General Information

What is your contact information?

Mailing Address: Home Trust Company, 2500-145 King Street West, Toronto Ontario M5H 1J8

Mortgage Customer Service: 1-855-270-3630. Agents are available Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET.

 

Customer Care Fax: 416-360-0745

Mortgage Discharge Fax: 416-360-7629

Email address: inquiry.htc@hometrust.ca

Do you offer online access to my mortgage account?

We currently do not offer online access to mortgage information We are working diligently to provide this in the future. For information regarding your mortgage (balance, maturity dates, etc.), please contact our Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET.

What is a fixed rate mortgage?

With a fixed rate mortgage, your interest rate does not change for the duration of the mortgage.

What is a variable rate mortgage?

With a variable rate mortgage, your interest rate fluctuates based on the prime lending rate.

Does Home Trust offer variable rate mortgages or fixed rate mortgages?

For high ratio insured (Accelerator) mortgages, Home Trust offers a fixed rate. For conventional uninsured (Classic) mortgages, we offer both fixed and variable rate mortgages. Fixed or variable interest rates are determined by the applicant’s credit rating and overall financial picture.

What types of properties are eligible for a Home Trust mortgage?

  • Single-family homes
  • Condominiums
  • Duplexes
  • Triplexes
  • Store and apartment
  • Rental properties

 

We do not offer mortgages for:

  • Mobile homes
  • Modular homes
  • Leasehold homes
  • Condo corporations
  • Co-op housing
  • Student housing

Eligibility, applying and process

I just moved to Canada. Am I able to get a mortgage?

You may be eligible for a mortgage. To determine your eligibility, we require an application which can be completed online at hometrust.ca/mortgages/mortgage-application/ or by contacting Home Trust’s Mortgage Customer Service at 1-855-270-3630, Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET. Home Trust reviews and assesses each application on its own merits.

My credit score is not very high. Can I get a mortgage?

You may be eligible for a mortgage. There are many factors beyond your credit score that will be considered when applying for a mortgage.

I am self-employed. Can I get a mortgage?

Home Trust specializes in mortgages for business-for-self applicants. To determine your eligibility, you can complete an application online at hometrust.ca/mortgages/mortgage-application/ or by contacting Home Trust’s Mortgage Customer Service at 1-855-270-3630, Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET.

How do I apply for a mortgage?

To apply for a Home Trust mortgage, you will need to do one of the following:

  1. Complete an online application by visiting ca/mortgages/mortgage-application/.
  2. Contact Mortgage Customer Service at 1-855-270-3630, Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET. One of our knowledgeable agents will be happy to complete the application and answer any questions you may have.

How do I apply for a pre-approved mortgage?

Currently, Home Trust does not offer pre-approved mortgages.

What is the Home Buyer’s Plan?

The Home Buyer’s Plan (HBP) is a Government of Canada program that lets you withdraw from your registered retirement savings plans (RRSPs) to buy or build a qualifying home.

Do I need a home inspection?

A home inspection is an evaluation of a home’s condition. You and your real estate agent may request an inspection for your purposes, but Home Trust does not require one.

What is the required down payment to buy a home?

For a Classic mortgage, you must have a minimum of 20% of the purchase price as a down payment. For an Accelerator mortgage, you must have at least 5%. The down payment cannot be financed by a private mortgage. Mortgages with a down payment of less than 20% require mortgage insurance through either the CMHC, Sagen or Canada Guaranty.

How much can I borrow to buy a home?

Home Trust does not offer mortgage pre-approvals. The amount you can borrow will depend on a number of factors, including the value of the property you want to purchase. You may wish to use an online mortgage calculator to determine the approximate amount you can afford, or to speak to a mortgage broker.

Can I use gifted funds as a down payment?

You can use gifted funds, provided they are from an immediate family member, are non-repayable, and are properly documented. A completed and signed Down Payment Gift Letter Form must accompany gifted funds.

What are the closing costs that I should know about?

  • Appraisal Fee: Home Trust requires an appraisal on all properties. This fee, paid by you, covers the property valuation performed by a third-party appraiser. The fee is dependent on the appraiser. Home Trust partners with specific appraisers in each province.
  • Lawyer’s Fee and Disbursements: Your legal fees should be negotiated up front with your lawyer so you can better determine your cash requirements.
  • Land Transfer Tax: A tax paid to the province by the purchaser when a transaction closes. Typically, it is based on the amount paid for the property. Some municipalities may also apply an additional land transfer tax.
  • Home Insurance: As the mortgagor, you are responsible for arranging home insurance for the full replacement value before the mortgage is funded. The cost of the insurance will vary based on property value, municipality, and insurance provider.
  • Land Survey: A survey of the property, by an accredited land surveyor, is not always required. This will establish whether the building is located within the specified legal boundaries and complies with local building bylaws. When purchasing a resale home, ask the present owner if a survey is available, or include this condition in your offer to purchase.
  • Closing Adjustments: You should also consider any necessary adjustments to be made between you and the seller for property taxes, insurance and utilities. Your lawyer will help you with this calculation.

