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Mortgage Poll

Which way do you think interest rates will trend in the next 6 months?

Up more than 1% - 8.5%
Up slightly - 27.3%
No change - 42.4%
Down slightly - 14%
Down more than 1% - 2.3%
Don't Know - 3.5%

Total votes: 1727
The voting for this poll has ended on: April 29, 2016
Integrated Mortgage Planners - GTA - Toronto

Week of April 24, 2017

This five-year variable-rate mortgage offers high-ratio borrowers a great rate with excellent terms and conditions (except for the higher penalty if you break your mortgage early). 

Closed Five-year Variable Rate (Prime minus 0.80%)

  • Mortgage Type: Offered on high-ratio mortgages (for borrowers who are putting down less than 20% of the purchase price). 

  • Use of Funds: Purchases only.

  • Maximum Purchase Price: $999,999.
  • Prepayment Flexibility: Borrowers can make additional lump sum payments of up to 20% of their original balance throughout each year of their mortgage term and can also increase their regularly scheduled payments by up to 20%.

  • Maximum Amortization Period: 25 years. 

  • Penalty Terms: This mortgage comes with a prepayment penalty that is calculated by taking the greater of three months' interest OR 3% of the balance outstanding at the time of discharge. 

  • Portability: This mortgage is portable as long as buy and sell dates are no more than 90 days apart.  

  • Rate Hold: This rate can be held for a maximum of 120 days.

Here is an illustration of what a $300,000 mortgage would look like using a 25-year amortization period:

  Monthly Payment Opening Balance Interest Paid Over Term Balance at The End Of Five years

Five-year Variable-rate Mortgage at Prime minus 0.80%

(1.90% today)


$300,000 $26,134 $250,779

If you would like to see what your mortgage payments would look like if you took advantage of this offer, try my mortgage calculator.

If you want to learn more about the powerful impact making extra payments can have on the long-term cost of your mortgage, check out my post called The Magic of 5%

To ensure that you don't miss out on this offer, call or This email address is being protected from spambots. You need JavaScript enabled to view it. personally.