Our Best Mortgage Rates

You Deserve a Great Rate AND a Great Mortgage Product

Best Mortgage Rates as of August 11th, 2022*

Term Our Best Rates
6 Months 5.44 % 120 day closing
1 Year Closed 4.69 % 120 day (insured)
2 Year Closed 4.59 % 120 day (insured)
3 Year Closed 4.39 % 120 day (insured and below 65% LTV)
4 Year Closed 4.79 % 120 day (insured)
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 3.80 % 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.

Bank of Canada Prime Lending Rate today is 4.70%.

SPECIALS

  • 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 5.09%, max 80% loan-to-value. 120 day rate hold.
  • 5 yr VARIABLE, 3.80%(Prime .90) for an insured purchase only. 120 day rate hold.
  • 3 yr VARIABLE, 3.60%(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 5.89%. 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.

I believe the more you know and understand about mortgages, the less worry you will have.

Dan Faubert

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