Mortgage Deal of the Week

Deal of the week istockThe Mortgage Deal of the Week updated April 03, 2017

If you are all about the rate and nothing else matters to you, you should probably move onto one of the rate sites – you may well find lower rates than even our specials.

But if you value a truly special customer service experience and the knowledge you have a noted industry expert in your court, then stick around, and check out our site!

  • A five year, closed variable rate mortgage at 1.95%

    (Purchases only – insured mortgages)

  • A five year, closed fixed rate mortgage at 2.59%

    (Purchases only – insured mortgages)

Here is a table of our regular mortgage interest rates

We deal with fifty or so lenders, and every day we receive emails announcing promotional rates. Most of the time, a promotional rate comes with some restrictions, so it is important to always ask what’s under the hood?

EXAMPLES OF POSSIBLE RESTRICTIONS OF PROMOTIONAL MORTGAGE RATES

  • Must close within a specific period of time. For example; 30, 45 or 60 days.
  • May have high prepayment penalties. For example, some promo VRM’s may charge 3% of the remaining balance! The younger you are, the more likely you are to break your mortgage before your five year term expires. This is important!
  • May not allow you to refinance. You may only break the mortgage if you are selling your property or staying with that same lender.
  • Low prepayment privileges. 20/20 is best; 15/15 is fine; some promos may offer much less.
  • May be restricted to a specific amortization period. For example, a max of 25 years, or not less than 20 years.
  • May charge a mortgage insurance premium, even with a 20% down payment.
  • May only be available for high-ratio purchases; not those with 20% or more down-payment.
  • May not be available for or renewals.or preapprovals
  • May have loan to value restrictions
  • May only be good for owner-occupied homes, not rentals or investment properties.
  • May not offer a portability feature.

 

CLICK HERE FOR A FULL TABLE OF TODAY’S MORTGAGE RATES

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