More good news for mortgage rate shoppers! Today one of our top lenders announced a new Adjustable Rate Mortgage product (think variable) at Prime – .35%, or presently 2.65%. This is a leading interest rate in the adjustable / variable mortgage rate market.
We personally still believe that a five-year fixed at 2.99% or 3.04% is a better choice at the moment, but there are some die-hard variable rate fans that want nothing but…so here it is!
There are some conditions that apply, including a specified maturity date of September 1, 2017, the mortgage MUST be insured (CMHC, Genworth, and Canada Guaranty), so it’s not suitable if you owe less than 80% of the value of your home, and no pre-approvals are available.
This could be the perfect product for you if your mortgage is up for renewal and you still owe more than 80% of the value, or if you don’t need any new funds for a previously insured mortgage.
Have questions about this product? Contact a Licensed Mortgage Broker to learn more!