Residential Mortgage Rates

Effective March 26, 2020

From Gibbard Group Financial

Term

(Fixed)

PURCHASES and REFINANCES 

(25-year amortization)

 RENTAL

properties

1 Year 

3.44%

3.59%

2 Year 

3.14%

3.29%

3 Year 

3.09%

3.24%

4 Year 

3.14%

3.29%

5 Year 

3.14% - 3.34%

3.34%

5 Year 

(High Ratio Purchase)

2.84%

N/A

7 Year 

3.49%

3.64%

10 Year 

3.80%

3.95%

Term (VRM) 

 

 

5 Year 

P + 0.05% - P + 0.20%

Prime - 0.20%

3 Year 

Prime + 0.75%

N/A

Rates are subject to change without notice.

* OAC, E, & OE

 

Prime Lending Rate

 2.95%

Benchmark Rate

 5.04%

 

GENERAL INFORMATION RELATING TO THE DEFERRED MORTGAGE PAYMENT PROGRAMS

This is not free money - it's a postponement of your payments - You are still expected to ultimately pay all of the money you owe, with interest.
 
True Financial hardship must be demonstrated 
These programs are for customers who are genuinely struggling to make their next mortgage payment. They may have lost their jobs and/or a portion of their income and they do not have the cash reserves necessary to draw on.
 
If you don't fall into this distressed category, please don't call your lender
Lender phone lines are overloaded right now with many of the calls being from customers who are worried but are not in a situation as per #2 above.
 
Defferring mortgage payments won't hurt your credit store
A lender-approved deferment is not a missed payment - and it will not appear on your credit bureau report as such. 
 
Communication is the key
If you are going to miss your mortgage payment, contact your lender first! Be honest with them about your circumstances and have a plan for how you are going to get back on track.
 
A mortgage deferred payment program is for your mortgage payment only
Propert tax installments and insurance premiums are entirely separate from these programs and must continue to be paid. 
Rental property investors may also be eligible
Property investors with tenants who have stopped making their rent payments will also be considered, however they will be assessd by the same rigorous standards as noted in #2 above.
 
Feel free to connect with us if you have any questions.
 
 

HAVE MORTGAGE QUESTIONS? WE'RE HERE TO HELP YOU!

Please feel free to contact us with any questions you may have. It would be a pleasure to assist you or anyone of your friends or family members!

(604) 313-3199

 

 

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Gibbard Group