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Prime – 0.25% for MDJ Readers and Weekend Links

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

If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).

FT About the author: FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.

{ 12 comments… add one }
  • Avatar Ray @ Financial Highway October 23, 2009, 8:32 am

    Thanks for the link MDJ!

  • Avatar Tom @ Canadian Finance Blog October 23, 2009, 10:11 am

    Thanks for the mention, have a good weekend!

  • Avatar Canadian Capitalist October 23, 2009, 11:54 am

    Thanks for the mention FT!

  • Avatar Big Cajun Man October 23, 2009, 1:11 pm

    Thanks for the mention!

  • Avatar luc October 23, 2009, 2:57 pm

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

  • Avatar This is why I signed up with ING Direct October 23, 2009, 5:25 pm

    this looks like a really good offer

  • Avatar Ms Save Money October 23, 2009, 8:31 pm

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

  • Avatar MoneyEnergy October 23, 2009, 10:36 pm

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

  • Avatar Peter B October 23, 2009, 11:23 pm

    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.


    • FT FrugalTrader October 24, 2009, 8:24 am

      Peter, prime minus 1% is an extremely low rate for this environment. Do you know what lender your broker was quoting?

  • Avatar Peter B October 24, 2009, 9:43 pm

    Hi FT,

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



  • Avatar Canadian Mortgage October 29, 2009, 5:05 am

    Hi Luc: The prime – 0.25% promotion is something that only we (MyVirtualMortgageBroker.com) 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.


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