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Edward Barr Mortgage agent with over 15 years of experience can help to find best solution and competitive rate to finance your home or property purchase considering that mortgage requirements has been changing frequently due to high demand in real estate market In Canada. Buying you home is big step and can be very overwhelming therefore you will need professional advice to arrange financing and find right solution.
Edward is an experienced mortgage broker in Toronto who has been helping clients to get mortgages for over 15 years. With banking background HCBC finances and CIBC bank that further enhances his knowledge of the market, he has a strong understanding of the many different mortgage products and how applicant’s current financial circumstances may benefit from the right mortgage solution.
My experience and knowledge in this industry helped many clients to enjoy ownership of their home and they refer their friends and family to me with confidence.
WHY USE A MORTGAGE BROKER?
What mortgage type to choose - fixed or variable? What term is better 10, 5, 3, 2 or 1 year? What amortization length should I choose? What do I need to qualify for the mortgage? Is my credit history strong enough to get approved? How much do I have to pay every month? Which financial institution has better terms? What are the penalties if I chose to sell my property before the end of the term?
All this questions come to mind when you start looking for mortgage. That is why you need to work with mortgage broker who have access to more lenders and products and can help applicant to analyze current financial situation and apply for mortgage. With one mortgage application mortgage broker will shop around for you to find best solution and competitive rate. He will save you time and money and will make the process easy and stress free.
PRIME RATE VS OVERNIGHT TARGET RATE OR “BANK RATE”
The Prime Rate is the rate that we are most commonly refer to, because this rate is what affects the rate When you apply for a loan with a variable interest rate, your lender will give you an annual interest rate that’s tied to the bank’s prime rate. All kinds of loans are based on this rate, including certain mortgages, car loans, personal lines of credit, and even some credit cards.
Think of the prime rate as the anchor these other interest rates are based on. As the prime rate moves up or down, so too does the rate of interest you pay on your loan.
The prime rate is primarily influenced by the policy interest rate set by the Bank of Canada (BoC), also known as the BoC's target for the overnight rate. While these rates are not the same, they are closely related. When the BoC changes the target for the overnight rate, lenders will generally adjust their prime rates within a few days.
The major banks in Canada typically charge their best customers about 2% above the Bank of Canada "Bank Rate" or "Target Rate" when they lend money to the consumer.
When you apply for a loan with a variable interest rate, your lender will give you an annual interest rate that’s tied to the bank’s prime rate. Many of loans are based on this rate, including certain type of mortgages, car loans, personal lines of credit and some credit cards. Think of the prime rate as the anchor these other interest rates are based on. As the prime rate moves up or down, so too does the rate of interest you pay on your loan.
CURRENT MORTGAGE RATES
Our lowest mortgage rates change frequently as we often receive exclusive short-term rate promotions daily. These promotions are never posted online. Please call or contact me to get the best mortgage solution for you!
Variable 5 years
Fixed 1 year
Fixed 2 year
Fixed 3 year
Fixed 4 year
Fixed 5 year Insured
Fixed 7 year
Fixed 10 year