Prime Rate remains stable at 3% with term variable rate mortgages at 2.8% - A $300,000 mortgage at 2.8% for 25 years is $1389 per month. The governments change from 30 year to 25year amortization maximum resulted in and increased monthly cost of $150 on this mortgage.
Some banks offering rates as low as 2.69% for 2 years and rates of 3.89 for 10 year terms.
** Note - The government implemented new financing rules as of July 9th 2012. CMHC will not insure a mortgage of 30 years. Most chartered banks will no longer offer a 30 year mortgage although some lenders may offer a 30 year option if you have more than 20% down.
On refinancing your mortgage without moving the maximum is now 80% of the value of your property. This is down from the previous 85% of the value of the property
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