Variable rate Mortgages Mortgage Prime – 1.00%
Prime Rate set at 3.95%
Rates stated are based on insured purchased (convential rates do vary from advertised rates)
OAC, E&OE, Rates are subject to change
What Rate Do You Qualify For?
Types of Mortgages
Open & Closed Mortgages
With shorter terms (six months to a year), an open mortgage allows you to pay off a portion of, or the entirety of your mortgage without penalty. The rates are in general higher for this.
Closed or fixed mortgages are more structured, but it’s not impossible to pay them off sooner. Fixed mortgages lock you into an interest rate for three to 25 years!
Fixed mortgages have lower rates than open mortgages.
Variable Rate Mortgages
Many people have questions about variable mortgages, included what exactly they are. Your rate is based on the Bank of Canada’s rate with a premium added, making the Prime Rate. The Prime Rate is what most lenders use as part of their Variable Rate Mortgages.
Convert equity of your mortgage into cash with the burden of having to sell your property, or make regular payments. You must be 62 years old and up and must have gathered a significant amount of equity.
Also known as a renovation mortgage, the Handyman’s Special allows buyers to purchase a fix-me-upper and renovate it right away. A Purchase Plus Improvements mortgage factors in the cost of home improvements, so you pay for renovations along with your mortgage.