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
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.
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.