At the present time mortgage rates can usually be negotiated on the following basis.
Current Mortgage Rates are
“A” Lending:
Fixed 4.59%* for insured
Fixed 5.24% for conventional
Variable 5.75% for insured
Variable 6.30% for uninsured
Rental 5.39% fixed
6.60% variable
Prime Rate 6.70%
Qualifying Rate Contract Rate + 2%
Next rate set by Bank of Canada is on Mar 08, 2023
“B” Lending:
“B” Lending –
2 years – 6.24%
3 years – 5.99%
35 years amortization available*
TDS up to 60%
No GDS
Self-Employed – 6 to 12 months bank statements
Bad/Bruised Credit
Rental Properties
Existing or Previous Consumer Proposal
“C” Lending:
Rate starts from 9.00%**
No documentation required
Quick Closing
True Stated income
No Proof of Down Payment
Interest only or 40 years amortization
Fully open or 3 months interest penalty
“2nd Mortgage”
Rate starts from 12.99%
If you are seeking a mortgage, give me a call and I will make a recommendation concerning a mortgage broker.
Brian Madigan LL.B., Broker