Mortgages

Buy your next home with confidence.

Talk to an expert

Buying and selling a home

As your life changes, your home needs might too. If you are looking to upsize, downsize, or move across the city or across the province before your current mortgage is paid off, you’ll need to pay off your mortgage, or use it for your next home.

Mortgage options for your next home move

icon illustration agreement for a new mortgage

A new mortgage

If your home is mortgage free, or the interest rate of your mortgage is higher than current market rates, a new mortgage might be the right choice for you. It’s important to factor in pre-payment charges before choosing this option.

icon illustration for a mortgage port

A mortgage port

Current mortgage clients can move their mortgage to a new home without renegotiating. The new home’s value must be equal or greater than the old one, and your current mortgage must be portable.

icon illustration for mortgage bridge financing

Interim (or bridge) financing1

If your move-in date for your new home is before the move-out date of your current home, bridge financing can help you close on the purchase, giving you access to the equity of your current home within a limited timeframe.

icon illustration for 30-year amortization

30-year amortization

If you are purchasing a newly constructed home, you have the option to select a 30-year amortization with an insured mortgage.

Featured rates for next-time buyers

Term Residential Mortgage Rate First Residential Mortgage
5 Year High Ratio 4.59% 4.54%
5 Year Conventional 4.94% 4.89%
5 Year Variable High Ratio 4.30% N/A
5 Year Variable 4.70% N/A

The difference between a high ratio and conventional mortgage lies in the down payment amount and the requirement for mortgage default insurance.

A high ratio mortgage requires a down payment of less than 20% of the home's purchase price (between 5% and 19.99%). In Canada, it's mandatory to purchase mortgage default insurance for high ratio mortgages.

A conventional mortgage requires a down payment of 20% or more of the home's purchase price. Mortgage default insurance is not mandatory for conventional mortgages.

When buying a home in Canada, you’re required to have a minimum down payment of the following:

5% for homes $500,000 or less
5% on the first $500,000 and 10% for any amount above that for homes $500,000 or more
20% for homes $1,000,000 or more

An ATB Residential Mortgage provides flexible terms from 6 months to 7 years, with both fixed and variable rate options. You can make lump sum payments and increase payments of up to 20% of the original mortgage amount per year. With this mortgage, you have the ability to skip payments and refinance.

An ATB Rate First Residential Mortgage is our lowest rate mortgage, for a 5-year fixed term. You can make lump sum payments and increase payments of up to 10% of the original mortgage amount per year. With this mortgage, skipped payments and refinancings are not offered.

Speak with an ATB mortgage expert to take the next step

The best mortgage for your next home depends on your situation and goals. An ATB expert will help you assess your options to make the right decision.

Buying a second property

If you’re looking to buy your dream vacation home or invest in a rental property, your mortgage and how you qualify looks a bit different.

Second property mortgage solutions

icon illustration of a house by the water

Recreational property

Down payments for mortgages on recreational properties can be as small as 5%. If you have a mortgage on your primary residence, you’ll need to qualify to afford both mortgages.

icon illustration of a rental property with 4 units

Rental or investment property

A mortgage for a rental or investment property requires a down payment of at least 20%. These properties can be up to four units and the financial viability of the property is part of the qualifying criteria used for the application.

icon illustration of a house, and accessing the equity out of the house

Use the equity you’ve built in your primary residence

If you have an existing HELOC, you can use that to finance the purchase of your recreational or rental property without having to apply for the second mortgage. You can also use it toward the down payment and mortgage the difference.

National park eligibility

ATB lends in Alberta’s national parks, including Banff, Jasper and Waterton. Your dream vacation home could become a reality.

Find your next step with expert advice.

Personal advice from an ATB expert will help you assess your options and find the best choice. Hit the button below and you’ll hear from us within two business days.

Frequently asked mortgage questions when buying a second property

If your recreational property is considered a secondary home, like a vacation home, then no it does not have to be used all year round.

It depends. If you are buying your next primary home, you do not need to do a mortgage stress test. If you are buying a secondary home like a recreational property or rental property, you’ll need to qualify to afford both mortgages on your income by doing a mortgage stress test.

Learn more about the mortgage stress test.

Yes, in most cases we will factor in projected rental income as well as rental expenses.

No. When you are buying a rental property in Alberta, the owner does not need to live in the same building.

Financial viability refers to your ability to comfortably meet all financial obligations while maintaining a stable financial position, both now and in the future. To estimate your financial viability for a second property, you’ll need your current income, expenses, debts, and savings, as well as the estimated costs of the new property, including mortgage payments, taxes, and additional costs. Using that information, you’ll determine if you can comfortably cover all your expenses for all properties. Work with a mortgage expert for the right guidance.

Need help?

Our Client Care team will be happy to assist.