If you’ve been shopping around for a mortgage, you’ve probably heard about Investors Group’s offering of a variable-rate mortgage for 1.99 percent for a three-year term. This seems amazingly good. But is it too good to be true? Here’s the lowdown on those down-low mortgage rates.
It’s important to understand the mortgage lending business is intensely competitive, because for mortgage lenders, it is also hugely lucrative. As a simple example, let’s imagine you take out a mortgage of $250,000 with a 25-year amortization, and at a typical current mortgage rate of 3.14 percent.
