Question:

Who has the best 5 year rate right now and by that I mean real rates not posted?

Answer:

The best rates are available through a mortgage broker. For example, we offer 5% today for five year terms on Ontario properties. This rate comes from a chartered bank through their broker servicing branch in the Toronto area. The rate is offered to AAA purchasers buying good quality properties closing before the end of January and without processing fees. If you went to the same bank and made your best deal, you would not be offered that rate. At the branch level, they can not discount as deeply as the broker service branch. For Quebec properties, as a broker, if I go to the same bank, I am not able to get that rate for I have to go to a different broker servicing branch in the Montreal area and they operate under different guidelines.
Cheers, John Lozinski

Answered By: John Lozinski

More Questions & Answers ...