Quick Close

A term used to describe a transaction that closes within a short period of time, typically 30-45 days. Discounted rates are offered for quick closings due, in part, to the lower cost of hedging rates for a shorter period.

By way of example, a lender’s best 5-year fixed rates might be as follows:

  • 5.49% with a 120-day rate hold
  • 5.39% with a 60-day rate hold
  • 5.19% with a 30-day rate hold

Source: CanadianMortgageTrends.com