Valley First

Self Employed Flex Mortgage

This mortgage is for you if:

  • you are your own boss.
  • you've been in business for more than three years.
  • your middle name is Entrepreneur.

2.89%5-year
fixed rate
closed*

90day rate
guarantee

Overview

Key Features & Benefits

  • Up to 95% — you'll need CMHC/Genworth mortgage insurance underwriting.
  • Available in open or closed terms at fixed or variable rates.
  • Flexible payment terms available (weekly, bi-weekly, and monthly).
  • Ability to increase payment by 20% of documented each year.
  • Ability to prepay up to 20% of original balance per year for closed terms.

Click on the "What You'll Need" tab to find out more about the documents you'll need to provide as part of your mortgage application

 

*Rate is subject to change without notice and are available O.A.C. Rates are compounded semi-annually. Terms and conditions may apply. Mortgage funds must be advanced within 90 days of the application. These rates are discounted and can not be combined with any other rate discounts, promotions or offers. Additional fees may apply. For specific Annual Percentage Rate (APR) rates, please contact your branch.

Compare Our Rates

Closed Mortgage Rates

  Valley
First
RBC TD
Canada
Trust
BMO CIBC Scotiabank
6 month 4.00% 3.14% 3.14% 4.20% 3.14% 4.55%
1 year 2.79% 3.14% 3.04% 3.09% 2.84% 3.29%
2 year 2.79% 3.04% 2.84% 3.19% 2.79% 3.09%
3 year 2.79% 3.65% 3.44% 3.59% 3.39% 3.39%
4 year 2.79% 4.39% 3.89% 4.09% 4.09% 3.89%
5 year 2.89% 4.64% 4.64% 4.84% 4.79% 4.64%
5 year
variable
Prime-0.20% Prime Prime-0.51% Prime Prime

Prime+0.20%

7 year 4.35% 5.30% 5.30% 5.50% 5.85% 5.29%
10 year 4.85% 6.10% 6.10% 6.30% 6.09% 5.79%

Open Mortgage Rates

  Valley
First
RBC TD
Canada
Trust
BMO CIBC Scotiabank
5 year
variable
Prime
+0.80%
Prime
+1.55%
Prime
+1.00%
N/A Prime
+1.30%
Prime
+0.80%

PLEASE NOTE: Valley First rates effective  May 26, 2017. Rates listed for other financial institutions are as at May 25, 2017. Rates are subject to change without notice. For more information on banks' rate calculations, please visit their websites.

Mortgage funds must be advanced within 90 days of the application. These rates are discounted and can not be combined with any other rate discounts, promotions or offers. Mortgage rate based on approved credit. Additional fees may apply.

For specific Annual Percentage Rate (APR) rates, please contact your branch.

Protection Options

Types of Protection

Mortgage life insurance

Mortgage insurance helps your family retain its home if you (or your co-borrower) die before the mortgage is paid off.

  • Pays the outstanding balance of an insured mortgage up to $1,000,000.
  • Premiums are based on your age and the amount of your mortgage when you apply for coverage.
  • Available for purchase between the ages of 16 and 69 (with coverage ending at age 75).

Disability coverage

A disability rider ensures that your mortgage payment will be made in the event you are ill, or injured, or unable to perform your usual job.

  • Available for purchase between the ages of 18 and 69. Joint coverage is available at no additional cost (benefits based on 100% unless specified).
  • Benefits start after you have been off work for 60 days and continue up to 24 months for each period of continuous disability.
  • Since benefits are paid directly to your mortgage at Valley First, there are no tax implications.

Loss of employment

A loss of employment rider ensures that your mortgage payments will be made should you become involuntarily unemployed.

  • Covers your mortgage payments up to a maximum of $3,000 per month.
  • Available for purchase between the ages of 18 and 69. Joint coverage is available for no additional cost (benefits based on 100% unless specified).
  • Benefits are paid after you've been off work for 60 days and continue for up to 9 months for each claim.
  • Since benefits are paid directly to your mortgage at Valley First, there are no tax implications.

Critical illness

If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full.

  • Coverage amounts must equal life coverage and must be between $5,000 and $1,000,000.
  • Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.

Terms

Terms & Conditions

Here are several easy access documents that include everything you need to know about the terms and conditions for this type of mortgage.

What You'll Need

What You'll Need

Applying for a basic mortgage with us is simple. Depending on your current employment arrangement, you’ll need to bring the items checked off in the table below.

To apply for a mortgage, you'll need to be at least 19 years of age in order to sign all the legal stuff.

 FT employmentPT employmentSelf-EmployedSeasonal*
Revenue Canada Notice of Assessment of current tax year*

Current pay stub**

Business Financial Statements
(2 previous years)

*Assuming no commission income. If you collect commission income it is best to bring in full tax returns for the previous 2 years.
**Not required if your pay cheque has direct deposit with Valley First for the previous 6 months.

As we understand more about your personal situation and the mortgage you are looking for additional income confirmation may be requested.

If your mortgage needs require more than the basics, that's fine. We have an array of mortgage products to suit your needs—just contact us to find out what you'll need to bring before your appointment.

Ready to apply? Applying for a mortgage with us is easy!

Online

Applying for a mortgage online just takes a few minutes and just four easy steps!

In Person

If you're more comfortable coming in to see us, we'd be happy to open a new account for you or make changes to your existing account with us.

By Phone

If you’d like to call us, here is a complete list of our branch and insurance office numbers.