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About No Bull Mortgages

What should no negotiating and no inflated rates mean to you?

Here's the low-down:

A home shouldn’t be a bargaining chip.

Some banks may post inflated mortgage rates that nobody ever pays.

Consider this scenario:

  1. You go in and bargain for a better rate with the bank.
  2. You feel really good about yourself for knocking the rate down a bit.
  3. But then your friend tells you she got a better rate at the same bank.

Now that’s bull.

We don’t think it’s fair to hold all the cards and expect our customers to know as much about mortgages as us. We also don’t expect everyone to be a pro negotiator. With our No Bull Mortgages, the rates you see are the rates you should expect to pay. End of story.

Save big money.

If you break your mortgage mid-term—let's say you upsize or downsize your home—you may be charged a prepayment penalty that’s calculated using the posted mortgage rate and not the one you so craftily negotiated. The calculation used is called the Interest Rate Differential.

And that means you may pay an inflated penalty, one that’s based on inflated rates.

With No Bull Mortgages, your prepayment penalty is based on actual rates and not inflated rates, saving you ?$$$.

Here's an example.
Mortgage date January 1, 2015
Date you break your mortgage January 1, 2017
How much you have left owing on your mortgage $320, 000
Your original mortgage term 5 years
How many years left you have on your term 3 years

? Mortgage breakage fee by some banks Mortgage breakage fee with ATB's No Bull Mortgages
5-year posted rate when you got your mortgage 4.79% Not applicable for ATB's IRD* calculation
Your actual contract rate 3.24% 3.24%
Discount 1.55% N/A
3-year posted rate on January 1, 2015 (the day you break your mortgage) 3.39% 2.64%
IRD formula (Contract rate - [Posted rate for remaining term - Discount from original mortgage]) x Principal outstanding x Remaining term (Contract rate - Posted rate for remaining term) x Principal outstanding x Remaining term
IRD* payment $13,440 $5,760
Difference in fees $7,680

Want to get the mortgage prequalification chat started? Talk to a local mortgage specialist, call 1-877-424-4045 or visit your nearest ATB branch.

*Interest Rate Differential or IRD is the difference between your existing interest rate and the current posted interest rate for a fixed rate mortgage. It uses a mortgage term that’s closest to the term you have remaining on your mortgage loan. The posted rate is the standard, non-discounted annual interest rate on your residential mortgages.


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