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Old 2019-05-30, 09:47 AM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default Bank of Canada Rate set, rates as of May 30th...

So yesterday, the Bank of Canada announced no change in rates... good news for everyone..
Current rates...
Similar mortgage rates to last week…other than a great new 5 yr special rate at 2.79%(it does have one restrictive pre-payment clause) with MCAP Mortgage Corp... I don't usually advertise mortgages with restrictive clauses, but it is out there, so I am letting you know. It simply has a clause that states that if you get a bunch of money(ie. win a lottery or get an inheritance), you CANNOT pay the mortgage down by anymore than the 20% prepayment allowed. PERIOD. No exceptions. If the house is SOLD though, or if you die , the mortgage is allowed to be paid off. Many people are deciding they can live with the clause to get the better rate. MCAP DOES have bridge financing.
Someone mention earlier the name Canwise, this is just a mortgage broker, not your lender. So always ensure you are getting the name of the LENDER who is lending the money, the "broker" name is not important. You want to know the clauses of the LENDER. Someone also mentioned "Think financial", make sure they provide bridge financing, they are a new lender, I don't know if they provide bridge loans. Someone ask. And by the way, the answer, "we do them on exception" is essentially a no, so assume they don't in making your decisions.
So with NO restrictive clauses...
Best 5 yr fixed 2.94% 120 day rate(insured purchase- less than 20% down)
Best 5 yr fixed 3.04% 120 day rate, insurable (insurable purchase- min 20% down)
Best 5 yr closed variable is Prime -1.05% or 2.90% today, insured
Best 5 yr closed variable is Prime -1.00% or 2.95% today, insurable
Best 7 yr fixed 3.49% 120 day rate, insured
Best 10 yr Fixed 3.54% 120 days rate, insured
Have a great day,
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
"Great Mortgage Rates"

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