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What to do, what to see? In Port Alberni, BC

Why low mortgage rates matter

Posted on Apr 2, 2014 in Mortgage Market Updates and News

Even small differences in payments can add up.

Assumptions

-you're buying a house at the average national price in February of $406,372
-you have a 5 per cent down payment
-CMHC mortgage insurance costs are added to your principal


(table source: RateSpy.com, Canequity.com)

Mortgage Example                                                      Bi-weekly accelerated payment       Total Payments Over Five Years


Five-Year Fixed
2.84 per cent (best rate found online)                                        $922.41                                            $119,913
2.99 per cent (BMO's special offer)                                            $937.60                                           $121,888
3.39 per cent (another bank's best special offer)                       $978.75                                            $127,237

Variable rate
2.29 per cent (prime minus 0.71; best rate found online)           $867.87                                           $112,823
2.40 per cent (prime minus 0.6; a widely available discount)     $878.63                                           $114,222
2.55 per cent (prime minus 0.45; discounted bank rate)            $893.42                                            $116,145


Contact

I'm looking forward to connecting. Due to being in and out of meetings both for council and business, email is typically the best way to get in touch with me. If you prefer to call, that's fine as well, it just may take me slightly longer to get back to you. Texting is also welcomed.
  • TMG - The Mortgage Group Canada Inc.
    3610 Estevan Drive, Port Alberni, BC, V9Y 5R2
  • Cell: 250.730.0239
  • Fax: 1.877.474.5346
  • Email: sharie@mortgagegrp.com
  • RE/MAX Mid-Island Realty
    4213 Princess Road, Port Alberni, BC, V9Y 5R2
  • Phone: 250.723.5666

Please feel free to use the form below to contact me.

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