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Old 2016-01-06, 10:56 AM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Jan 6, 2016 1st Mortgage Rate Update

So Good Morning Everyone, and Happy New Year!!
1st Post for 2016 and its starts with news that RBC is increasing rates effective this Friday. The question remains to be answered as to whether the other major banks will follow.
5 yr rate with RBC will increase to 3.04%.

So just a reminder that there has been no change in the bank of Canada Rate and yet upwards pressure still remains on fixed rate mortgages, especially the popular 5 yr fixed.

So best 5 yr fixed today with 120 day rate hold(exceptions up to 6 months may be possible), NOT registered as collateral, and has bridge financing and good pre-payment privileges is
2.64% today. Alterna will lend in the Ottawa and Toronto regions only(their only restriction).

See my web page for complete current terms and rates.

I will do my best again this year to keep you up to date with relevant information and current mortgage rates with lenders who I feel give best bang for the buck. Missing important features like bridge financing, in my opinion are NOT worth saving .05 to .10% in rate. The one day you need that privilege will be the day you will regret ever taking a no frills mortgage, and I don't want to be part of that experience.

This forum thrives on an interaction of questions and answers, so feel free to write or call anytime if you are looking for an answer. If it is something you want to know, it is likely of interest to others as well. So don't be shy, and ask the question.
Also remember that if it is a deal specific question regarding your personal information, don't post it here, please send me an email directly at to get the quickest response.

A last reminder, if you have a deal closing, DON'T sit on a fence, book your rate now and avoid losing a great discounted rate that is available now. Even if you book a rate today, you are guaranteed lowest rates up to about 4 days before closing. And up to a month before closing I can also change lenders if a better rate comes available. So you have nothing to lose in booking a rate now, and everything to gain.
Have a great week,
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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