For families looking at buying a new home in Calgary this summer or getting ready to renew their current mortgage there is good news. Mortgage rates have dropped to their lowest rates in nearly 2 years with a 5 year fixed term rate of 3.09%. With the changes to mortgage regulations this year that created some anxiety for first time home buyers the lower rates are a welcome sign that they can move forward. The new low rates also apply to home owners that have been waiting for a better rate to refinance for debt consolidation, free up equity to invest, or buy a second property.
Taking advantage of these new low rates and refinancing a mortgage now offers many potential benefits including:
•Lower your monthly payment.
•Reduce your amortization and pay off your mortgage years sooner.
•Save thousands in interest over the life of your loan.
•Use a portion of your new mortgage to consolidate high interest debts
•Start a business, take a trip, pay for college... It’s your money, you decide.
Mortgage refinancing is without a doubt one of the best ways to borrow money because of the lower interest rates offered on mortgages.
Current rates available:
Terms | The Bank | Our Rates |
1 Year | 3.60% | 2.64% |
2 Years | 3.95% | 2.99% |
3 Years | 4.45% | 3.39% |
4 Years | 5.14% | 3.44% |
5 Years | 5.54% | 3.09% |
7 Years | 6.50% | 4.69% |
10 Years | 6.90% | 4.95% |
VIRM | 3.00% | 2.10% |
The prime rate is 3.00% * all rates subject to change | ||
For more information on mortgage options in Calgary please contact us at:
Larry Arnason, Calgary’s Mortgage Broker - Axiom
403-265-5363
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