Best Lender - what is the best lender available, today, July 6, 2011.

So far, with my own research, the best rate available today is a variable rate of Prime-0.95. Who is offering this? National Bank of Canada.

Having said that, the best rate isn't the only factor to consider. Which lender is most generous with covering the mortgage set up fee? Without further ado, I would have to say ScotiaBank. That's right!

One may be flabbergasted to hear this. Fact is, in the past, ScotiaBan use to be the most expensive bank charging the highest interest rate and is the most difficult to get approved. However, ScotiaBank has since changed their direction. They are now much easier to deal with, making it easier to get approved, offering a low interest variable rate of Prime-0.85% and they cover pretty much all Mortgage Set expense. (Excluding a penalty charge if you are looking to break out of another mortgage.)

ScotiaBank also offers an innovative mortgage program. They offer this Step Program that allows you, their clients to consolidate their mortgage. If you were to get a home equity credit line, chances are, it will prime +1% or Prime + 0.5%. However, by using this Step Program, you can consolidate this credit line into the mortgage which will result in the mortgage interest rate of Prime-0.85%.

This program allows you to have multiple mortgages under one mortgage. By having multiple mortgages under one umbrella. By having multiple mortgages, one can purchases multiple homes without having to pay the mortgage set up expense like legal fees! I am not aware of any other bank offering this deal.

The other banks are also very competitive with their rates. If you do find better offers, let me know.