Our Best Mortgage Rates
You Deserve a Great Rate AND a Great Mortgage Product
Best Mortgage Rates as of January 19th, 2023*
|Term||Our Best Rates
|6 Months||6.44 % 120 day
|1 Year Closed||5.69 % 120 day (insured and up to 65% LTV)|
|2 Year Closed||5.44 % 60 day (insured and up to 65% LTV)
|3 Year Closed||4.89 % 120 day (insured and up to 65% LTV)|
|4 Year Closed||4.89 % 120 day (insured and up to 65% LTV)|
|5 Year Closed||4.59 % 90 day (insured) **See Specials
|7 Year Closed||5.54 % 120 day (insured)|
|10 Year Closed||5.64 % 120 day (insured)|
|5 Year Closed Variable||5.45 % 90 day (Prime -1.00, 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 6.45%.
- Insured purchase: Best 5 yr fixed rate is 4.59%. 90 day rate hold.
- Insurable purchase: Best 5 yr fixed rate is 5.04%. 120 day rate hold.
- Refinance or 30 year amortization: Best 5 yr fixed rate is 5.14%. 120 day rate hold.
- Rental property: Best 5 yr fixed rate is 5.39%, 80% loan-to-value. 120 day rate hold.
- 5 yr VARIABLE, 5.45%(Prime -1.00) for insured purchase or transfer. 90 day rate hold.
- 3 yr VARIABLE, 5.35%(prime -1.10) for an insured purchase only. 90 day rate hold.
- Pre-approval(insured, less than 20% down): 5 yr fixed 4.99%. 120 day rate hold.
- Pre-approval(insurable, 20% or more down): 5 yr fixed 5.24%. 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.