Best Mortgage Lenders in Canada in 2024 – Motusbank
In Canada’s virtual banking landscape, motusbank emerges as a fresh entrant, offering comprehensive financial solutions at highly competitive rates. Distinguishing itself from conventional banks, motusbank places a strong emphasis on prioritizing customers by converting them into members, as it lacks public shareholders.
A part of Meridian, one of Canada’s largest and well-regarded credit unions, motusbank brings instant credibility to the table, promising a customer-focused approach that goes beyond the conventional banking experience. Setting itself apart from the prominent financial institutions of Canada’s Big Five, motusbank boasts a user-friendly website and distinctive, vibrant branding.
Types of Mortgages
Motusbank offers discounted mortgage rates alongside the posted interest rates. Let’s take a look at the various types of mortgages:
Fixed-rate Mortgages
- 6 Month Convertible Fixed Mortgage 4.00%
- 1 Year Fixed Mortgage (open) 6.00%
- 1 Year Fixed Mortgage 3.09% (special rate 2.09%)
- 2 Year Fixed Mortgage 3.19% (special rate 2.09%)
- 3 Year Fixed Mortgage 3.49% (special rate 2.09%)
- 4 Year Fixed Mortgage 3.74% (special rate 2.09%)
- 5 Year Fixed Mortgage 4.59% (special rate 2.09%)
- 5 Year Fixed Mortgage (high ratio) 4.59% (special rate 2.09%)
Variable-rate Mortgages
- 5 Year Variable Mortgage (open) 4.45%
- 5 Year Variable Mortgage 1.55%
- 5 Year Variable Mortgage (high ratio) 1.55%
Home Equity Line of Credit (HELOC)
- Interest rate 2.75%
Key Features
Motusbank draws buyers in with its interactive and colourful website. It offers in-depth articles, affordability calculators, and a host of other features. It is a one-stop digital solution for Canadians’ financial needs.
Besides some of the most advantageous mortgage rates in Canada, motusbank offers a joint ownership mortgage called “Friends and Family Mortgage.” Whether you’re moving into a new house with friends, refinancing an existing property, or switching from a different lender, this package can be included in all these scenarios.
What makes it great? Here are some cues:
- It’s perfect for anyone who might not qualify for a conventional mortgage on
their own. - It can be applied to any motusbank mortgage.
- It includes a flexible repayment schedule and 20/20 prepayment privileges, plus a skip-a-payment feature and a 90-day rate guarantee.
While motusbank does allow 20/20 prepayment, there are cases when prepayment penalties could apply:
- Mortgage renewal before maturity
- If you prepay more than 20% of the amount
- If you select a new term while refinancing
- When you transfer your mortgage to another lender
- If you pay off your mortgage before the term
Approval Process
To be eligible for a motusbank mortgage, you must be a Canadian citizen or permanent resident and be of age. Additional details about eligibility can be obtained by chatting with their 24/7 customer service.
Verdict
Motusbank provides quick mortgage packages for customers who do not have the time to browse around for competitive mortgage plans in person. Using its online-only service, you can choose a mortgage plan with cheap rates and pay it off with a configurable payment schedule that fits your present financial circumstances.
