July 14, 2016
Earlier last month, True North Mortgage announced that it has become the first-ever independent mortgage brokerage to receive Canada Mortgage and Housing Corporation (CMHC) lender approval status and launched THINK Financial.
As a result, True North Mortgage now offers even lower rates!
The full list of rates can be found here.
How much can you save on your Mortgage?
Let’s break down what your monthly payments would be:
A purchase price of $500,000
A five per cent down payment of $25,000
CMHC insurance premium of $17,100 (3.60%)
A total mortgage value of $492,100
An Amortization of 25 Years
Payments based on rates offered by most Big Banks:
5 Year Fixed @ 2.49% = $2,201/mo
5 Year Variable @ 2.35% = $2,167/mo
Compared to payments based on True North Mortgage's rates:
5 Year Fixed @ 2.24% = $2,141/mo (You Save $60/mo or $3,645 over 5 years)
5 Year Variable @ 1.95% = $2,071/mo (You save $95/mo or $5,754 over 5 years)
But that’s not all.
Not only are you saving on monthly payments but also on total interest paid.
When you consider both you save approx. $6,000 on the 5 Year Fixed and almost $9,500 on the 5 Year Variable over 5 years!
Apply Now to take advantage of these great rates and pay off your mortgage sooner!