Conventional Banks, The Interest Rate War Is Open!

Interest rates on conventional mortgage are going down!

For those who have access to conventional financing, this is the good news we were all waiting for. On March 18th, the Bank of Montreal has announced a rate cut for its 5 year fixed-rate mortgage loan. We anticipate that most of the banks will follow over the next week. The Bank of Montreal deal cuts its rate of 2.99 per cent to 2.79 per cent. Toronto-Dominion quickly followed by cutting its 3.09 per cent rate to match Bank of Montreal’s new offer.

How does it impact people having a private mortgage with a private lender?

When refinancing with a conventional bank, the interest payment charges are very important in the calculation of your payment capability. With lower interest rates, it will be easier to refinance your property as the interest payment charges will be lower.

 

Do you have additional questions related to private mortgages, or are you currently looking for a private mortgage? Contact me at maxime.st-laurent@financierevictoria.com

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