For the readers who are in the market for a mortgage in the near future, My Virtual Mortgage Broker (Canadian Mortgage Trends) is back with another great offer.  This time around they are offering Canada’s lowest five year fixed rate (that I can find) and a very competitive discounted variable exclusively for MDJ readers.

What are the rates?  3.18% for five year fixed or a Prime – 0.75% for five year variable.  Here are the details:

Million Dollar Journey Exclusive Rate Feature:

Valid until September 30, 2011 barring lender rate increases.

* 3.18% Five-year Fixed!
Full-featured from a major bank…

(30-day rate hold; $175k min.; optional readvanceable credit line)


Valid until October 5, 2011 barring lender rate increases.

* Prime – 0.75% (2.25%) Five-year Variable!
Full-featured bank mortgage…

(Must close by Oct. 31; $175k min.)


*  Always unbiased mortgage advice from the Editors of CMT
(Finding you great deals from all the lenders.)
*  No hidden fees
*  Lump-sum prepayments can be made anytime during the calendar year in multiple installments, up to 10% annually
*  Optional payment top-ups up 100% annually
*  Optional payment double-up
*  All mortgages are fully portable
*  Up to 95% loan-to-value (LTV) on purchases; 85% on refinances

This is a limited time offer which expires Sept 30, 2011 for the fixed rate and Oct 5, 2011 for the variable.  If you are in the market for a mortgage, you can read more  details here.

Disclaimer:  Canadian Mortgage Trends/My Virtual Mortgage Broker has purchased banner space on MDJ to promote this offer.

Weekend Reading

Market Forecasts @ Canadian Money Forum

Is A Recession Imminent? @ The Wealthy Canadian

Ideas to Improve your spiritual health in retirement @ Retire Happy Blog

Couch Potato Rebuttals @ Balance Junkie

The Ultimate Peace, Adventure, and Hedonism on a Budget @ Young and Thrifty

Vanguard’s Best Practices for Portfolio Rebalancing @ Canadian Capitalist

Determining Whether Investors Benefit from Stock Buybacks @ Michael James on Money

A Practical Way To Estimate And Budget For Home Maintenance Costs @ Money Smarts Blog

My favourite international equity ETFs @ My Own Advisor

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  1. Sustainable PF on September 16, 2011 at 9:27 am

    Very nice rate offering. We’re only 1 year into a 5 year 3.62% fixed so we’re not breaking that, even for close to 0.5%. That variable rate is tempting though.

  2. My University Money on September 16, 2011 at 10:05 am

    Wow, those are some crazy rates. Unfortunately as a little rural prairie mouse, I don’t meet the 175K minimum (on the other hand, yay for having my mortgage paid off before I’m 30!).

  3. Balance Junkie on September 16, 2011 at 10:11 am

    That’s a great mortgage rate offer! I’ve been reading on the Canadian Mortgage Trends site that they’re seeing banks pull in the discounts on variable rates. It seems like a good time to snag that P-0.75% if you can. The fixed rate is pretty sweet too. Thanks for the mention and have a great weekend!

  4. Jim Yih on September 16, 2011 at 11:04 am

    Thanks for the mention.
    Low mortgage rates might be good for spiritual health in retirement too.
    Have a terrific weekend

  5. OttawaGuy2 on September 16, 2011 at 11:14 am

    Thanks for the mention. However, the key statement here is
    “…. barring lender rate increases.”

  6. Michael James on September 16, 2011 at 11:50 am

    3.18% for 5 years, wow! It would certainly be nice to know whether stocks will average more than 3.18% over the next 5 years. Risk-free leveraging would be nice.

  7. Varun Sehgal on September 16, 2011 at 12:44 pm

    I recently got Prime – 0.95% … closing next month … I know that offer has expired now with the firm I used … but their “standard” rate right now P-0.75% …

    Anyway, good luck to all the new home buyers!

  8. My Own Advisor on September 16, 2011 at 12:52 pm

    Wow. Great deal. And I thought I was doing well for a fixed near 3.30%!

    Great stuff. I’m a big fan of those folks at CMT. Excellent work with.

  9. The Wealthy Canadian on September 16, 2011 at 2:12 pm

    First off, thanks a lot for the mention FrugalTrader, I genuinely appreciate it.

    Those rates are rediculous! Anybody looking for a mortgage would be wise to check out this information.

    A 3.18%, 5-year fixed rate is off the charts. I have a Scotia Home Equity Plan at 4% for one of my rental properties, but if I were to look for a fixed-rate mortgage, you’ve given me a great place to look.

