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Investor’s Group has just announced a 1.99% three-year variable rate mortgage. For those keeping track that’s the lowest mortgage rate in Canada.

Mortgage Terms

We’ve already had quite a few inquiries from clients about this Investors Group special offer so figured it would be good to get something up on the blog to explain this mortgage offer to our readers and answer some of the most common questions we’ve had.

Can you match the Investors Group Mortgage rate?

No. There is currently no lender in Canada that will match this rate.

Is this Investors Group mortgage for me?

Maybe. A variable rate mortgage isn’t for everyone. It’s important to know what your individual needs and goals are, what you will be using the property for, what’s your tolerance for payment fluctuations, how long you plan to live in or keep the property, etc. Without the answers to these, as well as a number of other considerations, simply choosing the lowest rate most likely will not be ensuring all of your best interests are being looked after.

The Fine Print

As with any mortgage, it’s important you understand the fine print. While from the outside the Investors Group 1.99% variable looks like a great mortgage. The rate is great but that’s about all about it that is.

The Investors Group 1.99% Variable is a severely limited No-Frills Mortgage.

Prepayment Options: 15% lump-sum annually, 15% annual payment increase and double-up payments
Lock-in Option: Lock into a fixed rate at any time (Note: Investors Group typically doesn’t have the most competitive fixed rates)
Refinances: Refinance or re-advance would be allowed, however there is no ability to blend the rates. Client must pay the prepayment charge in full and would be subject to current standard rate offerings at time of refinance.
Early breakage: Not allowed unless due to a bona fide sale of the property. This means you have to sell your home if you want to break your mortgage.
Non Re-advancable: Not available with an automatically re-advanceable mortgage.

Want to learn more?

If you would like the best interest rates and also want to ensure your other needs are being considered, contact us for a no cost consultation.
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