AYM Mortgage works hard to partner with the best available big bank and mono-line Lenders in Canada. By doing this we are able to offer a wide variety of products, at lower-than-advertised interest rates.
Today’s Best Mortgage Rates:
1 Year fixed rate: 2.29%
3 Year fixed rate: 2.44%
5 Year fixed rate: 2.59%
5 Year variable rate: Prime – 0.65%
*rates are based on CMHC Insured loans. Subject to change without notice.
Various Types of Mortgages:
Variable Rate Mortgage – allows you to take advantage of today’s low Prime Rate. Most variable rate products are set below prime, terms range from 3 to 5 years. Payments vary depending on the product or lender you choose. In most cases your monthly payments can fluctuate depending on if/when the Prime Rate changes during your term.
A Fixed Mortgage – offers you the security of locking in your interest rate for the term of your mortgage, so you know exactly how much principal and interest you will be paying on the mortgage during the term. Terms range from 6 months to 10 years. Fixed rate mortgages offer some form of pre-payment, from 10% to 20% of the original mortgage balance each year, depending on the lender. If you wish to pay off your mortgage in full, there will be a penalty of either 3 months simple interest, or an Interest Rate Differential (IRD). The benefit of this mortgage is the rate is lower than an open mortgage, making it a more popular option if you have no plans to pre-pay it in full during the term you select.
Secured Line of Credit – allows you to access the equity in your home whenever you choose. Rates are tied to prime, usually slightly above prime. Required payment on the balance is interest only, making it a good choice where cash flow may be important. Lower interest rates compared to an unsecured line of credit. The maximum allowed to have in a secured line of credit is based on 65% of the value of your home’s appraised value.
An Open Mortgage – allows you the flexibility to pay off some or the entire mortgage at any time, without penalty. Interest rates are usually higher and are tied to the Bank Prime.
2nd Mortgage – typically refers to a secured loan (or mortgage) that is subordinate to another loan against the same property.
Private Mortgage – in this instance you don’t borrow from a bank, you borrow from another person or business.
Commercial Mortgage – similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial mortgages are typically taken on by businesses instead of individual borrowers.
Some of the Perks of Working With AYM Mortgage
We value your business and your trust in us. So we’ve partnered with a number of organizations in order to offer you not just amazing service and great mortgage rates but some fantastic perks as well. These are just more ways we can say thanks to you for trusting us with you mortgage, lending and insurance needs.
Some of the Organization we partner with are:
Petro Canada in order to offer you a Discount Card
The Brick in order to offer you a Contractor Pricing Certificate
Mortgage Alliance in order to offer you a Minimize Your Mortgage Sweepstakes
Mortgage Lenders We Work With
Affinity Credit Union
Canadian Western Bank (Optimum)
First National Financial
Home Equity Bank
Scotia Mortgage Authority
Street Capital Bank
Teacher’s Credit Union
V.W.R. Capital Corp
Xceed Mortgage Corp
Home Insurance Providers We Work With