RATES & INFO
The best rates at any point in time are for "live transactions" (meaning offer already in hand). When you find your dream home, Nikole re-scans rates to be sure you are getting the best options that also work with your purchase, application and goals.
1 Year Closed
5 Year Fixed
5 Year Variable
Any unadvertised specials will be
reviewed at pre-approval.
The above represents owner occupied, insured mortgages. Rates subject to change without notice.
What is the difference between fixed and variable?
CLICK HERE - PDF
Is it true if you have a 20% down payment, you pay a higher rate than someone with LESS than 20% down?
Yes, in 2016 when the stress test was introduced rates became divided among down payments, programs and some lenders even have min credit ratings attached to their rates.
Here's the thing, when we put LESS than 20% down in Canada, we have to purchase default insurance (ex. CMHC, Sagen, Canada Guaranty) and this premium is added to the total mortgage. So if someone puts 10% down, a 3.1% premium is added to the mortgage. If you put 20% down, you don’t have a premium to pay.
I have checked the option for clients who have 20% down but want to insure the mortgage to save on rate - not one time, to date, has it worked out in the clients best interest to take on the premium for a lower rate.