YourMortgageContact

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

Print Today’s Rates

No Downpayment

100% Financing, No Downpayment Still Available!

Don’t have the 5% minimum downpayment saved? No problem. You are still able to purchase a property by borrowing the required downpayment. Although the downpayment can be borrowed, you will be required to provide proof of closing costs. Closing costs are costs associated with lawyer fees, appraisal fees, property taxes, moving costs, and other expenses associated with your purchase. The lender usually asks for proof that you have 1.50% of the purchase price for closing costs purposes. Please look at the following two no downpayment options available to you.

Option 1

First, go to a lender of your choice to get a loan set up for the 5% downpayment. Preferably the loan will be in the form of a line of credit with minimum monthly repayments of interest only. Once the downpayment loan is set up, we can submit your application for the mortgage at your choice of term and type of mortgage (ie. fixed or variable) at the best rates available. Once the mortgage is set up you will have two separate loans with two separate payments. You would also have had to go through two applications, once with the loan for the downpayment and once for the mortgage. Keep in mind that in order to get an unsecured loan, the lender will require you have a very strong credit history. If you do not qualify for the unsecured loan or feel the process and payment schedule is too complex, the cash back mortgage (option 2) is your solution.

Option 2

5 year fixed cash back mortgage. With this option the lender provides you with the 5% downpayment loan as well as the mortgage in one easy application process. Also, instead of having two payments you now only have one payment to make at a slightly higher but competitive interest rate. Please check out our rates page to see the current rates. Also please visit our printable Cash Back Mortgage Feature Sheet to see further details and features about the Cash Back Mortgage Program.

Since you are still financing 95% of the purchase, Mortgage insurance premiums apply and are as follows:

Premium Rates:
LTV Ratio	Single Advance	Top-up Premiums
90.01 – 95.00%	2.90%	4.25%

Premium is non-refundable. *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.

Both of these options have their advantages but please contact us today to help you find the best option to suit your unique needs and situation.