LENDER INCENTIVES ARE HERE:
LOW LOW rates are available
Cash back offers
5 year fixed insured rate specials as low as 2.99%
5 Year fixed uninsured rate specials as low as 3.19%
5 year variable closed insured rate specials as low as (prime - 1.05%) today at 2.90%
5 year variable closed uninsured rate specials as low as (prime -.75%) today at 3.20%
Keep in mind that depending on the request these rates could be lower than quoted.
MORTGAGE STRESS TEST (updated May 1, 2019)
To qualify for a mortgage today you must qualify using the higher of the 2 options:
1) Qualify using the Canadian benchmark rate of 5.34%
2) Qualify using a rate that is 2% higher than your contractual rate
Over the past few months, interest rates have come DOWN almost 1% making affordability more achievable! Today, the rates are so low that everyone can qualify using the Canadian benchmark rate of 5.34% as it now is the higher of the 2 options.
Keep in mind - this is based on select mortgages that are 5 year terms or lower. If your looking at a 6-10 year term then the 2% rule would apply.
NOW is a great time to get pre-approved for financing if you plan to obtain a new mortgage over the next 4 months. We can float down interest rates as the decreases continue ensuring the best possible rate.
To LEARN MORE, contact our mortgage specialist partner:
Kristine Sweder
Dominion Lending Centres
(604) 351-5405
