Tim's Mortgage News / Rates and FAQ's

[TimLacroix]

Current Rates to Open Week April 26, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 1.99% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week April 5, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 1.99% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[nzwasp]

Whats the difference between a high ratio mortgage and a conventional?

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

Whats the difference between a high ratio mortgage and a conventional?

High Ratio - Purchase with less than 20% down payment.

Conventional - Purchase with more than 20% down payment.

[nzwasp]

This quote is hidden because you are ignoring this member. Show Quote

High Ratio - Purchase with less than 20% down payment.

Conventional - Purchase with more than 20% down payment.

How does that apply when you renew. I guess you would be conventional if you had more than 20% equity in your home.

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

How does that apply when you renew. I guess you would be conventional if you had more than 20% equity in your home.

Great question... if you purchase with less than 20% down payment and have the mortgage insured with CMHC, Sagen (prev Genworth) or Canada Guaranty... you still are eligible for High Ratio rates when you renew.

Assuming you haven't refinanced... which is different than renewing.

[RX_EVOLV]

Is that why High Ratio mortgages have lower rates than conventional? Because the buyer with less than 20% have to buy CMHC insurance, so it's less risk to bank?

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

Is that why High Ratio mortgages have lower rates than conventional? Because the buyer with less than 20% have to buy CMHC insurance, so it's less risk to bank?

Correct... Zero risk to the lender since it is default insured by one of the insurers.

With conventional, the government imposed capital requirements for lenders which has increased their costs... and this cost is passed to the consumer in a slight premium to rates. Lenders are not required to share in the losses for conventional mortgages.

[TimLacroix]

Current Rates to Open Week April 12, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 1.99% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[flipstah]

Hi Tim:

I wanted to take advantage of the low-interest rates at the moment as I'm right on year 2 of 3-year fixed @ 3.43%

My IRD is $1k and was offered a blend-and-extend of 3 yr fixed at 2.208% or 5 year fixed at 2.497%

What's the logic in determining if you blend-and-extend vs. taking your chances upon renewal vs. going to a new lender and shopping? The ones I see are 1.34 variable to 1.89 fixed.

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

Hi Tim:

I wanted to take advantage of the low-interest rates at the moment as I'm right on year 2 of 3-year fixed @ 3.43%

My IRD is $1k and was offered a blend-and-extend of 3 yr fixed at 2.208% or 5 year fixed at 2.497%

What's the logic in determining if you blend-and-extend vs. taking your chances upon renewal vs. going to a new lender and shopping? The ones I see are 1.34 variable to 1.89 fixed.

If you have a few minutes... please call/ text me at 403-479-0066 and I can assist. Cheers Tim

[TimLacroix]

Current Rates to Open Week April 26, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 1.99% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[brucebanner]

Bugged Tim a few different times over the last few years with various questions and he's always been beyond helpful.

Finally made the change and put my mortgage through Tim and his team.

Another very satisfied customer.

[TimLacroix]

This quote is hidden because you are ignoring this member. Show Quote

Bugged Tim a few different times over the last few years with various questions and he's always been beyond helpful.

Finally made the change and put my mortgage through Tim and his team.

Another very satisfied customer.

Thank you for the kind words... always a pleasure!

[TimLacroix]

Current Rates to Open Week May 3, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 1.99% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week May 17, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 2.09% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week May 31, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 2.09% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week June 21, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 2.09% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week July 7, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.25% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 2.09% to 2.29% * Conventional

5 Year ARM/VRM - 1.25% - 1.50%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Current Rates to Open Week Aug 2, 2021

Prime Rate - 2.45%

PROMOTIONS

Promo 1 --> 3 Year Fixed - 1.59% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60-120 Days to Close (some restrictions)

Promo 2 --> 4 Year Fixed - 1.79% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 120 Days to Close (some restrictions)

Promo 3 --> 5 Year Fixed - 1.74% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 60 Days to Close (some restrictions)

Promo 4 --> 5 Year ARM/VRM - 1.15% High Ratio Purchase, Switch Only OR under <65% LTV, Owner Occupied, 90-120 Days to Close (some restrictions)

-------

Full Feature Rates up to 120 day rate protection
Starting at:

3 Year Fixed - 1.59% * High Ratio

5 Year Fixed - 1.74% to 2.04% * High Ratio
5 Year Fixed - 2.04% to 2.24% * Conventional

5 Year ARM/VRM - 1.15% - 1.40%

HELOC Rates Prime +0.50%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice