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

Debt Consolidation

The meaning of debt consolidation is when a person has 2 or more credit cards or loan facilities where they wish to combine the debts into 1 debt. The 3 reasons why a debt consolidation would be done are in order to decrease the number of payments one has, to decrease the total monthly payment, or to decrease the total interest payable.

WARNING……..

The danger of consolidations is that after consolidating their debt, there’s the temptation of maximizing their credit cards again. Banks do not look favourably upon individuals who are continually consolidating their debt by utilizing the equity in their home. Consolidations should be done during times of hardship but not on a habitual basis. Always keep conscious of the credit facilities that are available to you and the repayment terms required. Remember excessive credit can lead to a lower score on your credit bureau, leading you to higher mortgage interest rates in the future. See section on Establishing Your Credit.

Example

For example, if an applicant were to have 5 credit cards and each of those 5 credit cards carried a balance of $10,000.00, there would be 5 payments due every month for $300.00. Most credit card companies will require a minimum monthly repayment of 3% of the credit card balance at an interest rate of 18% or higher. That’s a total of $1500.00/month for credit card bills. Conversely, if the $50,000.00 credit card debt were to be consolidated into a mortgage at an interest rate of 4.04%, amortized over 35 years, the 5 payments would now be converted to one monthly payment of $221.58. By combining the 5 payments into 1 lower monthly payment, the credit card debt becomes much more manageable.