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5 YearFixed (standard)2.49%
5 YearFixed (promo)2.29%-*call for restrictions
-High Ratio Only
-Meet property guidelines
5 YearFixed (promo)2.49% & -Condo Doc Review, Reimbursement $500 *call
5 YearVariable (promo)2.10%
* Subject to change without notice *OAC *Some Underwriting Restrictions Apply
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4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
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7 YearFixed2.99%
10 YearFixed3.54%

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How fast can you get a Mortgage?

February 27, 2015 | Posted by Nathan Zacharias | Tagged in

In the wonderful world of private lending where individual investors and mortgage investments corporations are involved, funding can happen in less two business days.

Mortgage Investments

Unfortunately, for those of us who aren’t looking for funding for our multi-million dollar tech company, but instead our first home, the process can take a little longer.

Yes, timing is everything when it comes to getting a mortgage. However, it all comes down to you, the borrower, and how fast you can provide the required documentation to your broker.

Although, everyone’s situation differs, this documentation generally consists of:

    • Employment letter

This tells the lender that you have a steady job, verifies your start date, position and guaranteed number of hours.

    • Pay stub

This lets the lender know the breakdown of your pay, your deductions and provides a second source of employment verification .

    • Proof of down payment

This will show the lender where the money is coming from (gift, inheritance, savings, RRSP etc.) and shows them a 60 to 90 day history on the account.

    • Appraisal

This will give the lender a snapshot of what the home is worth in comparison to other homes in the area (this is not always necessary, depending on the broker) as well as ensure the home meets all residential guidelines.

    • Property details

This illustrates for the lender the specifics of your future property (stands for Multiple Listing Service).

    • Void cheque

The lender needs access to your account to extract your monthly or bi-monthly mortgage payment.

Once you have all the required documents, the lender will review them and make sure they’re satisfactory.

After all of this, the lender may still have additional requests. If this is the case, your broker is available to help you with any supplementary documents that may be needed.

If the documentation is in order, a lawyer or paralegal will prepare the mortgage instructions they obtain from the lender. You’ll be asked to come to the lender’s office and sign the mortgage registration forms, required affidavits and any other essential permits needed to get you on your way towards home ownership.

Normally, lenders shy away from taking on mortgages that must fund in less than 10 business days. This is a hard timeline to meet because there could be a delay in you receiving all your important documents, a change in the property’s closing date, or additional unforeseen factors concerning the other parties involved in the process, such as the underwriter or appraiser. In Alberta, a safe rule of thumb for the fastest you can get a mortgage is typically three weeks.

You may be pre-approved for a mortgage, but that will not speed up the lending process. Because a mortgage loan needs a property and a purchase contract to go with it the real process starts once you make a deal. However, in most cases lenders will hold your interest rate for 90-120 days while your mortgage is being fully approved and lots can be learned during the pre-approval process so pre-approvals are certainly not to be overlooked as they are valuable.