Canadian Money Forum banner
1 - 2 of 24 Posts

· Registered
335 Posts
Take for instance, the verbiage on the link you provided from investor's group:
"* The Annual Percentage Rate (APR) for each term listed above (with a reduced rate for an introductory period, where applicable) is based on a mortgage of $100,000, with monthly payments and a 25 year amortization. The APR was calculated using Our Mortgage Prime Rate of 2.500% set on March 24, 2009, which is subject to change"
You are quoting their "Our Mortgage Prime Rate".
However, they are also offering Special Variable-Rate Mortgage of "Prime less 0.10%" as well (under Promotions)

Special variable-rate mortgage*
> 2.15% (Prime less 0.10%)
60 month closed adjustable rate adjustable payment (ARAP) mortgage
A great, longer term option for both rate and payment.
> 2.15% (Prime less 0.10%)
60 month closed variable rate mortgage
Features a fixed monthly payment.

But I agree - Big banks (institutions) do not necessarily have to follow the Bank of Canada lending rates; thus, you actually need to look at the rates.
1 - 2 of 24 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.