Canadian Mortgage Trends

Canadian Mortgage Trends

January 04, 2011 08:31 ET

Mortgage of the Year-Coast Capital's "You're the Boss" Mortgage

WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - There's been a trend in lenders trading deep mortgage discounts for piles of restrictions. "No frills" mortgages are case in point.

By contrast, Coast Capital Savings Credit Union has found a way to make flexibility work while still offering one of the lowest rates in the country. The result is the You're the Boss Mortgage, which Canadian Mortgage Trends' (CMT) has just named its Mortgage of the Year.

Coast's "You're the Boss" mortgage comes packed with features, including:

  • One of the lowest 5-year fixed or 5-year variable rates in Canada
  • An optional hybrid rate (i.e., half fixed & half variable)
  • A "Save and Take" feature that lets you re-borrow pre-payments if you ever need to (thus encouraging pre-payments by making them liquid)
  • A skip a payment option (once a year)
  • A double-up payment option to pay down your mortgage quicker

Borrowers also get the freedom to pre-pay up to 30% of their mortgage each year. CMT Editor, Robert McLister, calls it "the most lump-sum prepayment flexibility in the country on a closed mortgage."

Lawrie Ferguson, Coast Capital's marketing chief, says "The response to this product has been phenomenal."

"We exceeded our year-end targets by 250% and our volume targets by 500%. It tells us that Canadians were hungry for a mortgage that offers the great rates, flexibility and control that the You're the Boss product provides."

CMT calls the You're the Boss Mortgage a "feature-packed product at an exceptional price" and adds, "For Coast Capital throwing in the kitchen sink on a deeply discounted mortgage, Canadian Mortgage Trends has named it Mortgage of the Year."

The You're the Boss Mortgage is available only in British Columbia.

About Canadian Mortgage Trends

Started in 2006, Canadian Mortgage Trends (CMT) is Canada's leading mortgage news publication, with an annual audience of over 450,000 homeowners and industry professionals.

About CMT's Mortgage of the Year

CMT awards its Mortgage of the Year each January to the mortgage product that has offered the greatest innovation, flexibility, and/or cost savings to homeowners in the prior year. Only new (or significantly-improved) mortgages that are widely available are eligible.

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