Today's Top Deal

When a Variable Makes Sense

For well-qualified, risk-tolerant borrowers with a financial cushion, an effective variable rate of prime - 0.77% offers tremendous value.

Given lingering employment losses from the current recession, some economists believe the Bank of Canada will keep its overnight rate at the current rock-bottom levels for up to 2-3 years or more. If so, that could potentially help this 1.68% variable rate outperform other terms.

Notes for rate shoppers:  This offer applies to high-ratio (default-insured) mortgages only. The rate shown is an effective rate that incorporates a contract rate of prime - 0.70% plus a cash rebate equivalent to another 0.07% discount. Using the cash rebate as a prepayment saves the borrower even more interest!

Who’s Right For This Deal?

The rate shown is based on a $300,000 mortgage, fully provable income and a closing date within 90 days. Larger mortgages may qualify for lower rates and vice versa.

Consider this mortgage if you have:

• A need for purchase financing and have less than 20% down payment or want to switch a mortgage that is already default insured
• At least 3-4 months of living expenses saved up
• A better-than-average ability to handle higher payments
• An amortization of 5 to 25 years
• Good credit and provable income.

Rate Specifics

• This rate is for default-insured purchases and switches only (i.e. your mortgage must be more than 80% of your home value, or you must have default insurance already)
• Standard charge switches enjoy free legal/registration fees. If you have a collateral charge, inquire about our new collateral switch program.
• Flexible 20% annual lump sum prepayment privileges and 20% payment increase
• Mortgage value must be between $300k and $950k
• This is a "full-featured" mortgage, albeit refinances must be arranged through the lender until maturity.
• You can lock in to a 5-year fixed mortgage at any time, at the lender's then-current terms and discounted rates.
• The standard non-collateral charge makes switching lenders cheaper and easier at renewal
• Discharging the variable rate early entails a reasonable 3-month interest fee based on prime rate.
• Full dollar-for-dollar portability is available with a 90-day port gap, subject to re-qualification
• This offer applies to 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 and PEI. But don’t take our word for it. Compare this deal to others using Canada’s most popular rate shopping tools.