Mortgage Payments and COVID-19
A lot of the lenders are offering to postpone your mortgage payments for up to 6 months for people that have valid COVID-19 related reasons. This does not mean you will receive free money, or that any part of the loan will be forgiven. The amount of the interest owing will just be added to your balance owing, so you will be paying interest on interest. This should be a last resort, and is not a good option for anyone who has the financial ability to continue to make their payments. Please contact your mortgage lender should you have a legitimate reason and need to postpone your payments. The lenders are swamped with enquiries about this so please only call if you really have to. Stay Safe!
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Whether you are a first-time buyer or an experienced buyer with excellent credit, Dominion Lending Centres has access to the very best products and rates available across Canada. Give us a call… we think you’ll be pleasantly surprised!
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Apply NowCurrent Rates
Current variable mortgage rate is
4.55%
Current prime rate is
5.20%
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- Terms
- Bank Rates
- Payment Per $100k
- Our Rates
- Payment Per $100k
- Savings
-
- 6 Months
- 7.89%
- $756.21
- 7.49%
- $730.93
- $25.28
-
- 1 Year
- 7.74%
- $746.69
- 5.39%
- $604.00
- $142.68
-
- 2 Years
- 7.34%
- $721.53
- 5.34%
- $601.11
- $120.42
-
- 3 Years
- 6.94%
- $696.72
- 4.44%
- $550.14
- $146.57
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- 4 Years
- 6.74%
- $684.44
- 4.54%
- $555.70
- $128.74
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- 5 Years
- 6.79%
- $687.50
- 4.39%
- $547.37
- $140.12
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- 7 Years
- 7.10%
- $706.60
- 5.35%
- $601.69
- $104.91
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- 10 Years
- 7.25%
- $715.92
- 5.75%
- $625.02
- $90.90
There are generally two ways to get a mortgage in Canada: From a bank or from a licensed mortgage professional.
While a bank only offers the products from their particular institution, licensed mortgage professionals send millions of dollars in mortgage business each year to Canada's largest banks, credit unions, trust companies, and financial institutions; offering their clients more choice, and access to hundreds of mortgage products! As a result, clients benefit from the trust, confidence, and security of knowing they are getting the best mortgage for their needs.
Whether you're purchasing a home for the first time, taking out equity from your home for investment or pleasure, or your current mortgage is simply up for renewal, it's important that you are making an educated buying decision with professional unbiased advice.
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Videos
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DLC - Fixed VS Variable Rates
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