As per my post above, the 2.69% is NOT available for purchases with 20% down payment. This rate is available only for purchases with LESS than 20% down payment and therefore CMHC insured. Switches of mortgages that were originally insured also qualify for this rate. Same applies for the variable rate of prime -1.25%. Pretty much all the low rates you see advertised will be for insured mortgages only.giovanni1993 wrote: ↑Dec 8th, 2017 2:14 pmHi all,
I'm looking to buy a condo downtown in the near future. Will be putting 20% down. Looking to spend $500-$600k as purchase price.
Went to a couple of big banks for Fixed mortgages (served up either as traditional or HELOC). I've seen better rates on RateHub and I'm trying to get them down to what CanWise can offer.
With 20% down, the lowest 5 year fixed right now is 2.94%, which is significantly better than anything you can get from a big bank. The banks will not match this rate. It also has much better terms and conditions including 20% prepayment privileges, and a much more consumer friendly formula for calculating penalty if you found yourself in a position where you need to break the mortgage early (penalty can be as much as 4-5 times higher with a major bank).
As with pretty much all of the low rate specials, this rate cannot be locked in until you have an accepted offer in place.
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