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TODAY'S RATES

Fixed Rate Mortgages

1 Year	2.44%
2 Year	3.09%
3 Year	2.90%
4 Year	3.54%
5 Year	3.60%
6 Year	4.39%
7 Year	4.70%
10 Year	5.04%

Cash Back Mortgages

5 Year 5% Cashback 5.39%
7 Year 5% Cashback 5.90%

Variable Rates

1 Year Variable Rate Closed
Prime – 0.30% (2.70%)

3 Year Variable Rate Closed
Prime – 0.70% (2.30%)

5 Year Variable Rate Closed
Prime – 0.70% (2.30%)

5 Year Variable Rate Open
Prime + 0.80% (3.80%)

Secured Line of Credit

Minimum payments interest only Prime + 0.50% (3.50%)

Prime Rate Today is 3.00%

Rates subject to change without notice

Updated as of September 8, 2010

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FAQs

1. What is the difference between fixed and variable? Which is best for me?
The difference between fixed and variable is that with a fixed rate your interest rate and payment stay the same for the entire term of the mortgage. With variable rates the interest rate fluctuates with the lenders prime rate therefore the mortgage payment can also go up or down. The best option depends on you. If you like the security of knowing what your payments will be, or if any increase in payments would be difficult to accommodate, then fixed is the way to go. If fluctuating payments do not bother you then a variable rate mortgage may be an option for you.

2. What are closing costs?
Closing costs are costs associated with the purchase of your property. Closing costs can include lawyers’ fees, appraisal fees, inspection fees, property tax adjustments, major repairs for the property, new furnishing or appliance purchases, etc. The lenders like to see proof of 1.5% of the property purchase price set aside for closing costs over and above your downpayment to avoid any financial hardships when taking possession of your new property.

3. What are the turnaround times for pre-approval or approval?
Turnaround times are usually between 24 to 72 hours and vary depending on the lender and the specific situation. Please remember to give a minimum of 5 days for financing condition for offers submitted as it can take some time for the lenders to review your documentation. Also a pre approval is not the same as an approval.

4. Is it bad to have my credit checked too often?
Checking your credit too often can lower your credit score. Multiple inquires over a 2 week period is likely to lower your score. You must wait a minimum of 60 days between credit checks before you can see an increase of your score. In order to protect your score we only check your credit once and can shop around to multiple lenders to find the best mortgage to suit your needs.

5. What is CMHC or Genworth mortgage insurance?
CMHC or Genworth mortgage insurance is insurance for the lenders in the event you default on your mortgage. You are required to pay this insurance unless you have a minimum of 20% downpayment. This allows you to purchase a property with as little as 5% downpayment and can get you into your home faster.

6. What is the difference between a major bank and a non bank lender?
The big difference between a major bank and a non bank lender is how your mortgage is serviced after closing. With a major bank you are able to go into one of their many branches and speak to someone in person. A non bank lender does not have any office locations therefore any inquiries in regards to your mortgage will have to be done by telephone or e-mail only. The service provided by the non bank lenders by phone or e-mail is good but if you feel you will require more personal attention a major bank may be what you require. In addition the non bank lenders sometimes offer a slightly better interest rate and less strict qualifying practices. Also you can always contact us with your questions or concerns and we can try to answer your questions, inquire on your behalf or help you understand what the lender is telling you.