Cole Gordy

Cell: 604-619-9475 |

Mortgage rates

 

 BEST Mortgage Rates for the Week

Today’s Prime: 3.00%

*payments based on 25 year amortization*

 

Term

BEST RATES

Payment on $100,000

Payment on $300,000

Payment on $500,000

Line of Credit

3.50%

 

 

 

 Variable

2.65%**

$462.54

$1387.61

$2312.68

Open

3.80%

 

 

 

1 year

2.64%

 

 

 

3 year

2.69%

 

 

 

5 year

2.99%**

$477.88

$1433.63

$2389.38

*Rates Subject to Change without Notice and OAC*

**lender conditions apply**

Some Easy numbers to work with:

Based on 5 year fixed product and 25 year amortization

Ø  Per  $100k of mortgage = roughly  $480 / month in payment

Ø Every $10,000 in annual income = ability to qualify for a $61,000 mortgage

Ø  Every $1000 in rental income generated = ability to qualify for an additional $36,600 in mortgage amount  ($58,500 if you have 20% or more down) 

All buyers can still purchase with as little as 5% down, subject to 25 year amortization. If you put down 20% or more, up to 35 year amortizations are available.

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