At a time when technology has made so many aspects of our lives easier, more and more people are turning to digital banking. Motusbank is one of the top mobile bank options in Canada; a digital-only, full-service bank that lets you do everything you would normally expect to do at a bank, all online and on your phone.
Not only that, but Motusbank also stands out by not having any public shareholders. Effectively meaning that all the bank’s ‘customers’ are treated as members of a larger community, typically resulting in fairer rates and more attractive services, designed with the members in mind.
The current financial climate means that many people, particularly younger Canadians, worry how long they might have to wait before owning their own home. But Motusbank offers a lot of unique mortgage options with low rates to make the idea of home-ownership seem a lot more accessible and viable than before.
What Are the Current Lowest Mortgage Rates by Motusbank?
Having one’s own home is a major life goal for countless people, and Motusbank helps to make it possible through a range of fixed-rate mortgages and variable rate mortgages. With a fixed-rate mortgage, your interest rate stays the same for the full duration of your repayment term. With a variable rate mortgage, the interest rate you pay will vary over time; it could go up or it could go down.
Many aspiring homeowners are turning to Motusbank for mortgages due to the eye-catching rates offered by this digital bank:
| Rate | Provider | Term & Type | Payment |
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What Is Different About Motusbank and its Mortgages?
Here are just a few ways in which Motusbank’s mortgages differ from what you might expect from other banks:
- Friends and Family – One option that differentiates Motusbank from other Canadian banks when it comes to mortgages, aside from the impressively low rates, is the option to choose ‘Friends & Family Mortgages’. As the name indicates, these types of mortgages effectively allow you to work together with your friends and/or family, pooling your money together in order to be able to afford a larger, shared property.
- Lots of Options – As seen above, Motusbank stands out from the crowd with its many different fixed and variable rate mortgages, providing its members with a lot of different options and flexibility in terms of terms and rates. From the 1-year fixed mortgage to the 5-year variable mortgage, Motusbank gives you plenty of choices in terms of exactly what kind of homeownership payment plan you need.
- 20/20 Prepayment Privileges – Motusbank also offers 20/20 Prepayment Privileges, in which you can choose to either pay off 20% of the original balance each year, without any penalties or hidden charges, or boost your monthly payments by 20% instead each year. Since flexibility is a big part of the Motusbank experience, you can also elect to choose a combination of these two ’20/20′ features.
- Payment Skipping and Flexible Schedules – Continuing the theme of flexibility, Motusbank offers some useful addition features for its low rate mortgages. You can choose to skip a full month of mortgage payments one time per year, for those moments when life surprises you with other costs that need to be covered. You can also choose from a range of flexible payment schedules including weekly, monthly, semi-monthly, and bi-weekly options to suit your budget and lifestyle.
Editors Review
Countless Canadians are dreaming of their first home or their next home, and Motusbank is clearly offering a lot of interesting options, low rates, and fantastic flexibility to give its members the best possible start on the road towards homeownership.
The mortgage rates from Motusbank are exceptionally competitive, and the bank’s member support and flexible options help you stay in total control of your payment plan, able to pick and choose a rate and payment schedule that works for you.
The additional features, like pooling together for a Friends & Family Mortgage or being able to skip a payment each year, only add to the overall experience, making Motusbank one of the most attractive options for prospective homeowners in Canada today.
