Mortgages

Get approved for a business mortgage and fund the purchase, expansion, or renovation of a property that's going to boost your business. It's different here because we offer a wide range of mortgage options, and all mortgages are locally approved.

Getting Started

To inquire about our Business Mortgages, just call or visit our Business Services department at our Sault Ste. Marie Bay Street branch.

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Fixed Rate Mortgage Expand/Collapse

If you are looking for a mortgage that makes payments more predictable and budgeting easier, a fixed-rate mortgage could be the right choice for you. With a fixed-rate mortgage, you get the same interest rate for the entire term of the mortgage, so you can count on making the same payment every month.

Community First offers both open and closed fixed rate mortgages.

Open Mortgage

With an open mortgage, you can repay your mortgage in full or in part at any time without penalty.

Closed Mortgage

With a closed mortgage, the mortgage can't be repaid before maturity without penalty. However, members can make annual prepayments of up to 20% of their original mortgage balance and/or double up on payments on any regular payment date.

Mortgage Terms Available

Terms available for our fixed rate open mortgages are 6 months and 12 months.

Terms available for our fixed rate closed mortgages are from 1 to 5 years.

Mortgage Protection

Available protection options include Life Insurance, Critical Illness Insurance, and Disability Insurance on your mortgage. 

Variable Rate Mortgage Expand/Collapse

A variable rate mortgage is a mortgage in which the rate of interest fluctuates in response to changes in the prime rate.

This type of product allows you to take advantage of low interest rate periods. When interest rates fall, you are paying down more on your principal with each payment, and less interest. When interest rates rise with a variable rate mortgage, the amount of interest increases and your principal payment decreases.

Community First offers closed variable rate mortgages.

Closed Mortgage

With a closed mortgage, the mortgage cannot be repaid before maturity without penalty. However, members can make annual prepayments of up to 20% of their original mortgage balance and / or double up on payments on any regular payment date.

Mortgage Terms Available

5-Year Term ONLY is available for our variable rate mortgages.

Mortgage Protection

The option to include Life Insurance, Critical Illness Insurance, Disability Insurance, and Loss of Employment Insurance on your mortgage is available to ensure your business is protected.

Note: The above graph is not accurate, and is used for illustrative purposes only.

Mortgage Free Faster Expand/Collapse

Community First's Business Mortgages can help you fund the purchase, expansion, or renovation of a property for your business. We offer a wide range of mortgage options to suit your needs. With the right mortgage option, we can assist you in getting mortgage free faster.

Prepayments / Double Up

Make extra payments on the principal of your mortgage and save!
It can also shorten the time it takes to pay off your mortgage

Payment Frequency

Making accelerated weekly or bi-weekly payments can substantially reduce the cost of interest you pay as well as reduce the life of your mortgage.

 

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