Discounted Variable Rates are Back!

Once upon a time, discounted variable rate mortgages were the norm. However, the credit crisis in 2008 changed all that, and actually pushed variable rates well above prime rate.

With the economy starting to come around (supposedly), and global credit easing, variable rate mortgages are getting cheaper again.  Just recently, the big banks started offering variable rates at prime which is a great improvement over the prime + 1% they were offering at the peak of the crisis.

However, you probably aren’t satisfied with paying prime on your mortgage, you want a discount off prime.  Until now, that hasn’t been possible.

Our friends and blogger colleagues at Canadian Mortgage Trends have a special offer exclusively for Million Dollar Journey readers.  They are offering a variable rate mortgage at Prime – 0.25%!


*  Canada’s lowest variable rate (as far as we know!)
*  From the country’s most reputable lenders
*  15-20% lump-sum pre-payment options
*  Optionally increase payments up 15-100%
*  Lock into a discounted fixed rate at any time without cost
*  Available readvanceable line of credit (80% LTV maximum)

This is a limited time offer which expires November 1, 2009.  If you are in the market for a mortgage, you can read about the details here.

Weekend Links

Try an auction for savings @ Canadian Money Forum

CPI: How Many Negatives Make it Deflation? @ Canadian Personal Finance Blog

why McDonalds is a good investment @ The Money Gardener

How Much Does Raising A Child Cost? @ Canadian Finance Blog

Living Will @ Financial Highway

Money Tip: Keep a one page account summary @ Canadian Capitalist

Financial Peace Through Planning @ Five Cent Nickel

5 Recent Examples of Consumer Food Price Inflation in Second Half of 2009 @ Money Energy

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Thanks for the link MDJ!

Thanks for the mention, have a good weekend!

Thanks for the mention FT!

Thanks for the mention!

MyVirtualMortgageBroker is affiliated with the Mortgage Architects group, so wouldn’t any of their brokers be able to offer the same rate?

this looks like a really good offer

Interesting read “How Much Does Raising A Child Cost?”

Thanks for sharing my article, FT. Have a great weekend! I like Canadian Capitalist’s tip. Good one.

I was recently offered prime minus 1% which floored me by a mortgage broker. Unfortunately the prices here in Vancouver are still out of reach with a baby on the way early February.


Hi FT,

No don’t know who the lender is but the mortgage broker is Dominion Lending.



Hi Luc: The prime – 0.25% promotion is something that only we ( are running at the moment. It is not offered through other Mortgage Architects planners.

Hi Peter: Unless it was an ultra-short-term teaser rate (i.e. the regular rate reset higher after x months), then prime – 1% (1.25%) is a huge money-loser given the cost of variable-rate mortgage funds. Perhaps the broker made a mistake.