Mortgage rates are at all time historic lows. With a conventional purchase, more than 20% down payment, 30 year amortization at 1.94% 5 year fixed rate and variable rate of 1.70%* (*Rate will fluctuate with prime rate). Insured, high ratio mortgages, with less than 20% down payment and a maximum 25 year amortization are as low as 1.74%. It is best to speak with a licensed Mortgage Broker about your specific situation as there are many factors that affect the mortgage rate: purchase price, down payment, credit score, amortization, etc. It is important to understand the mortgage product being offered in detail, including any restrictions on the mortgage, prepayment privileges, and most importantly understanding the lenders penalty calculation. I am always happy to help even if you just need a second opinion on your mortgage for a new home purchase or advice about best rate offers when you are renewing your current mortgage.
– Laura MacCormack — Licensed Mortgage Broker with Verico Compass Mortgage- www.cleverlending.com or 778-388-4240