Best 5 Year Rate 1.89%
LIMITED TIME- Insured or Insurable Purchase only closing within 120 days.
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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 June 11th, 2021*
|Term||Our Best Rates
|6 Months||3.04 % 120 day closing
|1 Year Closed||1.99 % 120 day (insured)|
|2 Year Closed||1.99 % 120 day (insured)
|3 Year Closed||1.59 % 120 day (insured)|
|4 Year Closed||1.99 % 120 day (insured)|
|5 Year Closed||1.89 % 120 day (insured)* see specials|
|7 Year Closed||2.44 % 120 day (insured)|
|10 Year Closed||2.89 % 120 day (insured)|
|Closed Variable||1.40%% (Prime -1.05 Insured 90 day rate hold)
*The above rates are available to credit qualified borrowers.
- Best 5 yr fixed rate for refinancing or a purchase with a 30 yr ammortization is 1.99%, max 80% LTV.
- Best 5 yr fixed rate for a purchase with 20% down payment is 1.89%.
- Best 5 yr fixed rate for a rental property is 2.49%, for max 80% LTV.
Rates are subject to change.
Note: when qualifying for a mortgage, due to new government regulations, if you have less than 20% down payment, you must now "qualify" using a government benchmark rate of 5.25% today. This is regardless of what mortgage term you are taking, and or what the actual contract rate you are getting from the lender.
Bank Prime Lending Rate today is 2.45%
As of Jan 1st, 2018, if you have more than 20% down payment, you will have to qualify at the face rate of your mortgage PLUS 2% or 4.79% which ever is greater. So for example, if you are getting 2.44% 5 yr fixed, you will have to qualify at the stress test rate of 4.79%.
- 5 yr fixed 1.89%, insured(LESS than 20% down payment) or insurable(more than 20% down payment) purchase only, must have complete docs (down payment, income and offer to purchase, property listing), closing within 120 days.
- 5yr VARIABLE, 1.40%(Prime -1.05) for an insured purchase only, closing within 120 days.
- Pre-approvals- 120 day rate guarantee- 5 yr 2.24% (insured)
- Pre-approvals- 120 day rate guarantee- 5 yr fixed 2.34 (more than 20% down payment)
Mortgage rates can be held for 4 months, depending on the lender being used. 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 originally set.
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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