Mortgage Rate Toronto - MorCan Direct (416) 766-9000

Mortgage Rates

The “Not-So-Fine” Print: What Other Lenders and Brokers Aren’t Telling You

We want you to get the lowest rate, but not at the cost of compromising your other mortgage ideals. The fine print can be confusing, and some lenders and brokers will take advantage of that. There is usually an important reason why the rate is so low, and it usually means giving up important features.

1 Year Fixed 2.19%
2.15% 3 Year Variable
5 Year Fixed 2.39%
1.90% 5 Year Variable
10 Year Fixed 3.84%

When it comes to your mortgage, we want you to make decisions that will leave you with options. So we have outlined a couple things to think about before you choose that super low fixed rate:

Is It Portable?

Portable means you can take it with you to a new house. Having a portable mortgage makes moving a lot easier, especially if you want to bypass the hassles that come with refinancing.

Is It Assumable?

Assumable means that the person buying your house can take over your mortgage as well. An assumable mortgage makes your house more attractive to potential buyers, since it already comes with financing.

Is It A Collateral Mortgage?

Having a collateral mortgage means that your lender holds all of the equity in your home as security. This is a dirty trick banks can play on unsuspecting clients. It allows them to sell you a higher interest rate on unsecured debt, and prevents you from being able to borrow money from anyone else using your home, unless you pay a hefty penalty to break your mortgage.
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