The mortgage landscape has changed and no longer does one rate fit all.
Depending on a variety of factors your interest rate can be drastically higher (or lower).
Here is a basic outline of what a Broker will need to assess before quoting a rate:
High Ratio Purchase/transfer: Insurable only & must qualify at 25 years amortization & the Bank ofCanada Benchmark rate
Conventional Purchase: If your deal qualifies using a 25 year amortization & the Bank of Canada Benchmark rate it may be back end insured and you will have access to best rate specials
Purchases with a purchase price over a million: All 3 Insurers will no longer consider properties with a purchase price over a million therefore they must be uninsured. Qualification is maximum 30 years amortization and the greater of the Bank of Canada Benchmark rate or the actual Contract rate + 2%
Purchases that require amortization of 30 years: Uninsured qualifying at 30 years amortization and the greater of the Bank of Canada Benchmark rate or actual Contract rate + 2%
Refinance: All refinances fall under the uninsured side and can qualify at 30 years amortization and the greater of the Bank of Canada Benchmark rate or actual Contract rate + 2%
Rental Properties: Not eligible for insurance, must qualify at the Bank of Canada Benchmark rate or actual Contract rate + 2%, a surplus to the rate will be added at all lenders.
Conventional mortgages: mortgages with at least 20% down
High Ratio mortgages: mortgages that have less than 20% down