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The Best Rates
Those big rates in orange? Those are the best rates available rates on mortgages we have access to in our area.
Not located in the Shuswap? No Worries, they're also likely some of the best available mortgage rates in BC and across western Canada.
Because we're based in Salmon Arm, to help you compare our mortgage rates today, below our best rates, we've added the posted rates from all the banks that you can walk into from Kamloops and Revelstoke and everything in between. Hopefully this page will save you a trip to 5 different banks!
A list of the current posted rates at local (Salmon Arm and the Shuswap area) banks that you can visit in-person.
| Lender | Product Name | Rate | Term | Variable/Fixed | Insurance |
|---|---|---|---|---|---|
| Valley First Financial | 5-Year Fixed | 4.54% | 5-year | Fixed | Insured |
| Interior Savings | 5-Year fixed | 4.94% | 5-year | Fixed | Uninsured |
| SASCU Financial | 5-Year Fixed | 4.49% | 5-year | Fixed | Insured |
| First West Financial | 5-Year Variable | 5.6% | 5-year | Fixed | Insured |
| Merix Financial | 5-Year Fixed | 4.54% | 5-year | Fixed | Uninsured |
| Merix Financial | 5-Year Insured | 4.69% | 5-year | Fixed | Insured |
| First National Financial | 5-Year Uninsured | 4.94% | 5-year | Fixed | Uninsured |
| First National Financial | 5-Year fixed | 4.54% | 5-year | Fixed | Insured |
| Valley First Financial | 5-Year Variable | 5.6% | 5-year | Fixed | Insured |
| Interior Savings | 5-Year Insured | 4.59% | 5-year | Fixed | Insured |
| CIBC | CIBC 5-year Insured | 4.64% | 5-year | Fixed | Insured |
| Revelstoke Credit Union | Revelstoke Credit Union | 4.94% | 5-year | Fixed | Uninsured |
| Revelstoke Credit Union | Revelstoke Credit Union | 4.64% | 5-year | Fixed | Insured |
| BMO | BMO Smart Fixed | 4.69% | 5-year | Fixed | Uninsured |
| RBC | RBC High Ratio Mortgage | 4.54% | 5-year | Fixed | Insured |
| Scotiabank | 5-Year Fixed | 6.49% | 5-year | Fixed | Insured |
| Scotiabank | Scotia Flex Value Mortgage-Closed 5 Year Term | 5.69% | 5-year | Fixed | Insured |
| TD | 5-Year Fixed Closed | 4.59% | 5-year | Fixed | Insured |
| SASCU Financial | 5-Year Insured | 4.59% | 5-year | Fixed | Insured |
| SASCU Financial | 5-Year Fixed Closed | 4.89% | 5-year | Fixed | Uninsured |
| BMO | 5-Year Variable | 5.95% | 5-year | Variable | Insured |
| SASCU Financial | 5-Year Variable | 5.95% | 5-year | Variable | Insured |
| CIBC | CIBC 5-Year Variable | 5.97% | 5-year | Variable | Insured |
| RBC | 5-Year Variable | 5.88% | 5-year | Variable | Insurable |
| TD | 5-Year Variable | 6.14% | 5-year | Variable | Insured |
| Revelstoke Credit Union | 5-Year Variable | 6.2% | 5-year | Variable | Insured |
| Prospera Credit Union | 5-Year Variable | 5.94% | 5-year | Fixed | Uninsured |
That's a heck of a great question! Many websites out there use what are called "Teaser Rates" to get potential clients to reach out to them first. Teaser rates are usually special or 'promo' rates that apply to specific situations (usually minimum city population sizes, or certain minimum down payment etc.) That doesn't mean the rate doesn't exist, it just means that it probably doesn't apply to most borrowers.
Others advertise low rate for restrictive mortgages called "Low Rate Basic Mortgages" - sometimes also called a "FlexValue" or some other catchy term. These mortgages usually have incredibly prohibitive penalties and pre-payment terms. Many of the lenders we work with offer these particular products (in addition to their normal mortgages) and are available to our clients. We just don't like to advertise them, because, well, we wouldn't use a LRB mortgage ourselves, so why would we put a client into one?
At Tekamar, we try to avoid using teaser rates - we just don't think they're that honest.
Instead, the rates we advertise rates for mortgage products we're getting for the vast majority of our clients. Sure we have access to most of those rates but we'd rather advertise the rates we're likely to reccomend and place our clients in. This is a pretty big topic, and we'd be happy to chat about it with you further, so give us a shout and ask about why we don't like LRB mortgages!
Last Updated: October 10, 2024
Rates change almost as quickly as the weather. We try our best to stay ahead of it, but the above rates may be off by a few days or so. We attemt to update them once a week.
