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Because not everyone fits into the same box
– canadamortgagenews.ca
You might have seen the headline “HSBC crushes mortgage records with 0.99% variable rate”. No doubt about it, this is a great rate. However, it’s not for everybody. It is important to remember, like most deals, there are some restrictions. Among other things this offering is limited to high-ratio mortgages with a downpayment of less than 20 per cent. The reality is a higher interest rate may apply for non-owner-occupied properties, amortizations greater than 25 years and other exceptions to standard lending guidelines.
It’s good to see this rate as it brings attention to the record low rates that are currently available. My only warning… don’t get fooled into bait and switch tactics. If you are wondering if this or other options might be a good fit for you, speak to an unbiased professional, someone on your side, speak with an experienced Mortgage Broker.
Wanting to find out more… Call our office to set up a review to see if it makes sense to break your existing mortgage, pay penalty and get into a lower rate…
