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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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Second Mortgage

A second mortgage can take the form of a fixed mortgage or a line of credit. The line of credit is available at prime +1.00 for a person with excellent credit who’s able to provide standard income verification. A line of credit at Prime + >1.00% is available for those that have a lower credit score or are not able to provide standard income verification.

The second mortgage can be either on a conventional basis (where the total loan to value is less than 80%) or on a high ratio basis where the second mortgage can be approved at a loan to value of up to 95%. Second mortgages are available as both CMHC insured mortgage as well as through self-insured lenders. Self-insured lenders have their own means of insuring the mortgage thus don’t need CMHC approval for their mortgages.

Normally, the interest rate for the second mortgage is higher than that available for first mortgages due to the fact that they are in “second” charge on the title. Meaning if the property were to be sold, the mortgage that is “first” on title would be paid out before the second mortgage.

Finally, second mortgages are available through private lenders as well where there is normally a fee charged in addition to the interest rate. The private lender should be used as a last resort since their rates are overall the highest among all of the lenders.

Apply for a Second Mortgage.