APR Disclosure:
Posted Rates
6 month Fixed Closed 6.79% = 6.95% APR
1 year Open 7.09% = 7.20% APR
1 year 5.79% = 5.81% APR
2 year 6.39% = 6.44% APR
3 Year 6.39% = 6.43% APR
4 Year 6.19% = 6.22% APR
5 Year 6.59% = 6.61% APR
Special Rates
5 Year Special 5.79% = 5.81% APR (High Ratio and Fixed Closed)
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.
*Variable Rate Mortgages
5 Year Variable Closed Mortgage:
1 - 6.20% (Prime - 0.25%)
2 - 6.75% (Prime + 0.05%) = 6.52% APR
5 Year Variable Closed High Ratio Mortgage:
3 - 6.20% (Prime - 0.25%)
4 - 6.75% (Prime + 0.05%) = 6.52% APR
Current Motusbank Prime Rate as of publishing date is 6.45% Variable Mortgage Rates are applicable to Retail Members Only.
Mortgage:
On approved credit, rates are subject to change without notice. Quoted rates are based on blended payments of principal and interest. Interest is calculated half-yearly, not in advance. Additional premiums may apply in cases of a refinance, amortizations greater than 25 years, non-owner occupied, or other instances where application details may warrant it. The interest rate with variable rate mortgages will fluctuate with motusbank Prime Rate, which is currently 6.45%. Where applicable, the Bank of Canada qualifying rate is 5.25%. Builder's pricing applies to posted rates, not to promotional or special rates.
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.