Peoples Bank
A broker bank offering both prime and near-prime mortgages, adding up to 100% of gross rental income and lending down to a 500 Beacon on its near-prime program. It lends Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan.
Prepayment-penalty method
Fair, contract-rate penalty
If you break a fixed term early, the penalty is calculated the borrower-friendly way, using your actual contract rate. This is usually far cheaper than a big bank's posted-rate method, and it is one of the biggest hidden costs most people never compare.
See what breaking a mortgage early could costWho it tends to fit
- Borrowers with bruised or lower credit scores
- Refinances and equity take-outs
General signals only. Approval depends on the full application; a lender that fits on paper still has to say yes.
What you can do with it
- Buying a home
- Renewal or switch
- Refinancing
- Purchase plus improvements (finance renovations into the mortgage)
Rate types
- Fixed rates
- Variable rates
Where it lends
Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Prince Edward Island, Quebec, Saskatchewan
Good to know
- Penalty is the greater of IRD or three months' interest; no open mortgages
- Business-for-self program excludes applicants with a prior bankruptcy
How to reach Peoples Bank
Available both directly and through a mortgage broker. This is educational information, not a rate quote; confirm current rates and terms directly.
Visit Peoples BankEducational summary; rates, terms, and approval are set by the lender.
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Other banks
Educational information about Canadian mortgages, not financial or mortgage advice. This tool is offered by Jordan Avery, Mortgage Agent (Level 2), Licence M23999999 · Maple Key Mortgages Inc., FSRA Brokerage Licence 13999 and operated by LenderSearch; figures are estimates. Confirm all rates, terms, and eligibility directly with the lender before acting.