|Type of Mortgage:||AAA Lender||Major Bank||Limited Rates|
|5yr variable||5,75%Get This Rate||6.35%Get This Rate||5,75%Get This Rate|
|5yr fixed||4.79%Get This Rate||5.34%Get This Rate||4.79%Get This Rate|
|4yr fixed||5.09%Get This Rate||5.44%Get This Rate||5.09%Get This Rate|
|3yr fixed||5.09%Get This Rate||5.44%Get This Rate||5.09%Get This Rate|
|2yr fixed||5.09%Get This Rate||5.99%Get This Rate||5.09%Get This Rate|
|10yr fixed||5.99%Get This Rate||5.99%Get This Rate||5.95%Get This Rate|
|HELOC||6.95%Get This Rate||6.70%Get This Rate||6.45%Get This Rate|
|3yr variable||6.25%Get This Rate||6.3%Get This Rate||5.95%Get This Rate|
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|Date||AAA Lender||Limited Rates|
Some basic questions, answered.
The best way to find out how much you can afford is to speak with a qualified mortgage broker who works with many lenders. Rather than working at one bank, you can get access to specialty mortgage programs for your specific financing case.
It’s very important to determine what your available resources are for your down payment. This can be from employment savings only or it can also be a gift from an immediate family member. There are many different types of down-payment sources accepted by lenders including Home Equity Lines of Credit. Have Questions? Let us know!
On a home that’s $500,000 or less, you’re required to put down at least 5% upfront. On a home that’s between $500,000 and $1 million, you’re required to put down 5% of the first $500,000, and 10% of the rest of the principal. On a $1 million home, you’re required to put down at least 20%.
Down payments that amount to less than 20% of the purchase price are called high ratio files requiring default insurance to guarantee their mortgage. There are 3 mortgage insurers in Canada, Sagen, CMHC and Canada Guaranty.
Having a downpayment over 20% makes your mortgage conventional. However, interest rates on high-ratio mortgages tend to be lower than the rates on conventional mortgages. That’s because the added insurance reduces the risk of the bank losing its investment. You are normally not required to purchase mortgage insurance when you buy with more than 20% down or are refinancing.
Gross Debt Service Ratio: Your GDS ratio refers to the amount of your monthly income you’ll spend on housing costs. Total Debt Service Ratio: Your TDS ratio refers to the total portion of your income that goes to paying debts and obligations each month.