We just received an update from one of our lenders that they have reduced their interest rate on large mortgages! It’s hard to believe, but the more you borrow, the lower your rate can go.
If you or someone you know needs a large mortgage between $500,000 and $999,999 Canadian, we now have a 5 year fixed-rate mortgage at 5.04%. That’s pretty hard, if not impossible, to beat. If the mortgage is over $1 million, the rate is 5.14%. That’s cheap money! Also, Adjustable Rate Mortgages (ARMs) above $1 million are discounted to Prime -.65% (currently 4.10%) if you prefer an ARM.