How Do I Apply?

  1. 1

    First, Get Some Second Opinions

    The PATH Home Plan can help you reimagine your lifestyle. So, it’s important that you consult your financial advisor and discuss it with your family to get a few opinions first.
  2. 2

    Set up a Meeting with a Mortgage Broker

    Wondering how changing interest rates and house appreciation will affect you? Have a few questions you’d like to ask? A mortgage broker can help with that. Accredited mortgage professionals (AMP) can do the research and recommend a solution for your financial needs. See how you can find a broker near you.
  3. 3

    Prepare Your Documents

    You’ll need:

    • Proof you received independent legal advice
    • If you have debt secured through your residence, you’ll need to provide supporting statements
    • Verification of your ability to cover property-related expenses such as property taxes, condominium fees and utilities
    • A home appraisal
    • A Power of Attorney (if applicable)
  4. 4

    Get Your Home Appraised

    An accredited home appraiser will help determine a fair market value. They will look at the condition of your home, current market trends, as well as other factors.
  5. 5

    Protect Your Interests

    Obtaining independent legal advice is one of the best ways to protect your interests and give you the confidence to enter the agreement.

More on What You Can Discuss with a Mortgage Broker

They can work with you to:

  • Calculate your maximum eligible loan amount
  • Determine whether you want a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances
  • Schedule Recurring Advances
  • Determine whether a fixed or adjustable interest rate would be better suited to your financial needs and select the interest rate term
  • Outline your ongoing property-related expenses
  • Walk you through the process of changing your mortgage type and interest rate term in the future

More on Your Maximum Eligible Loan Amount

PATH Home Plan Calculator
 

More on Types of Advances

You can opt to receive a one-time advance (an Initial Advance), Single Advances and/or Recurring Advances.

If you would like to take your maximum eligible amount as a one-time advance:

  • That means you would be taking all your funds upfront
  • You’ll need to decide on an adjustable or fixed interest rate term

If you decide not to take your maximum eligible amount, you have options for the remaining funds (keep in mind there's a minimum initial advance of $25,000):

  • You can choose between adjustable and fixed interest rate terms
  • Set up scheduled recurring advances
  • Leave room to add single advances at a later date

Recurring Advances

  • Are only available for an adjustable interest rate term
  • Can be scheduled at any time for up to 20 years
  • The minimum advance amounts vary by the frequency chosen:
    • $500 monthly
    • $1,500 quarterly
    • $3,000 semi-annually and
    • $6,000 annually
  • Are subject to the adjustable interest rate in effect at the time of each advance

Single Advances

  • Are available for adjustable and fixed interest rate terms
  • Can be disbursed on request any time after closing
  • The minimum advance amount is $5,000 (or the whole remaining amount if less than $5,000)
  • May be subject to a blended interest rate for fixed interest rate terms