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Mortgage Poll

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

Integrated Mortgage Planners - GTA - Toronto

Week of January 25, 2021

This five-year variable-rate mortgage is offered to Ontario borrowers who are putting down less than 20% of the purchase price (who are also called high-ratio borrowers). This product also comes with excellent terms and conditions.   

Closed Five-year Variable Rate

  • Rate Hold - Deal must close within 90 days.
  • Use of Funds: Available for purchases of owner-occupied properties. (Ontario only.)

  • 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 prepayment penalty of three months' interest.  

  • Portability: This mortgage is portable, provided that both transactions occur within the 60 days of each other.

  • Additional Comments: All required documents must be submitted upfront with the mortgage application. 

Here is an illustration of what a $300,000 mortgage would look like using a 25-year amortization period (and assuming that the variable rate does not change over the term):

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

Five-year Fixed-rate Mortgage at 1.35%

$1,321 $300,000 $18,195 $239,899

* The minimum mortgage payment is set using a rate that is 1.00% above the actual rate. To use an example, if the actual rate of interest charge is 1.35%, the minimum required payment will be set using 2.35%. (Thereafter, if the lender's prime rate changes, the payment will remain the same.) 

** This is a variable-rate mortgage and the estimated interest paid of $18,485 assumes no rate changes over the five-year term. That 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%

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. today.