5 Year Mortgage Rates
Term TypeRatePromo & Info
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
Our Mortgage Rates
2 YearFixed2.19%
3 YearFixed2.29%
4 YearFixed2.39%**High Ratio Only
5 YearFixed2.29%**restricted, call for details
6 YearFixed2.99%
7 YearFixed2.99%
10 YearFixed3.54%

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When purchasing a home there are still a number of options for purchase mortgage financing to consider. Guidelines have gotten more stringent in recent years, and some of the programs that were available to buyers have disappeared, but what we see left over is still a very accommodating to today’s buyer.

What is the minimum down payment required?

Guidelines from “A” lenders, and mortgages which are required to have mortgage default insurance (mortgage default insurance is required for purchasers that have less than 20% of the purchase price for their down payment), the minimum down payment is 5% of the purchase price. This doesn’t necessarily mean you will be approved if you have a 5% down payment, but rather, it is just the minimum amount that you can have for high ratio mortgages.

Note: Depending on which mortgage default insurance provider insures your mortgage, you will need to prove an additional 1-1.5% of the purchase price in liquid assets that are available for your closing costs.

                Example: $300,000 Purchase Price

$300,000 * 5%    = $15,000
$300,000 * 1.5% = $  4,500

Total                           $19,500 Liquid assets to prove to the lender

Purchase Mortgage Products

100% Financing/Zero Down Payment Mortgage/No Money Down Mortgage

Previously available only to borrowers with really good credit, the typical “no money down mortgage” of the past is no longer available. Regulations have dictated the elimination of the product as it was known, however, you can still purchase a home without having your own down payment but it is really less of a zero down payment program, and more of a “borrowed down payment” program. This may include borrowing your down payment from a line of credit, a loan against other assets, or being gifted the down payment proceeds from a family member.

Flex Down or Borrowed Down Payment

You are able to borrow your down payment from a line of credit or other source. Created for clients with good credit, but who have not had the ability to save a down payment. Under this program it may be possible to borrow or receive a gift from a non-family member.

Not all lenders offer this program so it is very important you let your mortgage broker know that you intend to borrow your down payment so that your rate hold will be available on your actual purchase.

Cash Back Mortgage

This product allows you to buy a home and receive money back to help with closing costs, furniture, or perhaps pay off other debts. Lenders require good credit on this product. In past years borrowers have received up to 7% cash back. Most borrowers use this money to max out their RSP’s or apply against high interest rate debts.

New To Canada Mortgage

Are you new to Canada or working in Canada on a work permit or Visa and looking purchase a home? By providing the right documentation you could purchase a home with as little as 5% down payment and be eligible for the best mortgage rates.

This program is in place to make it easier for immigrants to qualify for a mortgage by allowing alternative documentation or guidelines in lieu of some of the more strict guidelines that may otherwise prevent newcomers from getting a mortgage.

One of the obvious challenges for someone who is new to a country would be proving an established credit history. Under this program some of the alternatives to established credit would be providing a letter from your landlord, utility statements, cell phone bills etc.

Down payment requirements can also me less strict as well, for instance, money that has been on deposit in a financial institution for 30 days can be accepted in lieu of a 90 day history.

Revolving Line of Credit Mortgage

There are a few reasons a borrower may choose a line of credit over a standard mortgage product. Most line of credits offer a variable rate which can be more flexible at times than a fixed rate. In addition when a line of credit is utilized the principal that is paid down on the loan can be re-advanced in the future, thus, the name “revolving.”

New Canadian Legislation prevents line of credits from being offered at a loan to value above 65% LTV. This means on a purchase you would require a 35% down payment in order to place a line of credit on your home instead of a mortgage.

$500,000 home * 65% = $325,000 Maximum Mortgage; or
$500,000 home * 25% = $125,000 Down Payment Required

NOTE: Some individuals will utilize a line of credit component on their home in order to implement the Smith Maneuver. The Smith Maneuver is a sophisticated investment strategy whereby mortgage proceeds are invested, the interest rate expense is claimed against earnings, and the tax credit received is then reinvested.

Laddered Mortgages or Multi-Component Mortgage

Many investors will tell you that leveraging, or hedging where appropriate are the best ways to build and protect your wealth. There are a few products that can facilitate your interest rate risk strategy and/or investing strategy. The best ones will allow what is called a multi component aspect or laddering strategy whereby you can split your total mortgage loan into multiple rate terms and/or mortgage products. The best way to demonstrate this is to offer an example.

Example:              Value of home $800,000
Product Borrowing Limit = 65% or $520,000

Potential Structure:

$150,000 mortgage @ 10 year fixed rate
$100,000 mortgage @ 7 year fixed rate
$100,000 mortgage @ 3 year fixed rate mortgage
$100,000 line of credit #1@ Variable rate
$50,000 line of credit #2 @Variable rate
$20,000 line of credit #3 @Variable rate

  1. Hedge Interest Rate Risk – By having pieces of your mortgage renew in different years, you are less exposed to interest rate risk in any given year
  1. Tax Strategy – Having revolving credit components allows you to not only track interest for one particular investment much easier, but it also helps with such strategy as the Smith Maneuver
Revenue Property Mortgage

In today’s lending environment you will need 20% to 25% of the purchase price for your down payment. Some lenders may limit their product line to those purchasing for a property for a rental. Even with this down payment the borrower will still need to meet basic guidelines for income and debts. With revenue properties it is normal for the lender to request an appraisal.