Investors Group Mortgage Rates & Reviews
Investors Group Background
The Investors Group (TSE:IGM) was founded in 1926, and is headquartered in Winnipeg, Manitoba. IGM is the largest non-bank asset manager in Canada and is a member of the Power Corporation group of companies. IGM has two main operating divisions focused on investment management services, along with a third service that provides investment planning counsel. In addition to asset management services, the Investors Group also offers estate planning, mortgages, insurance, and cash management accounts. Overall, the Investors Group employs over 3,300 people and has over $260 billion in assets under management.
Investors Group Fixed Mortgage Rates
A fixed rate mortgage from the Investors Group will allow you to have the security of the same mortgage rate throughout your entire term. This security allows you to plan better and feel more confident in your monthly mortgage payments. This has made the 5 year fixed mortgage and the 3 year fixed mortgage the most popular mortgage terms, because home buyers like not needing to renew your mortgage too often. If you get pre-approved for a mortgage from the Investors Group, you will be able to lock-in the same mortgage rate for up to 90 days before purchasing.
| Term | Investors Group Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Investors Group Variable Mortgage Rates
A fixed rate mortgage from the Investors Group will allow you to have the security of the same mortgage rate throughout your entire term. This security allows you to plan better and feel more confident in your monthly mortgage payments. This has made the 5 year fixed mortgage and the 3 year fixed mortgage the most popular mortgage terms, because home buyers like not needing to renew your mortgage too often. If you get pre-approved for a mortgage from the Investors Group, you will be able to lock-in the same mortgage rate for up to 90 days before purchasing.
| Term | Investors Group Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Investors Group Solutions All-In-One
The Solutions All-In-One mortgage product from the Investors Group provides you with a mortgage, a HELOC, and your bank accounts under one product. This can make managing your finances much easier, while allowing you to have the flexibility and lower interest rate that a HELOC provides. With your HELOC, you are able to borrow up to 80% of the value of your home. Whenever you deposit money into your All-In-One bank account, your debt is automatically reduced. When you go to pay with your account, you will access your credit amount, meaning you are able to pay less interest over time. As well, you will have access to credit at a lower rate, which makes it perfect for paying for a large purchase, home renovation, or for education costs.
Investors Group Prime Rate
The Investors Group prime rate is used as the basis for many of the Investors Group lending products, which include mortgages, lines of credit, and HELOCs. The way the prime rate is used to calculate the final interest rate on a product is by adding or subtracting a spread to it. This spread will depend primarily on how risky the product is for the Investors Group to lend.
Current Investors Group Prime Rate: 5.95%
Investors Group History
Investors Group Mortgage Break Penalty
A mortgage break penalty will be charged to you if you decide to break your mortgage before the term is up. This penalty can be thousands of dollars, meaning that the expenses associated with breaking your mortgage early should be considered. For the following mortgages, the mortgage break penalties are:
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | 3 Months’ Interest | Greater of 3 Months’ Interest or the IRD amount |
The IRD is a common calculation used to determine how much is owed for breaking your mortgage. The calculation starts by finding the difference between your current mortgage rate and the current posted rate for the time remaining on your term. Then, the difference is multiplied by the amount of time left on your mortgage and mortgage amount, to get your mortgage break penalty.
To see how much you can expect to pay in prepayment charges, utilize the Investors Group mortgage penalty calculator below:
Investors Group Mortgage Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
What is the term-length and type of your current mortgage?
What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Who is your current mortgage lender?
What is Investors Group's current interest rate for a 3-year fixed rate mortgage?
How is my mortgage penalty calculated?
Paying Down Your IG Mortgage Sooner
The Investors Group offers you multiple ways to help pay your mortgage off sooner, which includes:
Lump-sum prepayment: You are able to prepay up to 15% of your original mortgage balance every year, which will help to reduce the amount of money you owe in interest. This can be a good way to make use of leftover money at the end of the year in your bank account, helping you to pay off your mortgage sooner.
Increase your mortgage payment: Every year, you are able to increase your regular mortgage payments by up to 15%. This will help you allocate more of your budget to reducing your mortgage, with any additional payment allocated going directly to your mortgage balance.
Double your mortgage payment: For a few periods or for as many as you like, you are able to double up your monthly mortgage payment without incurring a prepayment penalty. This can be helpful if you have money leftover in your monthly budget, and want to put more towards your mortgage. Similar to increasing your mortgage payment and a lump-sum prepayment, all of this additional payment will go directly towards reducing your mortgage balance.
Making more frequent payments: By choosing more frequent mortgage payments, you are reducing your principal mortgage balance more often, leading to less interest expenses over time and with more money going towards your mortgage. Although making monthly mortgage payments is most common, choosing weekly or bi-weekly payments may be an option to explore, as long as your budget works with it.
Contacting Investors Group
Getting an Investors Group mortgage can be done multiple ways, including meeting in person with a mortgage representative, arranging a mortgage consultation by filling out the IG Wealth mortgage contact form, or by calling IG. You are able to find an IG Wealth Management advisor by searching by name or location on the IG website. As well, the contact form will provide IG with the information they need to connect with you and arrange a meeting. Finally, the phone number to speak with IG customer service is 1-888-746-6344.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.