*APR 2.81%
2Interest is calculated and accrued daily. To calculate the daily interest, we divide the annual interest by 365. We multiply that figure by the GIC book value to determine how much interest to accrue. Interest is paid on maturity for GICs that do not pay interest during their term. GIC interest rates expressed on this website are annual interest rates and current as of today’s date.
3The rate is the Annual Percentage Rate (APR) and assumes no other cost of borrowing other than interest. The maximum rate for unsecured lines of credit is 16.95% and the maximum rate for secured lines of credit and loans is 17.35%. On approved credit, rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest.
The Annual Percentage Rate (APR) is based on a $300,000 mortgage, 25 year amortization, for the applicable term and the fee to obtain a property appraisal of $325 (fees vary from $0 to $455). If there are no fees, the APR and interest rate will be the same. APR is rounded to two decimal places.
A High Ratio mortgage applies when you have a down payment of less than 20% to put toward the purchase of a home. Refinances, renewals and amortization periods of greater than 25 years are ineligible.