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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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Revenue / Investment Property

Purchase Rental Properties

Currently, a rental property can only be purchased if the buyer had access to 20% of the purchase price in the form of a down payment from their own resources. The definition of own resources is either savings, investments, RRSPs, or the use of existing home equity.

Using Rental Income to Qualify

Rental income can also be used to qualify financing the property. Recent changes have been made for how rental income is used to qualify that may vary between lenders. Here are 3 ways most lenders are using rental income:

1) For owner-occupied 1-4 unit properties, 50% of the gross rental income from the subject property may be included in the borrower’s gross annual income. (Previously this was calculated as an 80% rental offset)

2) For borrowers with other rental properties, the rental income needs to be confirmed with recent T-1 Generals. – If there is a rental surplus – The surplus amount can be added to the borrower’s gross annual income – If there is a shortfall – The shortfall amount must be added to “Other Monthly Obligations”

3) Where rental income cannot be validated with T-1 Generals, the full Principal, Interest, and Taxes must be included in “Other Monthly Obligations”, and 50% of gross rental income may be added to the borrower’s gross annual income.