Quoting rates isn’t straightforward anymore. Your final rate is based on your credit score, purchase price or home value (homes over $1 million purchased after Oct 17, 2016 have higher rates), the loan to value (mortgages under 65% LTV and above 80% LTV get best rates), location, job type and income confirmation documents.
That’s right… ALL these factors will determine your interest rate!
Today, there’s a great variable rate available at Prime minus 1.09%. That translates to 2.39%. This is a real rate… it’s not a bait-and-switch ad like so many rate-comparison sites are quoting these days.
Many rate shopping/comparison sites will post rates that are unattainable – using bait-and-switch tactics. I wish more borrowers would speak up and post their experiences. Too often, borrowers have gone to these sites and experienced the bait-and-switch firsthand. At the end, they feel embarrassed to discuss how they were ripped off. You won’t see that here. This site is about giving you straight facts, mixed in with my own personal experiences and opinions.
Is your mortgage coming up for renewal? Are you buying a home?
Prime minus 1.09% is a truly great offering. If you have a mortgage that’s coming up for renewal, or if you’re looking to purchase a home, this is something you should consider before finalizing your mortgage decision.
A fixed-rate mortgage may be a good option for you, too. It really depends on your circumstances and needs.
Forget about getting a quick rate quote. That just isn’t possible in today’s complex mortgage world. Spend a few minutes talking with an experienced Mortgage Broker. Seek an opinion and professional advice catered to your specific needs. The best part is that the service is FREE for qualified individuals!
Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.
Steve Garganis: 416-224-0114; firstname.lastname@example.org
As an industry insider, Steve will share info that the BANKS don't want you to know. Steve has appeared on TV's Global Morning News, CBC's "Our Toronto" and The Real Life TV show. He's also been quoted in several newspapers such as the Globe and Mail, The Toronto Star, The Vancouver Sun, The Star Phoenix, etc.