Jeremy Garth

https://thestarphoenix.com//dc32ac04-9f29-40e4-909a-178a/

Mid week rate update! Insured Renewal/Early Renewal 5 year fixed as low as 2.42% Insured Purchase 5 year fixed as low as 2.49% OR 2.52% $1,000 cash back on mortgages $150,000.00 to $249,000.00. $2,000 cash back on mortgages over $250,000.00 Insured Purchase/Renewal/Early Renewal 5 year Variable as low as P - 0.32% (2.13%)... ***Subject to qualification, approval and meeting eligibility criteria. Rates as of today & subject to change***

Considering a Cash Back Mortgage? See below for some information on why it may or may not be a good idea and a useful article to help provide some clarity and education behind what getting ones of these mortgages entails! The Good: - Allows you to pay off some higher interest loans right away - Allows you to invest the money into higher rate of return investments... - Gives you access to funds immediately on a purchase so you can complete some renovations around the home or purchase new items (appliances, furniture, etc) without putting them on a high interest loan or credit card. The often unadvertised: - Cash back mortgages will sometimes have a slightly higher interest rate than a standard mortgage, as the bank is looking to recoup the cost of paying you the cash up front. - If you break your 5 year term mortgage early, depending on the offer, you will be required to pay either the full sum back, or a portion of the money given to you back which can add to an unexpected cost at the payout of your mortgage. Ex. $400,000.00 mortgage with 2% cash back = $8,000.00 given to you at the start of the mortgage 5 year term. You now want to sell your home and break the mortgage 2 years into your 5 year term (3 years left on the term). Depending on the structuring of the cash back offer, you may have to pay back around 60% of the initial $8,000.00 ($4,800.00) on top of the penalty to break the mortgage. Here is a great article further explaining the workings of a cash back mortgage, and whether it may be right for you! https://www.ratehub.ca/cash-back-mortgages As always, feel free to reach out if you have questions about a cash back mortgage, or are looking for the right mortgage option for your needs!

All lenders are offering options for skip a payment or deferral etc if your employment/income has been impacted by the COVID19 crisis...you must speak to your lender for specific details. Waits on hold are long so please be patient with the lenders, and understand that the representatives are working as hard as they can to help everyone impacted... Customer Service Numbers below: ATB 1-800-332-8383... B2B 1 800 263 8349 BMO 1-877-895-3278 Bridgewater 1-866-243-4301 CIBC 1-800-465-2422 CMLS 1-888-995-2657 Optimum 1-866-441-3775 Equitable 1-888-334-3313 Connect First 403-736-4000 Chinook Financial 403-934-3358 First Calgary Financial 403-736-4000 First National 1-888-488-0794 Haventree 1-855-272-0051 Home Trust 1-855-270-3630 HSBC 1-888-310-4722 ICICI 1-888-424-2422 Manulife 1-877-765-2265 MCAP 1-800-265-2624 Merix 1-877-637-4911 Marathon 1-855-503-6060 RBC 1-866-809-5800 RFA 1-877-416-7873 RMG 1-866-809-5800 Scotia 1-800-472-6842 Servus 1-877-378-8728 Street Capital 1-866-683-8090 TD 1-866-222-3456 Wealth One Bank 1-866-392-1088