Best mortgage rates

October 30, 2020 | Posted by: Alex Vinarski

Mortgage rates look very good. In fact, right now it's possible to get a private mortgage at a rate lower than bank mortgage in 2007. Here what we have for best mortgage rates:

Regular A side bank mortgages. Insured ( down payment less than 20%) or insurable with down payment 35%:

5 years fixed- 1.59%

5 years variable 1.5%

B side mortgages. For clients who do not show much income on tax return, but can show that they do generate income ( business bank statements, contracts). This program also work for clients with damaged credit history. Minimum down payment 20%.

1 year fixed 2.99%, plus 1% lender fee.

Reverse mortgages. For clients age 55+. No income verification. Mortgage amount based only on value of the property and borrower's age. Many repayment options: no payment at all, payment of interest, and up to 10% of the principal. 

1 year fixed 3.19%, plus set up fee.  

Private mortgages.  For clients who can't show income verification and/or have credit problems. 

Rates for 1 st mortgage:

1 years fixed from 4.49% plus 2% lender fee for up to 50% of the property value. For 65% of the property value rate 5.59% plus 2% fee. 

3 years 5.95% plus 1% fee for 65% of the property value. 

We can do mortgages up to 85%, with rates from 8% and fee from 4.5%. 

Rates for 2 nd mortgage:

From 6.99% plus 4% fee. 

Deposit financing. We can do loans on properties that were sold. When clients have a contract of sale, with subject removed, and looking for money for deposit on another property. 

CRA debt payout. If clients want to refinance their mortgage, but have outstanding CRA debts, lenders will not do refinancing. We can pay off CRA, if clients have mortgage commitment with only outstanding condition CRA payment. 

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