Payments, maintenance, and annual mortgage statement

I missed my mortgage payment, what should I do?

We are here to help. Please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET, and an agent will be happy to help. Please ensure you have your mortgage number and alternate payment date available.

Can I make lump-sum payments to my mortgage?

We all want to be mortgage-free faster! You are eligible to pay 20% of the original principal borrowed. Depending on the type of mortgage you have, there may be restrictions on when we can accept lump-sum payments. We encourage you to contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET to discuss the process.

How do I make a lump-sum (privileged) payment?

A lump-sum payment can be made in two easy steps:

  1. Contact Mortgage Customer Service at 1-855-270-3630 to determine eligible amounts and dates when we can accept lump-sum payments for your mortgage.
  2. Deliver certified funds (draft or certified cheque) made payable to “Home Trust Company” for the amount you wish to pay. The draft or cheque must include your full name, mortgage address and mortgage number, and must be accompanied by a signed Letter of Direction, which includes the following information:
  • Date
  • Amount being paid
  • Mortgage number
  • Property address
  • Signature of all mortgage holders
  • Source of funds

The cheque and Letter of Direction can be mailed to:
Home Trust Company
2500-145 King Street West
Toronto, Ontario
M5H 1J8

Does Home Trust offer the option to skip a payment (payment deferral)?

Home Trust is here to help. To request a skip payment (payment deferral), please submit a signed Letter of Direction and any supporting documentation to explain the reason for your request. All mortgage holders must sign the letter. Your request will be subject to review and approval.

What is a skip payment or payment deferral?

If you cannot make your scheduled mortgage payment due to extenuating circumstances, you may request a skip payment or payment deferral. Home Trust will add the deferred payment(s) to your principal balance at maturity.  Please note that deferred payments continue to accrue interest during the term of the mortgage.

Does Home Trust offer bi-weekly mortgage payments?

Home Trust offers bi-weekly and accelerated bi-weekly mortgage payments, subject to approval. Accelerated bi-weekly payments allow you to increase the bi-weekly payment amount, which is automatically allocated to the mortgage principal.

How can I pay my mortgage off faster?

Home Trust offers ways to be mortgage-free faster. Depending on the type of mortgage you have, you can make privileged (lump-sum) payments, increase the principal and interest component of your mortgage payment up to 20% and choose bi-weekly or accelerated bi-weekly payment frequency. Please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET to discuss the options available to you.

Can I change my mortgage payment amount?

If you have an Accelerator mortgage, you can increase the principal and interest component of your mortgage payment up to 20% from the Interest Adjustment Date (IAD) of one year to the Interest Adjustment Date (IAD) of the next year.

For Classic mortgages, you will need to wait until the end of the mortgage term to change mortgage payment.

How do I change the bank account where my mortgage payments come from?

Please forward a VOID personal, pre-printed cheque or a pre-authorized debit form that has been issued and stamped by your bank. For commercial mortgages, we require a pre-printed business cheque in the name of the business. Our fax number is 416-360-0745 or email: inquiry.htc@hometrust.ca.

Is there a penalty for paying my closed mortgage in full early?

There is a penalty for paying your mortgage before the maturity date.

Accelerator mortgages can be paid at any time. Penalties are based on three months’ interest or IRD (Interest Rate Differential). If you have less than three months left in your term, you will be charged three months’ interest. If you have more than three months left, you will be charged IRD.

Classic mortgages can only be broken based on a bona fide sale. If there are less than three months left in the term, you will be charged three months’ interest. If there are more than three months left in the term, you will be charged three months’ interest or IRD, whichever is greater.

If you wish to break a Classic mortgage before maturity for any other reason than a sale, you will need to contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET.

What is a year-end statement?

An annual mortgage statement is a snapshot of your mortgage as of December 31.

What information does an annual mortgage statement provide?

