Darrel Ace Anderson Darrel Ace Anderson
Pastor: Solid Rock Biker Church

Solid Rock biker Church

Current Rates

Here are the current rates offered by Canada's major banks, and the corresponding rates offered by Dominion Lending Centres.

Keep in mind, not all mortgages are created equal. Not all posted mortgage interest are identical, even though they look the same. There are other factors to consider, in addition to the interest rate.

Mortgages have a variety terms and conditions. It's not just the interest rate you need to pay attention to. Each mortgage has different features. Features that can appeal to an individual's particular needs. If you want to find the best mortgage for you, you need to compare all your options.

Do you want an open or a closed mortgage?

A closed mortgage may have a lower rates when compared to an open mortgage. This tends to make them more popular. Closed mortgages can come in fixed and variable terms. They may, however, place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the is up, you will face a penalty. The penalty could be a 3-month interest charge. Or it could be much higher.

An open mortgage allowa you to pay off your entire mortgage balance at any time throughout the term. The problem is that you pay a premium for that option. People choose open mortgages if they are planning to move in the near future. Or if they are expecting a lump sum of money through an inheritance or bonus. If they think will soon be able to pay off the mortgage they might choose an open mortgage. The higher fee, or interest rate, might not be important when compared to the early pay-out.

Interested in learning more? Curious about what is available?

What does all this mean for you?