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TODAY'S RATES

Fixed Rate Mortgages

1 Year	2.74%
2 Year	2.74%
3 Year	2.79%
4 Year	2.99%
5 Year	3.09%
6 Year	3.79%
7 Year	3.99%
10 Year	3.99%

Cash Back Mortgages

5 Year 5% Cashback 4.99%
7 Year 5% Cashback 5.79%

Variable Rates

3 Year Variable Rate Closed
Prime (3.00%)

5 Year Variable Rate Closed
Prime – 0.10% (2.90%)

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 February 1, 2012

Print Today’s Rates

Mortgage Costs

There is no cost associated with applying for a mortgage however, in certain cases there is a possibility that a fee will be added to your mortgage. Normally, if your downpayment is less than 20%, there are fees pertaining to mortgage insurance. The mortgage insurance fee is in the form of a one-time premium that can either be paid up-front or is capitalized as part of the mortgage. The fee is a certain percentage of the mortgage balance and is dependent upon the amortization of the mortgage as well as the type of mortgage that you get. For example, the mortgage insurance fee for mortgages for self-employed applicants or for rental properties can be higher than the mortgage insurance fee for a typical applicant.

Please refer to the chart below for the insurance premium rates. These premiums are an example of the mortgage insurance fee charged to the typical applicant.

Premium rates*
LTV Ratio	Single Advance
Up to 65%	0.50%
65.01% – 75%	0.65%
75.01% – 80%	1.00%
80.01% – 85%	1.75%
85.01% – 90%	2.00%
90.01% – 95%	2.75%

*a .20% premium surcharge will be applied to the above premium rates for every 5 years of amortization beyond the traditional 25-year mortgage amortization period. Premium is non-refundable.

The above chart states the mortgage insurance premiums for a mortgage that is amortized over 25 years or less. The maximum amortization for a mortgage is currently 35 years. In the case where a mortgage is amortized beyond 25 years, an additional premium is charged. The general rule of thumb is for each additional 5 years added to the amortization, the premium is increased by 0.20%. For example, if your downpayment is 5% and you wish to have your mortgage amortized over 35 years, your mortgage insurance premium will be 3.15%.

Generally, there are very little costs associated with getting a mortgage. The costs are more due to purchasing the home in general. If the mortgage you are obtaining will be a high-ratio (meaning insured) mortgage (see section under insured vs. uninsured mortgages), in addition to your downpayment, you will be asked to put aside 1.50% of the purchase price of the house for closing cost purposes. Closing costs are costs associated with purchasing the home, for example, lawyer fees, moving fees, etc.

Appraisal Costs

If your downpayment is more than 20% of the purchase price of the property, there is a possibility that the lender will ask for an appraisal of the property. In many cases, lenders appraise the property via a “Property Assessment Tools”. The fee can be anywhere between $70.00 and $100.00. If the lender asks for a full appraisal where a certified appraiser actually does a full inspection and report of the property, costs can range anywhere from $300.00 and upwards. For insured mortgages, the company providing the mortgage insurance normally pays for the cost of the appraisal.

Miscellaneous Costs Associated to a Mortgage

After mortgage documents are sent to your lawyer for signing, you must be prepared to pay your lawyer his fee for registration of title and signing of documents. As well, some lenders will stipulate that you get title insurance for your mortgage. Title insurance can range anywhere from $200.00 to $250.00. There are also other factors such as property taxes, condo fees and community fees to keep in mind.