APR Disclosure:
1 5 Year Variable 6.00% = 6.02% APR (including High Ratio)
2 5 Year Fixed High Ratio 5.79% = 5.81% APR
3 5 Year Fixed 5.79% = 5.81% APR
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.
TFSA:
All deposits to TFSA Savings are subject to the limits imposed by the Canada Revenue Agency (CRA). The TFSA contribution room is as noted on the Eligible Member’s Notice of Assessment issued by the CRA. The Eligible Member is fully responsible for monitoring their individual contribution limits and ensuring any and all deposits fall within these set CRA limits. The Eligible Member further agrees to at all times indemnify and hold motusbank harmless from and against any such penalties or charges imposed upon the Eligible Member as a result of these imposed limits.
HELOC:
The Home equity line of credit rate of 6.45% is based on the motusbank Prime Rate + 0.50%. The Annual Percentage Rate is the same as the interest rate because it is assumed there are no additional fees or charges. Interest rates are subject to change without notice at any time. motusbank reserves the right to withdraw this offer or change the terms or change the interest rate if adverse credit information is obtained. Applicants must meet motusbank lending criteria. Interest is calculated on a daily balance and charged monthly. Minimum payment equivalent to monthly interest charged.
HISA:
* Interest is calculated on the closing daily balance and is paid monthly. Rates are provided for information purposes only and are subject to change at any time.
Mortgages:
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 5.95%. 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.
GIC:
Interest 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.