New 5 year fixed rate

October 19, 2020

For most of us, I think this is the lowest five-year fixed mortgage rate that we have ever seen.

It is real, and we will absolutely recommend it should your qualification works based on our lender's criteria as listed below. The best part is that the offer comes with many bells and whistles that are likely more than you need.

Main criteria are:

* Funding needs to be completed within 45 days of the application.

* Minimum mortgage amount is $300K.

* For purchase, the purchase price should be below $1 million, if applicable.

* For renewal or switch, market value of the property should be less than $1 million unless it was bought before Oct 2016.

* Mortgage needs to be insured by CMHC, Genworth or Canada Guaranty or, for an uninsured mortgage, down payment or existing equity needs to be more than 35% of the purchase price or house value.

* Only applies to purchase, renewal and switch.

Please feel free to contact us for more details!