The month of November saw a holding pattern of fixed interest mortgage rates while the Bank of Canada’s qualifying rate has remained the same. The prime lending rate is holding keeping interest rates on variable and home equity lines of credit unchanged. Here is what you need to know for your best December mortgage today:
Bank Of Canada Rates
Qualifying Rate: 5.34% Prime Rate: 3.00%
As of this writing we have a qualifying rate of 5.34%. This affects all mortgage qualification outside of the popular 5 year fixed mortgage. On the variable and line of credit mortgage products – the Bank of Canada’s prime rate is holding steady at 3.00%.
Fixed Mortgage Rates – Holding Steady
When we look at fixed mortgage rates – we have to understand that the bond market dictates the interest rates you and I pay. As of this writing there has been less movement in the action in the bond markets and a few of the lender’s I have access to have actually provided additional limited time reductions to their best products. Here is the best of what is available today:
Remember – if you are pursuing any fixed mortgage term less than 5 years – you will be required to utilize the 5.34% qualifying rate to see if you can afford the mortgage. This makes the 5 year fixed mortgage term that much more popular. As of this writing – there is available a five year fixed rate mortgage with an interest rate of 3.35%! The exciting part of this mortgage product is not only the interest rate but in addition it comes with full 20% prepayment privileges and a 90 day rate hold. This mortgage is only available by referral and is a time limited offer time so please reach out to me to ensure you will qualify based on your credit and income.
Fantastic Variable Rate Mortgage
With all the increases in fixed interest rates over the last few months – the variable rate mortgage is becoming more attractive. I have a limited time offer for you to take advantage of.
I have a lender who is offering a 5 year variable rate mortgage today with a discount of 0.50% off of the prime rate. Again as of this writing – you can access a five year variable rate mortgage with an interest rate of 2.50%! This is a featured mortgage with 20% prepayment privileges and a 90 day rate hold. Keep in mind that with variable mortgages – you will need to qualify at the Bank of Canada’s rate of 5.34% to access this low rate mortgage product. This mortgage is only available by referral so please reach out to me to ensure you will qualify based on your credit and income.
Renter Friendly Cash Back Mortgage
For those who are not content to sit idly by and watch their hard earned dollars go to pay the landlord’s mortgage – there is still available the cash back mortgage providing effectively 100% of your purchase price.
I have access to a lender today who is offering their cash back mortgage at 4.85%! The plus here is we have full 20% prepayment privileges and a 90 day rate hold. This is an incredible interest rate for a first time buyer to get themselves into a home and not have to wait until they have paid that much more toward someone else’s retirement.
Reach out and contact me today to get access to the best mortgage and we will make the process an easy and stress free one. I can also assist with Debt Consolidation, Private Mortgages, and Self Employed Mortgages. Your questions are always appreciated and answered promptly below.