CMHC AND GENWORTH FEES
In all mortgages that are insured [19.99% down or less as the down payment on a purchase or refinance] are subject to the following fees. For the lenders of Canada they have a choice on the insurer that they work with in gaining your mortgage approval. Their fees are the same no matter who the insurer is as well as the fee are added on to your mortgage.
| LTV Ratio | Premium Rate |
|---|---|
| Up to 65% | 0.50% |
| 65.01% - 75% | 0.65% |
| 75.01% - 80% | 1.00% |
| 80.01% - 85% | 1.75% |
| 85.01% - 90% | 2.00% |
| 90.01% - 95% | 2.75% |
| Premium is non-refundable. | |
| LTV Ratio | 30 Year | 35 Year |
|---|---|---|
| Up to 65% | 0.70% | 0.90% |
| 65.01% - 75% | 0.85% | 1.05% |
| 75.01% - 80% | 1.20% | 1.40% |
| 80.01% - 85% | 1.95% | 2.15% |
| 85.01% - 90% | 2.20% | 2.40% |
| 90.01% - 95% | 2.95% | 3.15% |
| Premium is non-refundable | ||
| *Add 0.15% for all Cashback Equity applications. | ||
Q & A
What are closing costs?
Closing costs are the additional fees associated with the purchase of your home that are in addition to the actual purchase price, such as legal fees and disbursements, land transfer taxes and moving expenses.
For CMHC (Canada Mortgage and Housing Corporation) and GENWORTH FINANCIAL CANADA insured mortgages and Home Equity Lines of Credit (HELOC), you must also provide evidence of available cash for closing costs equal to 1.5% of the purchase price. These funds may be borrowed and repaid over a period of 12 months.
PRIME RATE DROPS!
Prime rate is now 4.5% from 5.25%
Click here to download the TD Economics Special Report PDF.
Steve's Rates
| Mortgage Term | Our Rates | Standard Rates |
|---|---|---|
| Variable Rate | 3.75% | 4.74% |
| 6 Month Closed | 6.95% | 7.05% |
| 1 Year Closed | 5.10% | 7.15% |
| 2 Year Closed | 5.50% | 7.20% |
| 3 Year Closed | 5.50% | 7.20% |
| 4 Year Closed | 5.50% | 7.04% |
| 5 Year Closed | 5.35% | 7.19% |
| 7 Year Closed | 6.20% | 7.60% |
| 10 Year Closed | 6.25% | 7.95% |
| 15 Year Closed | 6.80% | 0.00% |
| 18 Year Closed | 6.80% | 9.20% |
| 25 Year Closed | 6.90% | 9.50% |
Rates are subject to constant change, for the best rates call 1-866-993-8787.
Resources
Business Supporting Business — Thank You:
Investments
www.thenewwestside.ca
Insurance
Canyon Insurance covers all your needs, ask for Harry Mason
hmason@canyoninsurance.ca
FCm Travel Solutions
wes.flanagan@fcmtravel.ca
Private Home Sellers
www.privatehomesellers.ca
David Beeson
Realtor for the Kelowna Area
Royal Lepage Phone:1-800-747-6954
Email: davidbeeson@royallepage.com
Friends Supporting Friends — Thank You:
otis & huckleberry
www.otishuck.com
For Investments check out — www.renascencedevelopments.com
Ask for Lisa Thomas lisa@renascencedevelopments.com
A Quote to Note:
The determination to win is the better part of winning.
Daisaku Ikeda
Contact
At Prolink Mortgage Inc., I have over 30 lending financial mortgage institutions in Canada with Steve Faux sourcing the best rates and the best products to suit your needs!
Direct Line — 1.866.993.8787
Direct Fax — 403.208.6542
Email — steve@yourmortgages.ca
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