Prime Rate
- Prime refers to the Alterna Prime Rate. Alterna Prime Rate is 2.45% as of March 31, 2020. Your interest rate will change whenever the Alterna Prime rate changes. As a valued client of Alterna Bank, we would like to keep you informed about changes that may affect you. On March 31, 2020 the Bank of Canada key interest rate decreased by 0.50% - which in turn has decreased Alterna Bank’s Prime Interest Rate to 2.45% from 2.95%. If you hold a variable rate lending product with Alterna Bank such as a mortgage, line of credit or loan your payment amount will not change, however, a higher portion of your payment will be applied towards your principal.
Promotional High Ratio Fixed Mortgage Rates
2.24% APR on 5-Year High Ratio Fixed Closed Mortgage: Applicable for a High Ratio Mortgage where a borrower places a down payment of less than 20% of the purchase price on a home. Maximum property value of $1,000,000. Applies to owner-occupied residential properties only.
To be eligible, applicants must purchase and qualify for mortgage default insurance. For a purchase price of $500,000 or less, the minimum down payment is 5%. When the purchase price is above $500,000 and under $1,000,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.
Special promotional rates may be changed or withdrawn at any time without notice. Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 2.24% respectively. Rates calculated semi-annually not in advance. Maximum amortization of 25 years. Funds must be advanced within 120 days of application. Some conditions apply. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day’s date. Blend & Extends as well as Refinances are not eligible.
Note: The cost of default insurance is subject to change if the purchase price or appraised value, the amount of down payment or the amortization changes. The final premium and the cost of your mortgage default insurance will be disclosed in your mortgage commitment/loan document.
Digital Promotional Variable Mortgages Rate
- 5 Year Variable Closed: Cannot be combined with any other offer or discount. Assuming no additional fees are charged, the Annual Percentage Rate (APR) is the same as the Interest rate 2.95%. Rates calculated monthly not in advance.
Rate guaranteed for a maximum of 60 days. Rate guarantee does not apply to the Alterna prime rate. Funds must be advanced within 60 days of application. Blend & Extends as well as Refinances are not eligible
Digital Posted Fixed Mortgages Rate
- 1, 2, 3, 4, 5, 7, 10 Fixed Closed: Rates calculated monthly not in advance. Mortgage prepayment limited to 20% of the original mortgage principal balance. Maximum Amortization of 25 years.
Maximum property value of $1,000,000. Applies to owner-occupied residential properties only. Some conditions apply.
Digital Posted Variable Mortgage Rate
- 3 & 5 Year Variable: Rates calculated monthly not in advance. Mortgage prepayment limited to 20% of the original mortgage principal balance.
- Maximum Amortization of 25 years. Maximum property value of $1,000,000. Applies to owner-occupied residential properties only. Some conditions apply. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date.
Special promotional rates may be changed or withdrawn at any time without notice. Due to local and proxy caching on the Internet, please ensure that you are viewing rates as at the current day's date. Rates available for online mortgages only. Rates are subject to change without notice and are for information only.
