Variable | 3.00% | 2.80% | 0.20% |
1 Year | 3.35% | 2.54% | 0.81% |
2 Years | 3.60% | 3.10% | 0.50% |
3 Years | 4.15% | 3.49% | 0.66% |
4 Years | 4.95% | 3.89% | 1.06% |
5 Years | 5.19% | 3.39% | 1.80% |
6 Years | 6.35% | 4.75% | 1.60% |
10 Years | 6.50% | 4.95% | 1.55% |
15 Years | 7.55% | 6.90% | 0.65% |
25 Years | 8.25% | 7.00% | 1.25% |
**Rates subject to change without notice Last Updated: Friday, December 30, 2011
There are costs associated with arranging and finalizing your mortgage. These costs include:
Legal fees: $750
To finalize the mortgage, you will need to have a lawyer register the mortgage on your behalf. This cost is typically about $750; however it may vary depending on the amount of the mortgage.
CMHC application fee: $165-$200
All high ratio mortgages (down payment of 25% or less) are required to be insured by CMHC (Canadian Mortgage and Housing Corporation).
Other associated costs with different types of mortgages can include:
Appraisal fee: $200-$250
Your lender may require a professional appraisal to be completed prior to funding. This however, is money well spent. Should the appraiser, for whatever reason, find that the home isn’t as valuable as what you have agreed to pay, then
you can renegotiate with the seller and receive the fair price for your home. A great way to protect yourself.
Title insurance: $250-$400
Often times lenders will pay this fee for you, or it will be added to your loan amount. Title insurance protects you against future problems that may occur regarding property lines, zoning laws, fraud, or land ownership.
Depending on the situation there may be other fees involved, but these are the typical costs required to close your mortgage.
For more information on the mortgage process please visit the LEARNING CENTER or CONTACT US.
Travis Kulasekere B. Comm |
