Interest Rates

Posted Rate Term Our Rates
6.00% 5 YR VARIABLE CLOSED 5.00%
6.39% 5 YEAR FIXED CLOSED 5.39%
6.54% 1 YEAR FIXED CLOSED 5.54%
5.99% 2 YEAR FIXED CLOSED 5.54%
5.99% 3 YEAR FIXED CLOSED 5.59%
5.89% 4 YEAR FIXED CLOSED 5.44%
5.89% 7 YEAR FIXED CLOSED 5.29%
6.50% 10 YEAR FIXED CLOSED 6.00%

*rates are subject to change without notice

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Getting the Best Interest Rates on Your Mortgage Renewals

It can be overwhelming to inquire about the best interest rates when you receive your mortgage renewal statement. However, don't let your lack of understanding intimidate you from transferring your mortgage and getting the best interest rates. Many people don' t notice that banks offer higher rates for their renewal because, most people don't check. Since your home equity has increased and the principal loan balance has decreased, you are in a better position to shop around with different financial institutions.

Renewing or switching your mortgage is like starting the mortgage process from the beginning. It is important to do some research and consult with your mortgage broker to find you the best mortgage rates and options that suit your needs. With my experience in dealing with multiple financial institutions, when financing your home with a renewal, I can find a rate that is significantly lower that your banks.

There are costs involved with switching, especially if you go shopping for a mortgage on your own:

  • · Appraisal fee– You may have to pay anywhere from $150 - $350 for an appraisal when you switch to a new lender. The new lender needs to know the value of your home before they will agree to advance mortgage funds on it.
  • · Discharge Statement fee – You will have to pay anywhere from $150 - $350 for the cost of your lender's discharge statement on your mortgage. The discharge fee is payment to the bank if you leave them at the end of your mortgage term.
  • · Legal fees – A new mortgage has to be registered with a lawyer and can be anywhere from $600 - $1,500 or more.

When financing your renewal with my services, I will ensure that you get the best interest rates while forgoing all the necessary fees for the transfer, because the new institution will pay all fees involved. Therefore, you don't have to be concerned about the cost of legal fees and the appraisal fee for your renewal. The savings really adds up in your favor!

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