Residential Mortgage Rates

Effective August 22, 2019

From Gibbard Group Financial

Term

(Fixed)

PURCHASES and REFINANCES 

(25-year amortization)

 RENTAL

properties

1 Year 

3.19%

3.34%

2 Year 

2.89%

3.04%

3 Year 

2.89%

3.04%

4 Year 

2.94%

3.09%

5 Year 

2.79% - 3.14%

3.02%

5 Year

(high-ratio)

2.64%

N/A

7 Year 

3.14%

3.59%

10 Year 

3.19%

3.85%

Term (VRM) 

 

 

5 Year 

P - 0.50% - P - 1.00%

Prime - 0.50%

3 Year 

Prime + 0.15%

N/A

Rates are subject to change without notice.

* OAC, E, & OE

 

Prime Lending Rate

 3.95%

Benchmark Rate

 5.19%

 

IS YOUR MORTGAGE COMING UP FOR RENEWAL?
 

When your current mortgage term is nearing its end, it's a great time to assess your mortgage needs. Do you have some debts that you'd like to roll into your mortgage (and save $$$ with lower interest)? Are you interested in setting up a "Home Equity Line of Credit" to access some of the built-up equity in your home? Is your goal to pay down your mortgage as fast as possible - or to slow things down with the plan for a new family on the horizon? There are lots of things to consider and it will likely save you time and money to reflect on your options when your mortgage term is up for renewal.
 
Here are some tips to help guide you through the process:
 
  1. Contact our office as soon as possible - We recommend reaching out to our office about 6 months prior to your mortgage term ending. Rate holds can be secured with most lenders for 120 days, but there can be exceptions.
  2. What NOT to do before renewal - Do NOT automatically sign the renewal offer from your current lender. Your lender is counting on you doing just that as it's the "easiest" route. However, more often then not, there are better rates/options out there. What if you could save yourself $5,000 by doing 2-3 hours for work?
  3. What to expect during the process - Once you have contacted our office, we'll take some preliminary information from you including gaining a better understanding of your goals. With this in mind, we'll discuss your financing options. If you are looking at doing a straight transfer or a refinance, lenders will require you to requalify for the mortgage which will include your income confirmation and potentially a property appraisal. With a straight transfer or a refinance, the appraisal and legal fees will very often be covered by the new lender.

If your mortgage term is ending soon, please contact our office for your FREE mortgage evaluation!

(604) 313-3199

 

Gibbard Group