Today's Prime Rate: 2.75%
3 Year VRM: Prime - .70%
5 Year VRM: Prime - .65%
Open Variable: Prime + .80%
Chartered Bench Rate: 5.39%
TermOur Rate
6 Month Closed4.65%
1 Year Closed2.54%
2 Year Closed3.30%
3 Year Closed3.50%
4 Year Closed3.89%
5 Year Closed3.64%
6 Year Closed4.85%
7 Year Closed5.15%
10 Year Closed5.49%





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"Dan is the most professional and knowledgeable broker I have dealt with. He has a lot of experience and he cares about his clients. It's a pity there aren't more Dan's in the world to help people out who are honest and who help you every step of the way. I highly recommend Dan to everyone. Thanks again Dan for all your help."

Steve and Nancy L.
Sudbury, ON
Line of Credit Mortgage


Providing Greater Advancing and Repayment Flexibility to Borrowers


Interest only mortgages are becoming very popular with Canadians. The Interest Only mortgage allows you to purchase with as little as 10% down payment. In the past, you needed a 25% down payment to get a line of credit interest only mortgage.


Features


  • Available for purchase and refinance transactions
  • Loan-to-Value ratios up to 80%
  • 1-4 unit residential properties
  • Option of making interest only payments for first 5 or 10 years (premium surcharges apply)
  • For the Line of Credit, borrowers can have more flexibility in drawing or repaying funds
  • Full repayment required within 25 years of loan origination

Benefits of Line of Credit / Interest Only Payments


  • Flexible Repayment - Borrowers can pay interest only for up to 10 years
  • Flexible Advancing - Borrowers can draw funds up to the insured line of credit limit as often as they wish without the need for the lender to reapply for mortgage loan insurance for each advance.
  • Competitive Interest Rates - Current Prime Lending Rate
  • Availability - Available coast-to-coast-to-coast with no set maximum loan amount (individual lender maximums will apply)

Amortization Options


  • Up to 25 years

Borrower Qualification


  • Minimum credit score of 650. Maximum debt servicing ratios of 35/42.

Application Premiums
(Owner occupied properties)		 Surcharges
Loan to value Ratio Premium on Total Loan Amount Premium on Increase to Loan Amount for Portability CMHC Line of Credit/Interest Only Mortgages repayment option:
5 Years (5/20) 0.25%
10 Years (10/15) 0.50%

5 Years (5/20) 0.25%
10 Years (10/15) 0.50%
Conversion from 5/20 to 10/15 0.35%
Up to and Including 65% .50% .50%
Up to and Including 75% .65% 2.25%
Up to and Including 80% 1.00% 2.75%