APR Disclosure:
1 year Fixed 2.79% = 2.90% APR
2 year Fixed 2.79% = 2.85% APR
3 Year Fixed 2.89% = 2.93% APR
4 Year Fixed 2.89% = 2.92% APR
5 Year Fixed 2.89% = 2.91% (High Ratio and Fixed Closed)
5 Year Variable 2.00% = 2.02% (including 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.
Terms and Conditions:
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 2.45%. 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.
Closed Variable Mortgage:
*Applicable rate to 5 Year VRM High Ratio Mortgage
1 - 1.55% (Prime - 0.90%)
2 - 2.00% (Prime - 0.45%)