Mortgage Deal of the Week
The terms and conditions of each deal is important to get right.
Week of December 16, 2024
This five-year fixed-rate mortgage is offered at 4.39%.
Please review the details below and contact me if you are interested in applying.
Five-year Fixed Rate at 4.39%
- Eligibility: Available on purchase transactions with down payments of 20% or more (the rate is 4.29% with down payments of less than 20%). ONTARIO ONLY.
- Rate Hold: This rate can be held for up to 120 days.
- Use of Funds: Available for purchase transactions of owner-occupied properties.
- Prepayment Flexibility: Borrowers can make additional lump sum payments of up to 20% of their original balance throughout each year of their mortgage term, and they can also increase their regularly scheduled payments by up to 20%.
- Maximum Purchase Price: $999,999.
- Maximum Amortization Period: 25 years.
- Penalty Terms: This mortgage comes with a penalty that is the greater of three months' interest OR the interest-rate differential (IRD). The IRD penalty is calculated using posted rates.
- Portability: This mortgage is portable, provided that both transactions occur within 90 days of each other.
To ensure that you don't miss out on this offer, call or email me today.
Also check out my daily mortgage rates posted on the Mortgage Rates page.
Here is an illustration of what a $300,000 mortgage will cost:
| Monthly Payment | Opening Balance | Interest Paid Over Term* | Balance at Renewal | |
|---|---|---|---|---|
|
Five-year Fixed-Rate Mortgage (25-yr AM) |
$1,643 | $300,000 | $61,435 | $262,908 |
* This estimate is for reference purposes only and borrowers are cautioned that variable mortgage rates are subject to change at any time.
If you would like to see what your mortgage payments would look like if you took advantage of this offer, try my mortgage calculator.
If you want to learn more about the powerful impact making extra payments can have on the long-term cost of your mortgage, check out my post called The Magic of 5%.