Best 5 Year Fixed Rate 4.49%*
LIMITED TIME- valid for purchases & transfers, closing within 120 days.
Lending in ONTARIO only.
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Ottawa Mortgage Broker offering the BEST mortgage rates and products in town.
Give us a call today at 613-222-2624!
Best Mortgage Rates as of Sept 15th, 2022*
|Term||Our Best Rates
|6 Months||6.19 % 120 day
|1 Year Closed||4.69 % 120 day (insured and insurable)|
|2 Year Closed||4.79 % 120 day (insured)
|3 Year Closed||4.39 % 120 day (insured and below 65% LTV)|
|4 Year Closed||4.79 % 120 day (insured and uninsurable)|
|5 Year Closed||4.49 % 120 day (insured and below 65% LTV) **See Specials
|7 Year Closed||5.34 % 120 day (insured and below 65% LTV)|
|10 Year Closed||5.44 % 120 day (insured and below 65% LTV)|
|5 Year Closed Variable||4.55 % 120 day (Prime .90, Insured)
*The above rates are available to credit qualified borrowers. Rates are subject to change.
Note: when qualifying for a mortgage, due to new government regulations, you must now "qualify" using a government benchmark rate of 5.25% OR your contract rate plus 2%, whichever is greater. This is regardless of what mortgage term you are taking, and or what the actual contract rate you are getting from the lender. We call this the "Stress Test Rate".
Bank of Canada Prime Lending Rate today is 5.45%.
- Insured purchase or transfer: Best 5 yr fixed rate is 4.49%. 120 day rate hold.
- Insurable purchase or transfer: Best 5 yr fixed rate is 4.79%. 120 day rate hold.
- Refinance or 30 year amortization: Best 5 yr fixed rate is 4.79%, max 80% loan-to-value. 120 day rate hold.
- Rental property: Best 5 yr fixed rate is 5.04%, 70% loan-to-value. 120 day rate hold. 5.49% for max 80% LTV.
- 5 yr VARIABLE, 4.45%(Prime 1.00) for an insured purchase only. 90 day rate hold.
- 3 yr VARIABLE, 4.35%(prime -1.10) for an insured purchase only. 90 day rate hold.
- Pre-approval(insured, less than 20% down): 5 yr fixed 4.69%. 120 day rate hold.
- Pre-approval(insurable, 20% or more down): 5 yr fixed 5.09%. 120 day rate hold.
Mortgage rates can be held for up to 120 days, depending on the lender being used, and rate promotion. If rates drop, your rate will be lowered up to two days prior to closing. If rates increase, no worries, your rate is guaranteed to be no higher than original approved rate.
Individuals that do not qualify normally may still be financed, but must call for a quote on rate and fees based on their particular circumstance.
Get the Straight Talk on Mortgages
“I believe the more you know and understand about mortgages, the less worry you will have.”
Dan Faubert is an Ottawa Mortgage Broker who will help reduce the stress of buying your home with a pre-approved mortgage and allow you to purchase your property knowing everything is organized.
When your mortgage is due for renewal, give us a call. We can assist you with the renewal and ensure you are getting the BEST rate possible. There are many ways to save money, so don’t just renew with your bank.
Mortgage Money Blog
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