    Thanks for sharing this and have a great weekend,

  10. My Own Advisor on September 16, 2011 at 5:20 pm


    Thanks for the mention and blog support! I really appreciate it!

    It would be great to hear from CMT how many folks might take advantage of this offer. Again, that 5-year rate is almost too good to believe.

    Have a great weekend!

  11. SST on September 16, 2011 at 9:07 pm

    My mortgage is a P-0.8% 5yr variable.

    The research I did five years ago showed the average mortgage rate since…the ’40s (?? maybe? I don’t remember the exact decade, but early-to-mid-last century) was around 10%.

    It’s crazy to think rates have been so far below average for so long (thanks America!), but it all depends on where you live.

    In 1980 an average house in Vancouver was ~$100,000; with 25% down and a 12% mortgage you were paying $775 per month. To pay that same dollar amount now with the 2.25% rate, you could afford a $220,000 house (a $175k mort. with 25% down). The last time houses in Vancouver were going for $220,000 was 20 years ago.

    But I’m sure the people who live where there is snow in the winter are loving the rates!

  12. Lina Zussino on September 16, 2011 at 11:21 pm

    Rates have been going down, lender are getting very competitive. There are so many specials. I have a special on for 2.99% 4 year fixed. That’s pretty good… and comes with all the general mortgage terms, pre-payments etc…

  13. Brian Poncelet, CFP on September 16, 2011 at 11:33 pm

    October 26, 2007
    Globe Says Lock In

    Lock-in-Mortgage Rob Carrick from the Globe & Mail is ringing the alarm. With mortgage rates at 6-year highs and shrinking variable-rate discounts, he says it’s time to lock in now.

    …. Alex Haditaghi, CEO of, said his contacts with bank representatives suggest that fully discounted five-year rates could go as high as 6.5 per cent from their current level around 6 per cent. (back in 2007)

    Long term rates hurts.

  14. QEW on September 19, 2011 at 12:28 am

    I locked myself into 5 year fixed @3.55% in July 2009 with $302000 mortgage. It was best deal in the market at that time I made the right decision at that time. Hindsight is 20/20.Had I gone with variable then I would have saved thousands in Interest. I don’t worry about things beyond my control. It could have gone up too. I take heart from the fact that home prices have increased 10-15% in Toronto since I purchased.

    The gap between variable and fixed is historical lowest. I personally prefer fixed since it gives me a peace of mind which is priceless.

    These rates are exceptional.

  15. youngandthrifty on September 19, 2011 at 4:31 am

    Wow, that’s fantastic MDJ that you’re able to offer this to your readers :)

    We secured a P-0.75% last year and are very happy with it :)

    Thanks for the mention as always, MDJ!

  16. Rob McLister on September 22, 2011 at 9:59 pm

    Hi Everyone,

    Thanks a million for all the fantastic feedback.

    Just want to give all a heads up that the lender behind that variable rate promotion is decreasing its discount considerably as of midnight tonight. They provided little advanced notice. Otherwise I would have posted sooner.

    As a side note, it appears that multiple lenders have been shrinking their variable discounts in the last few days (again). Well, it was fun while it lasted…

    In any event, thanks so much for all the inquiries thus far.

    Cheers for now,

    Mortgage Architects
    Agent # M08005031
    Brokerage # 10287

    P.S. The 3.18% five-year fixed promo lives–barring lender rate increases. Fortunately for this particular promo, bond yields (which lead fixed rates) seem to be headed in the right direction (down).

    Required Legalese: All offers are subject to lender approval and void where prohibited.

  17. Srebrne Monety on January 22, 2012 at 12:17 pm

    …For those in solitary confinement last week, the big news was BMO’s 2.99% 5-year Low-Rate Mortgage. It made every major newspaper and newscast in the country.

  18. Rob McLister on January 22, 2012 at 8:26 pm

    Thanks for quoting us Srebrne. :-)

    As a point of note: BMO’s 2.99% mortgage is a vastly different product than the 3.18% mortgage that is the subject of this post. BMO adds a slew of restrictions, including: a] no refinancing with, or switching to, another lender for five years, b] 10% lump-sum prepayments maximum vs. 20%+, c] a 25-year amortization maximum, d] no readvanceable HELOC option, and a few other restrictions BMO normally doesn’t impose.).

    The good news is that (as of Friday Jan. 20, 2012) you can find full-featured 5yr terms for just a hair above 3%. It pays to shop around and not tie yourself down to save a few basis points. Life happens and you never know when you’ll need to break a mortgage or refinance early. Interestingly, the average 5-year fixed mortgage holder breaks his or her mortgage in roughly 3.5-4.0 years…


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