Mortgage Rates

Why do you not see the mortgage rate chart or the lowest posted rates like every other mortgage company?

You may not know that the lending environment has changed greatly in the past few years, and rates today depend on many more variables:

How much you are putting down - i.e. will the mortgage be insured by CMHC or GENWORTH.
What is your credit bureau look like - score and credit history
How severe a payout penalty you are willing to risk for the lower rate

These are just a few of the variables you we would have to discuss to determine which rate and exit strategy will suit you. So rather than post the absolute lowest rate possible on the assumption that every variable works out in your favour, let's talk so we can determine what your situation is and what your rate might look like. Canquest would much rather do that then publish a rate you'd be disappointed if it wasn't available to you. It takes a conversation with an industry professional to explain the pros and cons of any rate being offered. Call or email me today so we can discuss your personal situation.

Fixed Closed Mortgage Rates

The available terms are 1, 2, 3, 4, 5, 7, and 10 years. This means that you are locked into the interest rate for the term of the mortgage. When that term is up - you then renew your mortgage for another term selected by yourself. This is the most common type of mortgage terms provided by the lenders. All mortgage terms 1- 5 must qualify on the Benchmark rate (4.84%) under the new mortgage rules.

When you sell your property or want to refinance and take the equity out of your property and you are not yet at the end of your term you took on your mortgage you will be subject to a payout penalty. Your penalty will depend upon the terms of your original mortgage that you signed at the time you locked in your mortgage rate. Call your existing lender and find out what the penalty may be. On most of the fixed rate mortgage done by a A lender the penalty would be 3 month interest or Interest rate Differential whichever is the greater.

Fixed Open Mortgage Rates

The term on this mortgage is usually a 1 year. The interest rates are usually being higher than the fixed closed 1 year term rates because it is short term money and you can pay the mortgage out anytime in the one year. There are no penalties when you decide to payout the mortgage. Most people use this type of mortgage because their existing mortgage is up for renewal and they are selling their home or they are doing renovations and then selling their existing home. Most people have very specific short term need for this type of mortgage.

Variable Rate Mortgage

There are 3 year and 5 year terms available for rate. The mortgage rate floats with prime. Most people with very good credit and good job history that don't mind watching the rates will go for this type of mortgage flexibility. Also the clients who want to move and are not sure of when that may be so they will look at the variable rate. When you are in this product the mortgage payout penalty is usually 3 month interest. You have the option to lock in at any time with the lender you have signed your mortgage with for a term greater than 3 years. Prime rate is driven up by the Bank of Canada when they move their rate.

All mortgages must qualify on the Benchmark rate of 4.64%.

Home Equity Line of Credit

All mortgages must qualify on the Benchmark rate of 4.84%.

Extended Amortizations

You can have up to a 30 year amortization when you are doing a Conventional Mortgage. A conventional mortgage is 80% of the value of your home. There can be a increase in your rate for the extended amortization depending on the lender.