Bank of Canada Raises Policy Rate to 2.50%
LIMITED TIME OFFER
Prime Time Mortgage
Get rate cuts before the rate cuts
Save big with an exceptionally low variable rate over the first 6 months of your term. Then stay variable or switch to fixed, penalty-free.
Where flexibility meets savings
Between shifting trade negotiations and an uncertain political landscape, nobody knows where rates are headed next. Prime Time lets you stop guessing. Save with a discounted variable rate for 6 months, then reassess with more information and a lot more breathing room.
How Prime Time Works
Save while you wait
Instead of locking in a premium now, enjoy a discounted variable rate for the first 6 months of your loan before making a final decision.
Monthly refunds on your mortgage payment
This 6-month rate discount is delivered as a monthly refund via direct deposit, so you can see your savings right away.
Let the market show its hand
Right now, it could take up to 5 rate increase from the Bank of Canada for variable rates to catch up with today’s fixed rates. Six months gives you room to watch bond yields and rate decisions before committing long-term.
You decide what happens after 6 months
After 6 months, if the variable rate is still outperforming, stay put and keep saving. If not, switch to a now lower fixed rate without a penalty!
Fixed rates follow bond yields, and bond yields have been slow to fall. Locking in a high fixed rate today means committing for five years to a price that may look expensive in six months.
Prime Time offers another path. Take advantage of an exceptionally low variable rate for the first 6 months, and let the market show its hand.
After 6 months, if the variable is still outperforming, stay put and keep saving. If not, switch to fixed without a penalty.
THE POWER OF
PRIME TIME
Whatever you’re betting on, Prime Time has you covered
1. Think rate cuts are ahead? Your variable rate adjusts with the market, so you benefit from every cut
2. Prefer to wait and see? Trade talks, Bank of Canada announcements, bond yields: let them play out while you save on a low variable rate for 6 months.
3. Prefer fixed rates? Take no risks with the option of switching to a fixed rate at any time, without penalty.
4. Prefer variable rates? If the variable is still beating fixed after 6 months, stay variable and keep the savings coming.
CUSTOMER STORIES
Prime Time in Action
Having helped over 400,000+ Canadians, we understand every situation is unique. Whether you’re one of the 60% of Canadians up for renewal in the next 2 years or you’re looking to enter the market, we’ll find a mortgage strategy that’s best for you. Here’s an example:
The clients: Maria & Paul
Issue: Maria & Paul found their dream home right outside Montreal, but today’s 5-year fixed rates felt like paying a premium for a market that’s still in flux. Between trade uncertainty and a shifting economic outlook, they didn’t want to lock in for five years just yet.
Solution: Enter Prime Time. They locked in a discounted five-year variable rate on a $364,000 mortgage. Their monthly payments would have been $2,412, but with the six-month discount, it reduced to $2,192—saving them $220/month.
What’s next: Alex, their advisor, will help them decide whether to stay variable or lock in a fixed rate, penalty-free, with 6 months more information to guide them.
Is a variable rate right for you? Talk to a mortgage expert, now!
Call us anytime. We’re always here for you.
The nesto difference
Low Mortgage
Rate Guarantee
Your low rate upfront, every time. Expert advice. No commission.
Simplicity
meets speed
We provide a streamlined financing experience backed by best-in-class technology.
A company
you can trust
nesto is a pioneer in online lending & has helped 450,000+ Canadians.
Prime Time FAQ
How does Prime Time work?
For the first 6-months of your variable mortgage rate, nesto will refund you, by direct deposit, a portion of your mortgage payment. As a result, you can benefit from having a similar rate as the fixed term payment for 6 months while also benefiting from predicted rate drops, returning to your normal variable payment after.
Can I switch to a fixed rate?
Yes, at any time during your term, you can convert to a fixed-rate mortgage, penalty-free.
What are the restrictions?
It’s only available on 3 & 5-year variable loans, for a 6-month period. Clients are limited to one prime-time offer per loan. Other terms & conditions apply.
*Terms and conditions apply.
nesto reserves the right, in its sole discretion, to terminate the Prime Time offer, in whole or in part, and/or modify, amend or suspend the offer, and/or the terms and conditions in any way, at any time, for any reason without prior notice.
Average monthly refunded was calculated on a $500K mortgage, 5-year variable rate in June 2024. Example savings for Prime Time are meant for visualization purposes. Please speak to a nesto expert to get a precise quote.