CURRENT MORTGAGE RATES Last updated:  Jan 18, 2012 Term Bank Rate Our Rate 6 month 4.55% 4.55% 1 year 4.30% 2.75% 2 years 3.89% 2.99% 3 years 3.99% 3.19% 4 years QC 4.79% 2.89% 5 years 5.29% 3.29% 7 years 6.29% 3.99% 10 years 6.69% 3.89% 1 year open 6.30% 6.30% Prime: 3.0% * rates subject to change without notice    .

Since the recession CMHC and GE do not offer the secured line of credits, therefore the maximum loan to value is 80% of your appraised value registered as a 1st lien against your home by the lender who has approved your line of credit. Some lenders offer to the clients a product that allows them to registered the full amount of the mortgage and use a portion on a fixed term and with a principal and interest repayment and the remainder as a revolving line of credit. 

example: House value is $500,000

             80% loan to value - $400,000 register against your home

Fixed mortgage $300,000 @ 4.29% rate- 5 yr term/35 year amortization =$1374.08

Line of credit $100,000 @ Prime + 1.0%  over 25 year amortization = interest only payments of $267.12

Non – Insured Line of Credit (known as Heloc)

Requirements and Highlights

• Up to 80% LTV
• Minimum Score is 650
• Rate hold for 60 days- both purchase or refinance
• GDS/TDS : if beacon score is 680+, max TDS is 44%, no GDS requirements
• GDS/TDS: if beacon score is <680, GDS max 35% and TDS max 42%
• Credit bureau can not have any delinquencies on the credit bureau in the past 12 months
• No reported defaults on residential mortgages for the past 7 years
• No previous bankruptcy
• No gifted down payment
• No Tax arrears ( recent NOA will suffice)