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5-year Fixed Rate: 2.44%

Rate based on a $300,000 mortgage and 25-year amortization. Change

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In Brief

There is no prepayment in full before maturity, except in the case of a bona fide sale of the property or a refinance with the lender. When payment security is a must, a 5-year fixed is the term of choice, and this is our lowest available 5-year fixed. It comes with solid options like a 120-day rate hold, 10% prepayment ability and a fair prepayment charge if you wish to pay it off early. Being a deep discount less frills rate, the two tradeoffs are that you must refinance with the lender (if you decide to refinance before 5 years) and blended rates are not offered (relevant if you want to increase the mortgage before 5 years).

*There is no prepayment in full before maturity, except in the case of a bona fide sale of the property or a refinance with the lender.
*No increases after closing without a prepayment charge, which may be discounted by the lender at its discretion.
*Includes a FREE one-year home warranty

*Offer is a special intelliMortgage promotion for new business. Rate is not available on existing applications.
*Maximum mortgage is $950,000 if insured and $750,000 if uninsured.
*Max loan amount in AB is 640k for uninsured mortgages.
*Porting restrictions apply
(A) you and the new property qualify, and (B) if the sale of the old property occurs in the same month as the new property and within 30 days. Rate requires: (A) signed commitment within 5 business days of approval; (B) all documents to be provided to the lender with in 10 business days prior to closing. Otherwise a 5 basis point (0.05%) surcharge applies. Please note: Transfers in Ontario only as of May 2020. For standard switches, this lender pays all appraisal, in-house legal, registration and discharge fees (up to $350) from your existing lender. *A 5 basis point (0.05%) rate surcharge applies to switches of collateral charge mortgages.
*Your existing bank must be on this lender's approved lender list

Key Details

Lender restrictions prevent us displaying their names next to our deeply discounted rates. So we show the type of lender instead. The lender name is then displayed once you submit your application online. Lender type is of little relevance to mortgage quality. intelliMortgage deals with all the top lenders and all of them are reputable. Lender Type
Wholesale
If the rate is a cash-back effective rate, the contract rate (upon which your payment is based) will be higher than the advertised rate. In this case, the advertised rate you see at the top of this page reflects the equivalent rate you’re effectively paying, after the cash rebate you receive from intelliMortgage. Cash rebates, if applicable, are paid to you by the 19th day of the month following your closing. Contract Rate
Your Mortgage must close before this date for the rate shown. Closing Deadline
July 6, 2021 (120 days)
The minimum equity required on your home for the rate shown. Equity Required
At least 5% and no more than 19.99%
Minimum mortgage amount allowed. Minimum Mortgage
$300,000.00 (for rate shown); $150,000 (minimum*)
Minimum mortgage amount allowed. Maximum Mortgage
$750,000.00 (Conventional); $950,000.00 (Insured)
Lets you prepay a percentage of your original mortgage balance each year. Lump-Sum Prepayment Option
10% per year

Features

Lets you move your mortgage to a new property without paying a penalty, subject to re-qualification. Portable
Yes (Not all provinces)
Gives you more time (60+ days total) to port your existing mortgage to a new property and avoid a penalty. Many lenders give you only 30 days to port your mortgage. The problem is that it’s sometimes not possible to close your new home within 30 days of the sale (closing) of your old home. Time to Port
1 day(s)
A “collateral charge” is a type of mortgage that lets you increase your mortgage without paying legal fees. The downside is that it’s often more expensive to switch lenders at maturity (because most lenders don’t pay your switching costs if you have a collateral charge). In addition, you rarely get the lender’s lowest rates on any new funds that you add to a collateral charge mortgage after closing. As a result, some people prefer the flexibility of a non-collateral charge mortgage. Collateral Charge
No
A penalty based on the lender’s normal interest rates, as opposed to artificially inflated posted rates (like at the Big 6 banks and many credit unions). The difference can be thousands, even tens of thousands, of dollars depending on your mortgage amount, term remaining and interest rates. Discount Penalty
Yes
Lets you add money to your mortgage with no penalty, and at fully discounted rates. Increase Without Penalty
No
Shows whether the lender offers this rate on switches (where you change lenders without increasing your mortgage amount or amortization) and refinances (where you request more money, increase the amortization or change who’s on title) Available on Switches/Refinances
No/No
Gives you the ability to extend your mortgage term with no penalty. This is handy if you want to: (a) lock in for longer, before rates go up; or (b) blend your current rate with a lower rate in the future (i.e., average down your rate). Blends & extends are not common with variable-rate mortgages Blend & Extend
No
Fixed rates compound semi-annually, but many variable rates compound monthly. Compounding
Semi-annually
Lets you increase your payment by this much each year to pay down your mortgage quicker. Payment Increase Option
10% per year
Applies to variable-rate mortgages only. This option keeps your payments fixed if prime rate goes up or down. But keep in mind, if prime rate rises so much that you’re not at least covering your interest (e.g., 2.00 percentage points or more), your payment will typically increase. Fixed Payment
Yes
Includes an optional secured line of credit. Line of Credit Available
No
A form of linked line of credit whereby you do not have to manually request permission from the lender to reborrow paid-down principal. The minute you make a principal payment, it is available for you to reborrow from the line of credit portion. Readvanceable
No
Open mortgages let you pay off the mortgage without penalty at any time. Term Type
Closed
The number of years it will take to pay off your mortgage, assuming you make no extra payments and don’t refinance. Permitted Amoritzations
5 to 25 years
Lets you check your balance and amortization online. In some cases, you can even make prepayments online. Online Access
Yes
Lets you make an extra payment without penalty on any normal payment date. Double-Up Payments
No
Lets you skip at least one payment per year. Skip-A-Payment
No
Use this number as reference when contacting us. Rate ID
6240
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*(Rate based on $300,000 mortgage.*) Change

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5-year Fixed Rate: 2.44%

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* Rate savings is based on the interest cost difference over the term, compared to the competitor's rate. Rates shown are based on approved credit, may include cash back and are subject to change without notice. E&OE. Other conditions may apply.