Mortgage Rates


6.30 %


7.20 %


Please Note: Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. & E.O

Bank Rates
Payment Per $100K
Our Rates
Payment Per $100K
6 Months
6.59 %
7.49 %
1 Year
7.84 %
7.14 %
2 Years
7.34 %
6.92 %
3 Years
7.14 %
6.53 %
4 Years
6.99 %
6.32 %
5 Years
7.04 %
5.64 %
7 Years
7.10 %
6.39 %
10 Years
7.25 %
6.44 %

CURRENT Special Rate Mortgages - Rates are changing.

Please Note: Payment per $100K and possible savings shown above are based on a 25-year ammortization. Rates are subject to change without notice and the rate you receive may vary depending on your personal financial situation. *OAC E&OE. Please reply to this email and I will be happy to provide you with greater detail and determine the best rate available for you.

In addition, advertised rates are, in some cases, only available for high-ratio residential mortgages with default insurance. A high-ratio mortgage is when you have less than a 20% down-payment. Higher interest rates may apply on refinances, conventional purchases, non-owner occupied properties, or amortizations greater than 25 years.



Please note that rates shown above are subject to change without notice. The rates shown are  posted rates and the actual rate you receive may be different, depending upon your personal financial situation. “Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. *O.A.C. E.& O.E.” Check with your Mortgage Professional for full details & to determine what rate will be available for you.

Mortgage Rates have been provided by different Mortgage providers such as:
Homefree Mortgages, Dominion Lending Centres, Mortgage Alliance.

 Contact Steven Burrows for Details: 

‘Spousal Separation Program’

A few lenders have a special ‘Spousal Separation Program’  that you need to know about. How does this work? 

- One spouse can purchase up to 95% LTV (Loan to Value) from the other on title, allowing them to remain in the family home.  Biggest misconception I hear is that 80% LTV is the max.

- Separation agreement must clearly state the division of assets from the matrimonial home.

- Appraisal is required.

- Purchase and Sale agreement is required

- Must income qualify as per any other regular mortgage.


Helping Retired Canadians

Hope you are having a great week.

A quick update on one of our Mortgagors areas of expertise. The reverse mortgage....there I said it, I know it can be considered a dirty word.


I still like this product for seniors whom are house rich and cash poor that don’t have the income to support a new traditional line of credit or mortgage and do not want to sell.  A bit of information on this product for you below.


Top 3 Misconceptions About Reverse Mortgages:


1. The Bank Owns Your Home. 

2. Your Estate Can Owe More Than Your Home. 

3. The Best Time to take a Reverse Mortgage is at the End of Your Retirement.


Let’s examine each misconception in more detail. 

1. The Bank Owns Your Home. 

Over 50% of Canadian homeowners over the age of 65, believe the bank owns your home once you’ve taken a reverse mortgage. Not true! We simply register our position on the title of the home, exactly the same as any other mortgage instrument, with the main difference in the flexibility of not having to make P&I payments on the reverse mortgage.


2. Your Estate Can Owe More Than Your Home. 

A reverse mortgage, unlike most traditional mortgages in Canada, is a non-recourse debt. Non-recourse means if a borrower defaults on the loan, the issuer can seize the home asset, but cannot seek any further compensation from the borrower - even if the collateral asset does not fully cover the full value of the loan. Therefore, when the last homeowner dies (and the reverse mortgage is due), the estate will never be responsible for paying back more than the fair market value of the home. The estate is fully protected – this is not the case for almost any other mortgage loan in Canada, which is  full recourse debt. So read the fine print the next time you offer to co-sign for a loan for mom!!


3. The Best Time to take a Reverse Mortgage is at the End of Your Retirement. 

This is a common mistake that reflects the “old-school” financial planning mentality.

For the majority of Canadians (without a nice government pension), the old school financial planning mentality is about cash-flow, and is as follows: 

a) Begin drawing down non-taxable assets to supplement your retirement income. 

b) Once your non-taxable assets are depleted, begin drawing down more of your registered assets (RSP/RIF) to supplement retirement income. 

c) Once your registered assets are depleted, sell your home, downsize and re-invest to generate enough cash-flow to last you until you die.


The problem with the “old-school” financial planning model is two-fold: 

1. 91% of Canadian seniors have no plans to sell their home (CBC News “Canadian Boomers Want To Stay In Their Homes As They Age). 

2. You are missing out on a huge tax-saving opportunity by not taking out a reverse mortgage in the beginning of your retirement. 

“Research has consistently shown that strategic uses of reverse mortgages can be used to improve a retiree’s financial situation, and that reverse mortgages generally provide more strategic benefits when used early in retirement as opposed to being used as a last resort.” - Jamie Hopkins, Forbes


In Canada, a reverse mortgage can be set-up to provide homeowners with a monthly draw  out of the approved amount. For example: client is approved for $240,000 and decides to take $1000/month. This is deposited into the clients’ bank account over the next 20-years. Interest accumulates only on the amount drawn (i.e.: not on the full $ amount at the onset).


This strategy allows clients to draw down less income from their registered assets to support their retirement lifestyle. In turn, this can create some excellent tax savings, since home equity is non-taxable. Imagine lowering your nominal tax bracket by 5 – 10% each and every year over a 20 year period?! 


The tax savings can be huge.  You are also able to preserve your investable assets, which historically, can generate a higher rate of return when invested over a greater period of time.


In summary, Canada and the U.S. both have aging populations and both have misconceptions about reverse mortgages. Learning about these misconceptions will allow you to be knowledgeable on how to balance retirement, lifestyle and cash-flow, with the desire for retirees to age gracefully within their own homes. 



Have a great week!  


As always feel free to get in touch with me about any mortgage questions.


Steven Burrows



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