Lowest Mortgage Rates & Best Product in Canada.

Mortgage Rates2020-09-20T12:13:16-07:00


Be cautious searching for the lowest mortgage rates online.  Learn about mortgage products that could cost you more money in the long term.  We will help save you thousands in your home ownership journey.

What is an Interest Rate Differential? (IRD Calculation)2020-06-11T13:47:25-07:00

The interest rate differential is calculation method lenders will use to break your mortgage early if needed.  Simply put, depending on how far you are in the term of your product,  they will equate the “Interest Rate Difference” using the remaining balance on the term compared to current rates and the balance of interest owing.  Be careful!  Lenders are very crafty in their calculation methods and rarely disclose properly upfront how much it will cost you to break your mortgage.  Many “low rate” products have the worst IRD calculation, costing you thousands!  Watch this video for a good understanding.

What are Mortgage Pre-Payment Privileges?2020-06-11T13:17:31-07:00

Mortgage Pre-Payment Privileges allow you to pay down the principle of your mortgage penalty free!  Every lender is different.  Some lenders have “cheaper” rate options, but only allow 5-10% privilege annually.  Standard pre-payment privileges range from 15-30% annually.  This may not sound like an important feature if your goal is to simply pay the minimum monthly payments.  But higher pre-payment privileges give you more flexibility if you ever need to break your mortgage term early (Selling, Refinancing, Renewing at lower rates etc.).

What is a Bona Fide Sales Clause?2020-06-11T13:17:15-07:00

A bonafide sale clause is a contract restriction that forces you to stay with lender until the term is up, unless you sell the property non-arms length.  Even then, the penalty when you break the mortgage early if you sell can be much higher than standard mortgage products!

If you try to refinance, go to another lender, or seek lower rates in a more competitive market; the lender will sue you for breach of contract!  Avoid bona-fide sale clause mortgage products, even if their interest rate looks shiny and low, it could cost you thousands more in the long term.


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Kyle Wilson, MBI | Kelowna Mortgage Broker

Pragmatic Lending Office

1915 Foxtail Terrace Kelowna BC V1P 1T9

Direct: 778.557.2314
Email: mail@kylewilson.ca
Web: KyleWilson.ca

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