President’s Choice Financial (PC Financial) is an innovative banking service that has become the primary bank for many Canadians because of its low fees and extra incentives. We are the best place to find current PC mortgage rates and to apply for a PC mortgage loan, as we have gathered everything you need to know about PC Financial in one place. It is easy to apply for a mortgage through PC Financial when you click on a rate on this page, as we keep PC Financial interest rates updated and offer a full explanation of the PC Financial mortgage process. Continue reading to find out all about PC Financial before applying for a loan.

What Are My Mortgage Options at PC Financial?

PC Financial has many different mortgages, which means that nearly any home buyer can find a product to meet his or her needs. Here are the major options:

FIXED-RATE MORTGAGE OPTIONS

The traditional fixed-rate mortgage remains the most popular mortgage in Canada, and Canadians can choose from several different fixed-rate mortgage options that PC Financial offers. All of the following mortgages have a fixed interest rate, which means that your payment will not change during the life of your loan.

• The PC points fixed-rate mortgage is available in terms lasting anywhere from 2–10 years. This mortgage gives you 2,500 PC points for every $1,000 of mortgage principal when you close your loan, and 2,000 PC points for every $1,000 remaining to be repaid on the yearly anniversary of your loan closing. These PC points can be exchanged for free groceries and many other items. This is a closed-term mortgage, but you can prepay up to 20 percent of your original loan balance each year without extra fees.

• A fresh cut fixed-rate mortgage is exactly the same as the PC points fixed-rate mortgage except that you earn PC points only at the loan closing (2,500 per $1,000 of mortgage principal).

• The 5% cash back mortgage from PC financial gives you 5 percent of your loan balance back in cash at closing. This closed fixed-rate mortgage allows you to pay up to 20 percent of the principal back each year without incurring a penalty, but as it is a cash-back mortgage, your interest rate is slightly higher than the PC mortgage rates on the service’s other fixed-rate mortgage options.

• PC Financial’s basic mortgage™ is a closed mortgage that does not allow you to prepay your mortgage at all without a fee. Also, you cannot earn PC points with this product. However, the interest rate is a tenth of a percent lower than the rates on PC Financial’s other fixed-rate mortgage products.

• The convertible 6/12 mortgage has some of the best PC mortgage rates. Using this loan, you can lock in a low rate for 6 months or 1 year. When the term is up, you can refinance into a longer fixed-rate mortgage loan. This loan is advantageous if you think fixed interest rates will drop in the near future, and you need a loan now. On this closed-term mortgage, you can pay up to 10 percent of your principal balance early if you have the 6-month term loan and 20 percent with the 1-year term loan.

OTHER PC FINANCIAL MORTGAGE OPTIONS

• PC Financial’s secure borrowing account is a home equity loan that allows you to borrow between $25,000 and 80 percent of your home’s equity. You can pay interest-only payments on this loan or include payments that include interest and principal. You will also get 5 PC points for every dollar you spend on President’s Choice® products when you use your bank card.

• A variable-rate mortgage from PC Financial is available with a 5-year term. This is a great product if you are looking for the lowest PC mortgage rates, as variable rates tend to be lower than fixed rates in many cases. However, they are subject to change from month to month, which will affect your required payment. Because the PC Financial variable-rate mortgage is a closed-term mortgage, you cannot prepay it in full early without a penalty. Still, PC Financial offers some excellent prepayment options to pay off your variable-rate loan faster and without a penalty. You can prepay up to 20 percent of your original loan balance each year without incurring extra fees.

Reasons to Choose PC Financial

With all of the mortgage options you have today, it helps to understand why you should choose PC Financial. In addition to the aforementioned benefits such as PC points, other things set this banking service and PC Financial mortgage rates apart from the competition:

• Borrowers can lock in their interest rate for 120 days when purchasing a home and 60 days when transferring a loan.
• You can skip one scheduled payment every year (your loan will continue to accrue interest during the month you skip your payment).
• PC Financial offers special mortgage rate discounts to borrowers who take out a fixed-rate 5-, 7-, or 10-year mortgage with a principal of at least $200,000.

Qualifying for PC Financial Canada Mortgage Rates

To qualify for a PC Financial mortgage, you will first need to access the bank’s mortgage application by clicking on the interest rate you prefer on this page. During the application process, you will be required to:

• state why you are buying the home and document your income
• give personal details about yourself and your credit rating
• speak with a mortgage representative to finish the application

You will not speak with an authorized PC Financial broker until you have filled out your application and it has been processed. Processing time can last anywhere between 1–3 weeks, during which you should gather your employment documentation, information about the balances in your bank accounts, and more. If you have good credit, you should qualify for a loan easily.

Facts about PC Financial

PC Financial is a unique banking service in that it operates under the direction of the Loblaw Companies” chain of grocery stores. In addition, PC Financial:

• does not have any branches, and banking is done online, at ATM’s or in special grocery store pavilions
• is not an actual mortgage lender, but its loans are backed by the Canadian Imperial Bank of Commerce
• has frequently been recognized for providing excellent customer service in Canada

Apply for a PC Financial Mortgage

If PC Financial is the right lender for you, now is the time to fill out a PC mortgage application. Click on the interest rate on this page that is attractive to you to get started.

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