anything above this limit must be disbursed to a lawyer's trust account for use in specific transactions.
• Pine does offer HELOC mortgages but this is not their strongest mortgage product in regards to offering low rates, but they’re working hard in the background to improve this offering.

If there are fees relevant to closing on your mortgage they will be included in the APR. For example, some deals have a ~$300 fee added to the APR for legal fees & disbursements. However, Pine doesn't make money off fees, meaning they remove certain intermediaries to eliminate unnecessary costs.

Pine doesn't charge any lender fees — this includes origination fees, application fees, processing fees, underwriting fees, and commitment letter break fees.

In the case you want to break your Pine mortgage, a penalty applies and will be dependant on your mortgage terms:

• For closed fixed-rate mortgages, the penalty to break is equal to the greater of the interest rate differential, or 3 months' interest

• For adjustable-rate mortgages the penalty to break this term is 3 months' interest

For details about fees charged by Pine, see pine.ca or your commitment letter.

Pine has two prepayment options. You can either make prepayments totaling up to 20% of the original principal amount of the mortgage per calendar year, or increase your monthly payments by up to 20% of the current payment to reduce the mortgage's amortization without changing its term.

For details about Pine’s prepayment terms, see pine.ca or your commitment letter.

You can get a Pine mortgage through Weathsimple in Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, PEI, and Newfoundland. Pine does not currently offer mortgages in Quebec or the Territories.

New and existing Wealthsimple clients are eligible to receive a mortgage rebate with Pine. The discount is applied through a mortgage rebate that’s paid out as a cash sum in your Wealthsimple Cash account every month until the end of the initial mortgage term (up to 5 years).

The discount rate takes into account both the tier rebate and the deposit rebate. Check out this help centre article to learn more about how the Wealthsimple x Pine mortgage rebate works, eligibility and promotion related questions.

You can read the full eligibility and T&Cs for the client rebate here and the transfer rebate here.