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 2.0%
(Purchases only – insured mortgages, minimum size $450,000)
A five year, closed fixed rate mortgage at 2.59%
Full featured, no weird stuff.Minimum size $450,000
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.