At present, the rates are; 1 year 5.6, 2 year 5.65, 3 year 5.7, 4 year 5.95, and 5 year 5.99. Variable is prime less .6. and you have to add .2% for every 5 years of amortization beyond 25 years. So rates are not that bad but the CMHC fee is 7.25% of the mortgaged amount on anything over 95% loan to value. But only 4.75% up to 90%. Hope I am not complicating things. Most brokers will have this information by now so be sure to talk to them.
QUOTE (grhutchings @ Oct 17 2007, 12:23 PM) Hey Mike,
Any idea what kind of interest rate is attached to this product. I noticed that you mentioned its expensive, but I would love to have an idea so as to see how viable an opportunity it really is. Any input would be appreciated.
Thanks.
George Hutchings
www.sellmeyourhomefast.com
Hutchings Investments