Mortgage Deal of the Week

The terms and conditions of each deal is important to get right.

Week of June 10, 2024

This five-year variable-rate mortgage is offered at prime minus 1.00%.

Please review the details below and contact me if you are interested in applying.

 

Five-year Variable-Rate at Prime Minus 1.00%

  • Eligibility: Available on all purchase and refinance transactions.
  • Rate Hold: This rate can be held for up to 120 days.
  • Use of Funds: Available for purchases and refinances of owner-occupied properties.
  • Prepayment Flexibility: Borrowers can make additional lump sum payments of up to 15% of their original balance throughout each year of their mortgage term and can also increase their regularly scheduled payments by up to 15%.
  • Maximum Purchase Price: No limit.
  • Maximum Amortization Period: 30 years.
  • Penalty Terms: This mortgage comes with a penalty of three months' interest.
  • Portability: This mortgage is portable, provided that both transactions occur within 90 days of each other.

To ensure that you don't miss out on this offer, call or email me today.

Also check out my daily mortgage rates posted on the Mortgage Rates page.

 

Here is an illustration of what a $300,000 mortgage will cost:

 

  Monthly Payment Opening Balance Interest Paid Over Term* Balance at Renewal

Five-year Variable-Rate Mortgage (30 Yr AM) 

$1,823 $300,000 $54,099 $279,579

 

* This estimate is for reference purposes only and borrowers are cautioned that variable mortgage rates are subject to change at any time.

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%