Today's Mortgage Rates In Kelowna

Working with one of the largest lenders in Canada allows me to offer some of the most competitive mortgage rates in Kelowna. Our promotions & incentive programs are fantastic, all of which are continually updated throughout this website the instant they change, ensuring our clients are provided with the latest offers & mortgage rates available.

Low interest rates, timely closings, and exceptional customer service are just a few of the benefits of working with us. You'll only deal with one person from the time you obtain your quote to the time your loan is funded: Mortgage Specialist Bonnie Thorlakson. You'll have a wonderful lending experience from start to finish.

Fixed Vs Variable interest rate 25 year comparison

Fixed vs Variable Rate Mortgage Chart 25 Years Credit: CMLS Financial

Fixed Rate Mortgages

A "Fixed rate mortgage" is a home loan with a fixed interest rate for the duration of the loan. Popular among people who want to know exactly how much they'll have to pay each month & for how long they will be required to pay that amount for, in order to fulfill their debt and own their home.

Term Rate
1 year 5.74%
2 years 5.74%
3 years 5.84%
4 years 5.79%
5 years 6.49%
7 years 7.00%
10 years 7.49%
Want even BETTER RATES? Contact me today to for details.

Fixed Rate Open Mortgages

A "Fixed-rate open mortgage" means the entire mortgage balance can be paid off in part or in full at any time, and the contract can be refinanced or renegotiated without a prepayment penalty.

This is what makes open mortgages so appealing to many home buyers that may like to deviate from the traditional longer-term repayment schedule should they wish to pay down a mortgage sooner.

With open mortgages, you can expect slightly higher interest rates with lending terms ranging from around 6 months to 5 years.

Term Rate
6 months 8.25%
1 year 6.35%
Want even BETTER RATES? Contact me today to for details.

High-Ratio Mortgages

In Canada, buyers must put down a minimum of 5% on a property worth less than $500,000, rising to 10% for any component of the home worth more than $500,000 but less than $1 million. Homes worth more than a million dollars require a 20% down payment.

A "high-ratio" mortgage is required for any house purchase with less than a 20% down payment. This refers to the fact that the borrower's loan-to-value (LTV) is high, with 80–95 percent of the property mortgaged and just 5–20 percent equity paid in. "Low-ratio" refers to a property purchase with a down payment of greater than 20%.

Term Rate
5-year closed 6.49%
5-year variable 5.95%
Want even BETTER RATES? Contact me today to for details.

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Convertible Mortgages

A convertible mortgage allows the homeowner to change the type of mortgage they have throughout the duration of the current term. Convertible mortgages are great options for homeowners that would like to start with an open mortgage while retaining the ability to lock into a closed mortgage with potentially safer long-term interest rates should they choose to do so.

Term Rate
6 months 6.75%
Want even BETTER RATES? Contact me today to for details.

Variable Rate Fixed Mortgage

Variable-rate mortgages are available in moderate to short fixed terms. While typically lower interest rates than "Open Mortgages" these fixed term mortgages may require some form of penalty or fee in order to modify or change the existing policy.

Variable-rate mortgages "Interest rates" adjust relative to the lender's prime interest rate which is directly correlated with the Central Bank of Canada's Key Interest Rate. Adjustments to these fluctuating rates can sometimes take up to a week or more to appear.

Term Rate
3-year fixed closed 5.95%
5-year variable 5.95%
Want even BETTER RATES? Contact me today to for details.

Variable Rate Open Mortgages

Variable-rate open mortgages offer slightly higher interest rates, however, the borrower retains the ability to pay off the mortgage in part or in full at any time, and the contract can be refinanced or renegotiated without a prepayment penalty.

Much like their "Fixed" counterparts, their "Interest rates" adjust relative to the lender's prime interest rate which is directly correlated with the Central Bank of Canada's Key Interest Rate. Adjustments to these fluctuating rates can sometimes take up to a week or more to appear.

Term Rate
5-year variable 9.25%
Want even BETTER RATES? Contact me today to for details.

Contact Bonnie Thorlakson today to discuss options & the different mortgage rates in Kelowna and surrounding area:(250) 300-4845.

 

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MY MESSAGE

I provide forward-looking mortgage solutions based on my client's short- & long-term financial goals.

My passion is in establishing high-quality, long-lasting personal relationships with my clients. Ensuring clear & transparent lines of communication that will allow us to utilize all the financial tools, mechanisms & opportunities the housing & mortgage sector has to offer.

~ Bonnie Thorlakson
Commitment, Achievement, Compassion, Caring and Passionate.

 
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