Oriana Financial Group of Canada Ltd.

CURRENT RATES

2 YEAR 3.29%

3 YEAR 3.39%

4 YEAR 3.59%

5 YEAR 3.19%*

5 YEAR Variable 2.50%*

Updated April 9th, 2018
*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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FAQ

How many lenders can you draw from and who are they?

There are well over 20 lenders to draw from, far too many to list. Some very strong and solid mortgage companies that only mortgage broker/agents have access to. These companies deal only in quality mortgages which ensures clients can have a low rate with flexible terms.


What are your fees?

In most cases our fees are covered by the lender.


What should I know when shopping for a mortgage broker?

Get a referral from a friend or someone you trust, if that option is not available look around for a broker with AMP behind their name. These brokers are licensed and keep up with their educational and IMBA requirements. They go a step further. Talk to a couple brokers before you commit to the relationship. Short or long term, your broker will be listening and reviewing your financial details.


I’ve been a loyal bank customer for years, why should I deal with a mortgage broker instead of my bank?

Mortgage Broker / Agents are not trying to take you away from your bank, we can even help you get a better deal from your own personal bank..


Should I also shop around to get the best mortgage rate?

Why would you? You have just enlisted us to do that for you. If you like and trust your broker and they have been referred to you by a trusted friend then you should let the broker do the worrying for you. You just sit back and relax!


What is the difference between fixed and variable rates?

Fixed rate – Is just that, it’s an interest rate that does not change over the course of the term eg: a 5.5% for 5 years means for 5 years your rate will be 5.5% at the end of your five years you; with the assistance of your broker, will renew your mortgage for a rate that is available at that time. Most if not all fixed mortgages offer accelerated payment plans and prepayment privileges.

A variable rate – works with the Bank of Canada. The Bank of Canada sets the overnight lending rate let’s say It’s 1 % (this is the rate they lend money to the banks) The banks / lenders then lend out the money at a 2% mark up. So prime would now be 3%.

Your mortgage rate is going to be set at the time you sign your contract so let’s say prime minus 0.30 bps your current rate would be 2.70%.

The biggest issue with the variable rate is you must be flexible and not adverse to change. With most mortgages your payment will change with prime adjustments. Eg. Prime goes up by 0.25% , the following month your payment will adjust to reflect the change as your new mortgage rate is 4.05%.


I hear the term “closing date” often, what exactly does that mean?

Closing date is the date you get the keys to your home. In the example of a refinance, it is the date the new mortgage is registered and the old one discharged.


How long can you lock in my pre-approved mortgage rate, months? Year?

Usually 120 days, this depends on the lender. Some lenders are not offering pre-approvals, but only a “rate hold”. A good broker has the ability to underwrite and identify a deal that will be easily placed with any lender.

What Will My Costs Be?

There are many extra expenses that come along with owning a new home. It is a good idea to be prepared for such costs. Some notable fees include:

  • Home Inspection
  • Appraisal – Property Survey
  • Lawyers Fees
  • Moving Costs including hook ups
  • Land Transfer Tax
  • Title Insurance
  • CMHC / Genworth / Canada Guarantee (these are mortgage insurers when your down payment is less than 20%).

You should and can be prepared for all the hidden costs. To discuss this further please contact us.