If you are searching for rates on Lender Spotlight, rate type definitely can help you narrow your search. Below are definitions for the selectable rate type filters.
Standard: This is defined as a standard full featured mortgage product. Click on this option if you are looking for an owner occupied mortgage product only and you are looking for the lender's most common option and rate.
Limited: This is defined as a limited feature mortgage product. This is still an owner occupied product only but the product may have some limiting features in exchange for a low rate like a bonafide sales clause, lower pre-payment option or high penalty.
Promo: This is a defined as any short term special by the lender. For example, if a lender put out a rate and advised that this special will be available for the next 3 months, then this would be the filter to click. This filter could be used for owner-occupied or rental if a lender put out a promotion for either type of mortgage.
Any questions, please reach out by clicking on the live chat button in the bottom right. Alternatively you can email us at: support@lenderspotlight.ca