Mortgage Deal of the Week
The terms and conditions of each deal is important to get right.
Week of September 18, 2023
This three-year fixed-rate mortgage is offered at 5.69%.
Please see the detail below and contact me if you are interested in getting my assistance with your mortgage financing.
Closed Three-year Fixed Rate at 5.69%
- Eligibility: Available on purchase transactions where the property is valued at less than $1 million, and where the borrower(s) are making a down payment of less than 20% of the purchase price.
- Rate Hold: This rate can be held for up to 120 days.
- Use of Funds: Available for purchases on owner-occupied properties.
- 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 Purchase Price: $999,999.
- Maximum Amortization Period: 25 years.
- Penalty Terms: This mortgage comes with a penalty that will be the greater of three months' interest or interest-rate differential (IRD), and the IRD penalty is calculated using contract rates. (This is the Standard Method that I refer to in my blog post explaining how fixed-rate mortgage penalties are calculated).
- Portability: This mortgage is portable, provided that both transactions occur within the same calander month.
Here is an illustration of what a $300,000 mortgage will cost:
|Monthly Payment||Opening Balance||Interest Paid Over Term||Balance at Renewal|
Three-year Fixed-rate Mortgage at 5.69%