Designer Mortgage

Before you consider borrowing more money to purchase a car, pay for your child’s tuition, renovate your home or temporarily supplement a lost income, consider using the equity in your home to free up dollars for those important things in life.

With a PenFinancial Designer Mortgage you only need to apply once to establish all your borrowing needs – then manage your interest rates by accessing the equity in your home through a range of credit options, including a fixed or variable rate mortgage, a line of credit, or a combination.

With a Designer Mortgage, you can apply for:

  • Mortgage Advances – Conventional Mortgage options, rates and features, with the added flexibility of being able to re-advance as necessary.
  • Secured Line of Credit – Allows for flexibility; choose interest only payments and draw only the funds you need at any time.


  • Combine your borrowing needs - Combining all borrowings under a Designer Mortgage enables you to structure payments to meet your lifestyle needs, while reducing interest costs and allowing you the flexibility to re-borrow funds for when life happens.
  • Short or Long Term rates - A Designer Mortgage gives you flexibility to mix long and short term rates, fixed or variable rates, and create a blend of benefits to pay down faster or slower, reducing the impact of interest rate fluctuations.
  • Quick access to money for all your needs - apply for a Designer Mortgage for all your needs – whether it’s to purchase a new mini van for your growing family, or to renovate your home to add on an in-law suite - your mortgage security is already in place, so you save on further legal fees. It’s like one-stop borrowing for when life happens.

 Payment Options:

  • Weekly, bi-weekly, semi-monthly, monthly
  • Blended payments of principal and interest
  • Interest only payments in certain circumstances
  • Tiered: Combine different terms, rates, payment options and amortization schedules under one mortgage

Here’s an example how the Designer Mortgage works:

Bill and Sandy from Welland have paid down half of their mortgage loan (8 years ago it was originally $200,000, and it is now $100,000). Their daughter is headed off to Brock and Sandy’s mother is moving in with them, so they need to pay for tuition and renovate their home. A Designer Mortgage will give them the options they want affordably and easily:

  Bill and Sandy’s Present Home Value      $300,000
  80% of Present Home Value                       $240,000

With the help of a PenFinancial Advisor, Bill and Sandy chose the following
Designer Mortgage:

  Mortgage (5 year fixed rate, 15 year amortization) $100,000
  Line of credit for renovations                                        $  60,000
  Personal loan for tuition                                                 $  20,000

  Total Credit Advanced                                                      $180,000
Bill and Sandy still have an additional $60,000 credit, so when their daughter graduates from Brock, they can buy her a new car, or take that long awaited second honeymoon.

Contact your PenFinancial Credit Union branch to set up your Designer Mortgage today!


Before making any decisions, a resource that we would highly recommend that you access would be the Canada Mortgage & Housing Corporation (CMHC). The CMHC provides Canadians with tips and useful information on homebuying, maintenance and even home renovations.


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