An annual mortgage statement provides:

  • Outstanding balance on January 1 and December 31 of the statement year
  • Interest rate
  • Maturity date
  • Payment frequency
  • Principal and interest component of mortgage payment
  • Property tax component of mortgage payment
  • Life insurance component of mortgage payment (if applicable)
  • Total mortgage payment
  • Mortgage summary, which includes principal paid, interest paid and fees
  • Summary of Property Tax account (if Home Trust is responsible for paying property tax): tax balance as of December 31st of the previous year, payments received during the current year, taxes paid during the current year and interest and adjustments.
  • Life insurance summary (if applicable)

How do I obtain a year-end statement?

Year-end statements are mailed by the end of January for the previous year. If you have not received your statement or misplaced it, please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET to request a copy.

How do I obtain an information statement?

To request an information statement, please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET, and an agent will be happy to help. Kindly be advised fees will apply, and it could take up to two business days to receive the statement.

Home Trust pays my property taxes, and I received a tax bill from the city. What should I do?

Please forward a copy of your tax bill to the Property Tax department via fax to 416-777-5850 or email: taxdept@hometrust.ca. Please be sure to include your full name and mortgage number.

Home Trust Company pays my property taxes, and I want to pay my own. What do I need to do?

Please forward a signed Letter of Direction with your request. All mortgage holders must sign the letter, and it can be faxed to 416-777-5850 or emailed to: taxdept@hometrust.ca. Please be sure to include your full name and mortgage number. Your request is subject to review and approval.

Can I change my mortgage payment frequency?

Home Trust offers monthly, bi-weekly and accelerated bi-weekly payment frequency. You have the option to change from one to the other, subject to approval. To request a payment frequency change, please complete the Payment Change Request Form and email it to inquiry.htc@hometrust.ca or fax to Customer Care 416-360-0745.

If you prefer, please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET, and an agent will be happy to help.

How do I shorten my amortization?

You can shorten the time it takes to pay off your mortgage by taking advantage of pre-payment options. Please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET, and an agent will be happy to discuss your options to be mortgage-free faster.

How do I let Home Trust know about my property tax grant?

If you qualify for a property tax grant, please email taxdept@hometrust.ca to provide the details of the grant and include your name, mortgage property address and mortgage number in your email.

The tax balance on my annual statement shows a credit. Can I have a refund?

The credit balance in your tax account is allocated to pay the following year’s taxes; therefore, we cannot provide a refund.

My tax account balance is in a deficit. What should I do?

If your tax account balance shows a deficit (minus), please contact Mortgage Customer Service at 1-855-270-3630 Monday to Friday from 8:00am to 10:00pm and Saturday from 9:00am to 5:00pm ET to speak with a tax specialist who will provide options for re-payment. This can include:

  • A lump-sum payment to clear the deficit
  • An increase in the tax component of your mortgage payment until the deficit is clear

Renewal, refinancing, and switching

My mortgage is coming up for renewal. What do I need to do?

Renewal offers are sent via regular mail, typically 45 days prior to your maturity date. It will outline the rates and terms Home Trust is prepared to offer. The name and contact information of your dedicated renewal specialist will be included in your documentation. Please do not hesitate to contact them if you have any questions or concerns.

I need to renovate my home; how do I refinance my mortgage?

If you are renovating your home and want to use the equity in your home to fund the project, there are two ways to do it:

  • Refinance your existing mortgage: This means you will be breaking your existing mortgage for access the funds you require. Home Trust can finance up to 80% of the value of your property, less any existing mortgages. The advantage of doing this is that you will amortize the new amount over a minimum of 25 years, and you will only have one mortgage payment. The disadvantage is you may incur a penalty to break your existing mortgage. Most of the time, Home Trust will reimburse you some or all of the penalty based on the internal refinance
  • Use your Equityline® Visa (ELV): An ELV is a credit card where the credit limit is secured by the equity in your home. We can finance up to 80% of the value of your property, less any existing mortgages. The advantage of an ELV is that there are no penalties incurred as you are not required to refinance your existing mortgage. It is a revolving credit facility, which means as you pay it down, it will be available to you as long as you own your home. The minimum payment is as low as 1% of your outstanding balance, or $10, whichever is greater. To apply for an ELV, you will need to complete an application: ca/credit-cards/equityline-visa/apply/

How do I switch my mortgage to Home Trust?

To switch your mortgage to Home Trust, you will need to contact your mortgage broker or complete a mortgage application by visiting hometrust.ca/mortgages/mortgage-application/.

