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Motusbank Mortgage of february 2023

Apply for Mortgage from Motusbank verified by our specialists. On 08.02.2023 you have access to 3 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 3

Updated
30.12.2022
10:51
Friends and family mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

Variable-rate mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

6.20%
Term
i

Loan term for the financial product

5 years
Fixed-rate mortgages
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.25% to 5.99%
Term
i

Loan term for the financial product

6 months to 5 years

Calculate the mortgage
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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%
C$
5
50
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
25
Interest rate
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Choose the interest rate on the loan

4 %
6 %
Type of payments
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Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
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Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
Motusbank Mortgage of february 2023

Types of motusbank mortgages

  • Fixed-rate mortgages. With a fixed-rate mortgage, your interest rate doesn’t change throughout the entire term. As a result, your regular mortgage payments also remain the same, ensuring financial stability over the term. Motusbank offers fixed-rate mortgages for terms ranging from 6 months to 5 years. Depending on the term, the interest rates range from 4.25% to 5.99%. At the moment of writing this review, motusbank offers special rates for a 5-year fixed-rate mortgage and a 5-year high ratio fixed-rate mortgage — 5.29% and 5.29%, respectively. Fixed-rate mortgages from motusbank feature flexible repayment schedules, with an opportunity to skip one mortgage payment per year. You can repay your fixed-rate mortgage on a weekly, bi-weekly, monthly, or semi-monthly basis. To accelerate your mortgage repayment, you can get the advantage of 20/20 prepayment privileges by either paying down up to 20% of the original principal balance or increasing your monthly payment by up to 20% once a year.
  • Variable-rate mortgages. A variable-rate mortgage assumes that your interest rate fluctuates with the Motusbank Prime Rate. Still, your mortgage payment amount doesn’t change. When the Prime Rate drops, more of your mortgage payment goes to the principal balance and less — to the interest. When the Prime Rate grows, more of your regular payment goes toward paying interest and less — to the principal balance. Variable-rate mortgages are available for a 5-year term only. The interest rates for a 5-year open variable-rate mortgage, 5-year closed variable-rate mortgage, and 5-year high-ratio variable-rate mortgage are 6.20%, 4.45%, and 4.55%, respectively. Variable-rate mortgages feature flexible repayment schedules and a skip-a-payment opportunity that you can use once a year. You can repay your variable-rate mortgage on a weekly, bi-weekly, monthly, or semi-monthly basis. To repay your variable-rate mortgage faster, you can pay down up to 20% of the original principal balance or increase your monthly payment by up to 20% once a year.
  • Friends and family mortgage. For clients who might not qualify for a mortgage on their own, Motusbank offers the friends & family mortgage as a joint mortgage solution. With such a mortgage, several applicants can pool their money to finance the purchase of a larger shared home. You can apply this option to any mortgage from motusbank. Just like all motusbank mortgages, friends & family mortgage features flexible repayment terms, a skip-a-payment feature, and 20/20 prepayment privileges.

How to apply for a motusbank mortgage?

Motusbank accepts mortgage applications online. An application process starts with registering an account with motusbank. You can sign in using your login credentials if you already have an account. When registering an account, you will need to specify the following information:

  • Your title, first name, and last name
  • Your phone number
  • Your date of birth
  • Your address
  • Your email 

After providing these details, you should create a password and re-enter it. To apply for the friends & family mortgage, you must call motusbank at 1 (833) 696-6887.

Requirements

To apply for a motusbank mortgage, you must be a Canadian citizen or permanent resident. Self-employed applicants must have operated their business for at least two years. 

When reviewing your mortgage application, motusbank advisors check your credit score and income. So be ready to provide information about your income and financial obligations you have.

Pros and cons

Here are the benefits of motusbank mortgages:

  • An online application
  • Flexible repayment schedules
  • Accelerated mortgage repayment options
  • An opportunity to skip one mortgage payment per year
  • Special rates for fixed-rate mortgages

Still, there are certain drawbacks:

  • Mortgages with a closed term involve prepayment restrictions
  • The actual rate may involve additional premiums for self-employed applicants, for refinances or amortizations more significant than 25 years, and mortgages in the 2nd position

How to make a payment?

You can make a mortgage payment using online, mobile, telephone banking, or at designated ATMs.

FAQ

How to make a payment?

You can make a mortgage payment using online, mobile, telephone banking, or at designated ATMs.

When can I face prepayment charges?

Closed mortgages involve prepayment charges in the following cases:

  • Renewing your mortgage before the maturity
  • Exceeding the allowed annual amount of the prepayment privilege
  • Refinancing your mortgage and switching to a new term
  • Transferring your mortgage to another lender
  • Repaying your mortgage in full before the maturity date

Can I lower the cost of my mortgage somehow?

If you are a first-time homebuyer, you can qualify for the First-Time Home Buyer Incentive from the Canadian government. Under this program, you can get 5-10% of a home’s purchase price as a shared equity mortgage with the government. 

To check if you qualify for the program, reach out to motusbank at 1 (833) 696-6887 or visit the First-Time Home Buyer Incentive website.