Lots to Love
They say rates are on the rise but for well-qualified borrowers with a financial cushion, a variable rate of prime - 1.07% offers tremendous risk/reward.
The Bank of Canada would need to hike rates almost four times for this mortgage to cost you more than a typical 5-year fixed, based on interest cost alone.
But more than that, this is Canada's best 5-year variable mortgage rate for folks with 20% down.
Keep in mind, the rate shown is based on a $300,000 mortgage with 20% equity. Mortgages with more equity qualify for even better rates.
Who’s Right For This Deal
Consider this rate if you have:
- The need for a new mortgage on a home purchase or renewal
- An $800,000 mortgage or less
- At least 20% to 24.99% existing home equity
- At least 3-4 months of living expenses saved up
- A better-than-average ability to handle higher payments
- A remaining amortization of 5 to 25 years
- Good credit and provable income.
Rate Specifics
- This rate is not available on refinances where you are adding money to your mortgage or extending the amortization
- The rate is guaranteed for 90 days
- Enjoy flexible 20% annual lump sum prepayment privileges and 20% payment increase
- Optionally lock in your new rate to a 5-year fixed mortgage any time with no penalty
- Links to your bank account for easy payments
- Has portability with a 90-day port gap, subject to re-qualification
- This offer is available to brand new clients who have not submitted an application in the last 6 months. It is based on approved credit and subject to change without notice.
- Other conditions may apply. E&OE. O.A.C.
Got a question? Live chat with our friendly mortgage concierges, or call 800-280-2460 from 9 a.m. to 8 p.m. ET (5 p.m. PT).
How It Stacks Up
Today’s top deal should be the best value in Alberta, B.C., Ontario, New Brunswick, Newfoundland & Labrador and PEI. But don’t take our word for it. Compare this deal to others using Canada’s most popular rate shopping tools.
