| Current Rates |
| Todays Prime: | 3.50 | |
| Term | Broker | Bank |
| 6 Month: | 5.90 | 5.90 |
| 1 Year: | 4.25 | 5.60 |
| 2 Year: | 5.05 | 6.25 |
| 3 Year: | 5.15 | 6.25 |
| 4 Year: | 4.79 | 6.45 |
| 5 Year: | 4.89 | 6.75 |
| 6 Year: | 6.10 | 7.00 |
| 7 Year: | 6.25 | 7.20 |
| 10 Year: | 6.45 | 7.35 |
| 15 Year: | N/A | N/A |
| 18 Year: | N/A | N/A |
| 25 Year: | N/A | N/A |
| No Down: | 7.00 Cash back | N/A |
| Variable 1: | 4.10 | N/A |
| Variable 2: | N/A | N/A |
| Local: | 1 - 403 - 313 - 0606 |
| Toll Free: | 1 - 877 - 699 - 0719 |
| Updated: | Dec 28, 2008 |
|
Buying a New Home
To achieve the best interest rates, you will need to put a 5% down payment, OR have a credit score of 680+ to qualify for a no down payment mortgage with an A lender. If your beacon score is 650+, you can get best interest rates with only 3% down payment.
Putting less than 20% as a down payment classifies a mortgage as a "high ratio" mortgage. A high ratio mortgage must be insured against default through either Canada Mortgage Housing Corporation, Genworth Financial, or AIG. This will be arranged by your mortgage broker.
The insurer fees range from .050% to 3.70% depending on how much of a down payment is put towards your purchase. The one time insurance premium is added to the principle amount of your mortgage. Putting 20% or more or more as your down payment classifies your mortgage as a "conventional" mortgage. No insurer fees will be charged. Having a mortgage broker work on your behalf saves you the time of having to shop around for the best rate.
With over 32 lenders competing for your mortgage, only one credit bureau being pulled and no fees being charged to you for this service, YOU COME OUT THE WINNER!
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