Our Best Mortgage Rates
You Deserve a Great Rate AND a Great Mortgage Product
Best Mortgage Rates as of Jul 10th, 2020*
|Term||Our Best Rates
|6 Months||3.14 % 120 day
|1 Year Closed||2.79 % 120 day (insured)|
|2 Year Closed||2.49 % 120 day (insured)
|3 Year Closed||2.59 % 120 day (insured)|
|4 Year Closed||2.49 % 120 day (insured)|
|5 Year Closed||2.14 % 120 day (insured)* see specials|
|7 Year Closed||3.24 % 120 day (insured)|
|10 Year Closed||3.24 % 120 day (insured)|
|Closed Variable||1.90%% (Prime -.55 Insured 120 day rate hold)
*The above rates are available to credit qualified borrowers.
- Best 5 yr fixed rate for refinancing is 2.39%, max 80% LTV.
- Best 5 yr fixed rate for a purchase with 20% down payment is 2.39%.
- Best 5 yr fixed rate for a rental property is 2.54%, for max 75% 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 4.94% 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%. So for example, if you are getting 2.44% 5 yr fixed, you will have to qualify at the 4.44% or the stress test rate of 4.94%, which ever is higher.
- 5 yr fixed 2.14%, insured purchase or transfer, must have complete docs (down payment, income and offer to purchase, property listing), closing within 120 days.
- 5yr VARIABLE, 1.90%(Prime -.55) for an insured purchase only, closing within 120 days.
- Pre-approvals- 120 day rate guarantee- 5 yr 2.34% (insured)
- Pre-approvals- 120 day rate guarantee- 5 yr fixed 2.39 (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.
I believe the more you know and understand about mortgages, the less worry you will have.