|Term||Bank Rate||Our Rate|
|1 Year||3.54 %||3.19 %|
|2 Year||3.74 %||3.19 %|
|3 Year||3.89 %||3.19 %|
|4 Year||3.94 %||3.29 %|
|5 Year||5.34 %||3.04 %|
|7 Year||5.80 %||3.49 %|
|10 Year||6.10 %||3.44 %|
Not all lenders are created equal. Some have more flexible criteria, which may result in an approval of your application or for the mortgage amount that you want. With the large number of mortgage lenders operating in the Canadian marketplace today, the competition is not always only on rate. Many also offer more relaxed guidelines for approval in order to stay competitive. Whether it is a more relaxed outlook on your past credit history or an allowance for a higher debt service ratio, their less stringent criteria may make the difference in an approval or decline, or for a higher mortgage amount.
Like borrowers, lenders have different needs and different risk thresholds.
Some lenders, in order to stay competitive, are willing to take on more risk than other lenders.
Some lenders consider certain criteria to be more important than other lenders (e.g. lenders looking for a fairly quick mortgage investment may be looking more for higher income levels than other mortgage lenders look for).
We can help you find the right lender to meet your needs.
For many applications, our services are at no cost to you. The lender will be paying us a finder’s fee for bringing them a new valued client.