Manage Your ATB Mortgage

A mortgage balance is the total amount of money you still owe on your home loan at any given time, calculated as the original loan amount minus the principal portion of all payments made so far, plus any accrued interest not covered by payments.

Amortization is how long it will take you to pay back your full mortgage (the original borrowed amount plus interest). In Canada, the maximum amortization period is 25 years.

The longer your amortization period, the lower your mortgage payments will be—but the more you'll end up paying in interest.

Your mortgage term is the length of time your mortgage details are guaranteed.

With a fixed rate mortgage, your interest rate and payments won't change for the term of your contract. Your rate is guaranteed.

With a variable rate mortgage, the interest rate changes according to ATB's prime rate.

In a closed mortgage, the terms and conditions of the mortgage are set, and changes usually involve paying a penalty.

In an open mortgage, your rate is usually higher but you can make extra payments or pay off your mortgage entirely without penalty.

How often you make payments on your mortgage. You can make your mortgage payments monthly, semi-monthly (twice a month), bi-weekly (every two weeks) or weekly.

Portability: If you decide to move before the end of your term, you may have the option to transfer your existing rate, loan balance and maturity date to your new home without paying any penalties. You are not able to port a mortgage to a home value that is lower than what the current mortgage is.

Blending and extending: This allows you to blend your current rate with a new rate and add your new mortgage term at the end of your current term. This can be a good option if you buy a new home or renew your mortgage early.

Skip payments: Depending on the type of mortgage you have, ATB may allow you to skip up to two months of mortgage payments every year—useful if your income fluctuates.

Prepayments: Paying back a portion of your mortgage early. The terms of your mortgage may give you the option of increasing your payments by a certain per cent each year or prepaying up to a certain per cent of your loan each year.

A form of mortgage insurance that protects your loved ones from financial risk in the event of a mortgage holder's unexpected illness, disability or death. You can also purchase a term insurance where the proceeds can pay off the remaining mortgage balance. Both options have benefits but at the very least you should always have one.

Your mortgage payment would have been determined at the time you signed your mortgage agreement with us. If you have access to ATB Personal, you can see your mortgage payment amount.

Based on the payment schedule you chose, you can expect your first payment to come out within the first month of your mortgage starting. If you have access to ATB Personal, you can view the payment details there.

There can be different reasons your payment may not have come out. If you've ensured that the payment account is correct, please connect with a branch team member to look into the mortgage.

The frequency of your mortgage payment would have been determined at the time you signed your mortgage agreement with us. Your options include twice a month, every two weeks, every week and monthly.

You can change your payment frequency with us at any time. We need at least four days' notice before your next payment to make a change in time for your next payment. One of our team members will walk you through how the changes affect your mortgage.

You can make a lump sum payment of a certain percentage each year, depending on the details of the mortgage you have with us. If you would like to make a lump sum payment on your mortgage, one of our branch team members can help.

You can adjust your payment up to a pre-defined percentage each year on a closed mortgage and any amount with an open mortgage. One of our team members can walk you through the specifics.

You can increase your payment amount at any time, one of our branch team members can help.