3 hours ago
www.journaldemontreal.com
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A mortgage lender announced an interest rate below 1%. Never seen!
Here is a border that we did not expect to see crossed, it is now done: a mortgage lender has announced an interest rate below 1%. Never seen !
Since last week, HSBC Bank has offered a 5-year variable rate mortgage at 0.99%.
For the same type of product, one can hardly find elsewhere better than 1.5%. In the market, this promotion is called a bang.
The period chosen to launch this offensive is not likely to attract too many customers, December is not known to be a very active month in real estate. Representatives of the bank say it is not a promotional offer, while specifying that the rates could change.
The criteria immediately exclude a large number of potential customers.
Only the insured
The rate is only offered on insured mortgages (by the Canada Mortgage and Housing Corporation, Genworth or Canada Guaranty), i.e. when the down payment represents less than 20% of the price of the House.
Those who have already paid off a large portion of their mortgage or homeowners who want to refinance are not eligible. The offer mainly targets the first …
https://www.journaldemontreal.com/auteur/daniel-germain
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