Once approved, an underwriter will request the necessary documentation from you and set up an interview with a mortgage officer. You will also be required to obtain an appraisal from one of our approved appraisers. You will be responsible for the cost of the appraisal. Once all documentation is in order and the interview is complete, we will send a request for discharge to your current mortgage company. They will prepare the discharge statement and send it to us. On the day of closing, Home Trust will forward funds to your lender and register on the title in the first position.

When should I switch my mortgage?

The ideal time to switch your mortgage to Home Trust is when it comes up for maturity. By doing this, you will not incur any penalties to break your mortgage.

Sometimes, clients choose to switch their mortgage before their maturity date. Some lenders have restrictions on this, so it is best to speak with your lender before completing the application. If they allow you to switch before the maturity date, you may incur penalties and fees to discharge the mortgage.

How much does it cost to switch my mortgage to Home Trust?

For Classic mortgages, you will be required to pay a 1% commitment fee on the amount of the mortgage. This is taken directly from the advance. Other costs to consider are the appraisal cost, lawyer fees and disbursements, land transfer tax, fire insurance, land survey fees and closing adjustments. There is no fee to switch to an Accelerator mortgage.

How much will my current lender charge to switch my mortgage to Home Trust?

The cost to switch your mortgage to Home Trust depends on your current lender, the type of mortgage and the length you have left in your term. It is best to contact your current lender BEFORE beginning the process to switch to Home Trust so that you are aware of any costs involved.

How long does the process to switch my mortgage take?

Provided we have all the necessary documentation, the processing time ranges from 5 to 20 business days.

Discharge and selling

How do my solicitor or I request a discharge (payout) statement?

To request a discharge (payout) statement, we require a signed, formal request indicating the intended payout date and where the statement should be sent. All mortgage holders must sign this request. Mortgage information statements, year-end statements and amortization schedules cannot be used as discharge statements.

If a solicitor is acting on your behalf, they will request the discharge statement.

Where do I send my discharge (payout) request?

Discharge (payout) requests can be faxed directly to the Mortgage Discharge Department at 416-360-7629 or emailed to inquiry.htc@hometrust.ca

I paid off my mortgage. When can I expect the final discharge documents?

Once a mortgage is paid in full, final discharge documents are generated and sent to you or your solicitor within 45-60 business days.

What happens to my mortgage when I sell my home?

Once you sell your home, you will be required to pay off your mortgage and any other mortgages secured by the property. This includes your Equityline® Visa (if applicable).

When there is a bona fide sale, a request for a payout statement should be submitted should be provided at least 30 days prior to your closing date. Normally, this is requested by your solicitor. Once the request is received, we prepare a payout statement outlining all the amounts owing and fees to be paid on the day of closing. The payout statement will also include a “per diem” or per day interest that is charged just in case the funds do not arrive on the day of closing. You will be required to pay this amount for each day that funds are not received in full.

On the day of closing, your solicitor will prepare a cheque for the amount owing and send it to Home Trust. Home Trust will then apply the funds to your mortgage balance. Once the balance is nil, we will prepare final discharge documents releasing our interest in your property. Final discharge documents are sent to your solicitor within 60 days of the payout date.

What is the 120-day incentive?

Mortgagors who sell their home incur a penalty based on the early payout, but if you purchase another home and qualify for financing with Home Trust, you may be eligible to have all or a portion of the penalty reimbursed. Eligibility depends on the amount of the new mortgage loan and whether the sale closing and the purchase closing occurred within 120 days of each other.

Insurance

Who provides mortgage default insurance?

The following companies offer mortgage default insurance:

  • Canada Mortgage and Housing Corporation (CMHC)
  • Sagen (formerly Genworth Financial)
  • Canada Guaranty

How much does mortgage default insurance cost?

Mortgage default insurance ranges between 2.80% to 4.00% of the mortgage amount.

Equityline Visa*

What is an Equityline® Visa?

An Equityline® Visa is a credit card where the credit limit is secured by the equity in your home. It can provide you with easy and convenient access to credit without having to refinance your current mortgage. More information on Equityline Visa, including its features and benefits, can be found here: hometrust.ca/credit-cards/equityline-visa.

How do I get an Equityline® Visa?

To apply for an Equityline® Visa, we require a completed application. Please visit hometrust.ca/credit-cards/equityline-visa/apply/.We will finance up to 80% of the value of your property, less any existing mortgages. Interest rates range from 5.99% to 12.99%.

A one-time commitment fee of 2% of the approved limit applies and is taken immediately upon advance. We will perform a title search for a fee of $35.00.

*This credit card product is not available in Quebec.