3-year Variable Rate: 2.25%

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

In Brief

A fantastic rate that's supported by intelliMortgage's renowned client service team. See more rate details below. Then click <Get This Rate> to apply now.

Must be CMHC or Genworth insured. Convert to a 5-year fixed any time without penalty. No rate drops after approval. Rate is 15 basis points (0.15%) higher if you have 20% or more equity. Standard 3-month interest penalty for early terminations. Rate applies to purchases and refinances only. Switches entail a 0.05% rate premium. Increases during before maturity may trigger a prepayment charge.

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
August 13, 2021 (90 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
$2,000,000.00 (Conventional); $950,000.00 (Insured)
Lets you prepay a percentage of your original mortgage balance each year. Lump-Sum Prepayment Option
20% 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
30 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
Yes/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
20% 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
No
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
20 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
6828

Compare Interest Savings

intelliMortgage Savings *
$
Monthly Payment
$

*(Rate based on $300,000 mortgage.*) Change

What Our Clients Say

3-year Variable Rate: 2.25%

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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.