Mortgages

Mortgages (Promotional Rates) Rates
5 Year Fixed Closed - High Ratio Only 1.64%
5 Year Variable Closed - High Ratio Only 1.95%
1.64% APR on 5-Year High Ratio Fixed Closed Mortgage:

Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.64%. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Gross Debt Service (GDS) & Total Debt Service (TDS) at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per Alterna’s Operational Credit Policy: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Maximum amortization of 25 years. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum. Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Alterna may cover mortgage-related fees up to $1,000. Subject to credit approval.   
1.95% APR on 5-Year Variable Closed High Ratio Mortgage:

Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion. Maximum property value of $1,000,000. To be eligible, applicants must purchase and qualify for mortgage default insurance. Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 1.95%(Prime – 0.50%). Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. Rates calculated semi-annually not in advance. Funds must be advanced within 120 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Gross Debt Service (GDS) & Total Debt Service (TDS) at time of approval based on the Bank of Canada conventional 5 year posted rate. GDS & TDS rules as per Alterna’s Operational Credit Policy: Beacon >/= 680, max TDS of 44% & max GDS of 39%; Beacon<680, max TDS of 42% & max GDS of 35%. Maximum amortization of 25 years. Must be a mortgage whose purpose includes the purchase of a property or subsequent renewal of such a loan. Other conditions the same as our regular mortgage terms including; Regular pre-payment privileges: 20% annual lump sum; Payment increase up to double (aggregate prepayment can’t exceed 20% in one year). Alterna may cover mortgage-related fees up to $1,000. Subject to credit approval.
Residential Fixed Mortgages (Posted Rates) Rates
6 Month Fixed Closed 3.25%
1 Year Fixed Closed 1.89%
2 Year Fixed Closed 1.89%
3 Year Fixed Closed 1.89%
4 Year Fixed Closed 1.89%
5 Year Fixed Closed 1.99%
1 Year Fixed Open 6.35%
Rates calculated semi-annually not in advance
Mortgage prepayment limited to 20% of the original mortgage principal balance.
These interest rates and terms are subject to change without notice
Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the interest rate.
Subject to credit approval.
Residential Variable Mortgages (Posted Rates) Rates
3 Year Variable Closed 3.55%
5 Year Variable Closed 2.95%
2.95% Variable Rate Closed Mortgage:

Special promotional rate may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Rate guaranteed for a maximum of 60 days. Rate guarantee does not apply to the Alterna prime rate. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 2.95%. Prime Refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime Rate changes. Rates calculated monthly not in advance. Maximum Amortization of 25 years. Maximum property value of $1,000,000. Funds must be advanced within 60 days of application. Applies to owner-occupied residential properties only. Blend & Extends as well as Refinances are not eligible. Some conditions apply.

Getting Started

Mortgage rates are very competitive and we encourage you to contact us directly to discuss our best rates.  Full service members may qualify for a rate discount.  Call one of our loan specialists today to see how we can save you money.

Mortgages for Commercial and Rental Properties

Call and speak with our Commercial Lending Specialist, Scott Lafleur, today and he can begin tailoring a financing solution to meet your needs.  Call: 613-966-4111 Ext. 290 or Email: slafleur@quintefirst.ca

 

 


Note: Rates are provided for information purposes only and are subject to change at any time.