Mortgage and other loan rates are annual and subject to change without notice. Rates are current as of today’s date. All applicants must meet the motusbank lending criteria.
Mortgage APR:
11 year fixed closed 1.84% = 1.95% APR
22 year fixed closed 1.84% = 1.90% APR
33 year fixed closed 1.84% = 1.88% APR
44 year fixed closed 1.84% = 1.87% APR
55 year fixed closed 1.84% = 1.86% APR (conventional and high ratio)
65 year variable closed 1.80% = 1.82% APR (conventional and high ratio)
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.
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. Special Rates shown are Motusbank discounted rates and are not posted rates of Motusbank. Special Rates may be changed, withdrawn, or extended without, at anytime, without notice. The interest rate with variable rate mortgages will fluctuate with motusbank Prime Rate, which is currently 2.45%. Where applicable, the Bank of Canada qualifying rate is 4.79%. 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.
Interest on Savings and Chequing accounts is calculated on the closing daily balance and is paid monthly. Interest on GICs 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.
HELOC:
The rate is the Annual Percentage Rate (APR) and assumes no other cost of borrowing other than interest. 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.