free templates joomla

Mortgage Poll

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

Up more than 1% - 9.9%
Up slightly - 30.6%
No change - 38.2%
Down slightly - 13.5%
Down more than 1% - 2%
Don't Know - 3.5%

Total votes: 2154
The voting for this poll has ended on: April 30, 2019
Integrated Mortgage Planners - GTA - Toronto

Week of March 23, 2020

This five-year fixed-rate mortgage at 2.29% offers high-ratio borrowers on Ontario a great rate with excellent terms and conditions.   

Closed Five-year Fixed Rate

  • Mortgage Type: Offered on high-ratio mortgages of $300,000 or more and for buyers who are putting down less than 20% of the purchase price.

  • Closing Date - Deal must close by May 29, 2020.
  • Rate Hold - Deal must close within 120 days.

  • 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 interest-rate differential (IRD), and IRD is calculated using your contract rate. (FYI - the lender uses the Standard Method that I refer to in this post.) 

  • Portability: This mortgage is portable, provided that both transactions occur within 90 days of each other.

  • Additional Conditions: All required documents must be resubmitted upfront with the application.      

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 Fixed-rate Mortgage at 2.29%

$1,313 $300,000 $31,596 $252,832

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.