2.79% Mortgage Rate 5 Year Fixed

Mortgage rates continue to reach historically low levels as bond markets lower prices in Canada. A 5 year fixed rate is now available at 2.79% with a 120 day rate hold for your home purchase, refinance or mortgage renewal. Here are some guidelines and terms for this product.

Minimum Credit Score: 620

Property Type:  Owner-occupied

Loan Purpose: Purchase – 95% – 1 to 2 units;  90% – 3 to 4 units     Refinance – 80% LTV

Term: 5 year fixed

Loan Amount: $50K – $1.5M

Amortization Period: 5 to 30 years

Max Debt-Service Ratios:  35 GDS/42 TDS or NO GDS/44 TDS

Down Payment: From own resources and/or gifted funds

Geographic Areas: Ontario Only

Income: Provable/Qualified income

Qualifying Rate: Contract Mortgage Rate

Rate Guarantee: 120 days

Payment Options:  Monthly, Semi-Monthly, Bi-Weekly, Weekly

Prepayment Options: Lump sum up to 20% of the original principal amount (minimum $100),  20% increase  in payment, incremental  fixed amount can be added to principal and interest payment

Other: Portable, assumable, bridge financing, blends

 

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