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  #1371  
Old 2019-08-19, 01:06 PM
MortgageGuy MortgageGuy is offline
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Default WOW, drop in 5 yr fixed mortgage rates...

5 yr fixed, Insured(less than 20% down payment), closing within 90 days
NOW 2.39%
5 yr fixed, Insurable(more than 20% down payment), closing within 90 days
NOW 2.49%
We are now almost back to the lowest 5 yr fixed rate in history(it was 2.34% a couple years back I think).
So great rates and possibly a great time to buy.
Thanks
Dan
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Ottawa-Carleton Mortgage Inc.
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"Great Mortgage Rates"

613-222-2624 anytime
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Last edited by MortgageGuy; 2019-08-19 at 01:07 PM. Reason: corrction in spelling
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  #1372  
Old 2019-10-09, 03:58 PM
MortgageGuy MortgageGuy is offline
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Default Oct 9th Best Mortgage rate update...

5 yr fixed, Insured(less than 20% down payment), closing within 90 days
still 2.39%
5 yr fixed, Insurable(more than 20% down payment), closing within 90 days still 2.49%
7 yr fixed, Insured(less than 20% down payment), closing within 120 days
still 2.99%
10 yr fixed, Insured(less than 20% down payment), closing within 120 days
still 3.04%
Remember that for any term longer than 5 yrs in Canada, the mortgage can be broken anytime after the 5th year anniversary with ONLY a 3 month interest penalty(interest differential does not apply). This makes the 7 and 10 yr terms very attractive if we have the potential of rising rates, which I believe we do.
Rates though have been stable though for some time now.
So great rates and still possibly a great time to buy a home.

Money Sense came out with a great article on the Fed Govt's new First Time Home Buyers Incentive that started on Sept 2nd, with closing closings after Nov 1st., 2019.
Any First Time Home Buyers should look into it to see if it makes sense in their circumstance. I believe it is best suited to those that are just qualifying for the price they want to purchase at, and the government loan with no monthly payment may be just enough to push them into possibly a little nicer home. see the article below to get a good understanding of how the program works.
https://www.moneysense.ca/spend/real...yer-incentive/
Have a great day,
Dan


Thanks
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1373  
Old 2019-10-30, 10:34 AM
MortgageGuy MortgageGuy is offline
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Default Oct 30 Mortgage rate update :(

Well it was a good run while we had it, but Meridian Credit Union, who has been offering ultra low mortgage rates, put an abrupt stop to it last Friday. They were offering 2.39% 5 yr fixed insured and 2.49% with 20% down payment. They turned off the taps and stopped taking new business until they get their pipeline cleared out. It's a good thing, they were taking up to 12 days to issue an approval, a totally unacceptable turn around time.
Because of that, Alterna Savings, the 2nd best rate on the market got swamped and jacked up their rates to slow the business.
So...… in the end we now have had a significant rise in rates on 5 yr money.
As of today, for a mortgage with NO restrictive clauses, the rates are as follows.
5 yr fixed insured, 2.84%
5 yr fixed 20% or more down payment 2.94%
7 yr insured still is 2.99%
10 yr insured is still 3.04%
5 yr Variable rate is still Prime -1.10 or 2.85% today
The bond market has had upwards pressure for some time now and beginning to move rates in that direction as well.
Time will tell if Meridian and Alterna will come back down with aggressive rates, but for now rates are back on a level playing field with most broker lenders now in a similar range, as much as .50% higher than on Friday
Let the buyer beware though, many of the banks are still higher than the rates shown here.

To date I have not been requested to use the New Home Buyers plan once, so I think a telling sign of its very minimal interest from the public, along with my feelings of possibly a very useless product with a very limited useful client base. If I didn't really need it, I wouldn't use it.
Have a great day,
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1374  
Old 2019-10-30, 02:18 PM
Mitsuko Mitsuko is offline
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Default

Quote:
Originally Posted by MortgageGuy View Post
As of today, for a mortgage with NO restrictive clauses, the rates are as follows.
5 yr fixed insured, 2.84%
5 yr fixed 20% or more down payment 2.94%
7 yr insured still is 2.99%
10 yr insured is still 3.04%
5 yr Variable rate is still Prime -1.10 or 2.85% today
Hi Dan!
Thank you for the regular information you are posting here - I follow it with a great interest.
Is there a 10yr fixed, not insured mortgage w/ 20% or more down payment?
At what point a higher than 20% down payment will start accumulating higher than the above lowest rates? 30%, 31%, 35% or higher?
Thanks in advance!
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  #1375  
Old 2019-11-02, 02:45 PM
MortgageGuy MortgageGuy is offline
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Default 10 yr rate

For a 10 yr fixed rate..
Up to 65% Loan to Value 3.04%
Between 65% and up to 80% LTV, 3.19%
with less than 20% down payment(insured) 3.04%
So those with less than 20% down payment and those with 35% or more down payment, they get the same rate 3.04% 10 yr term
20% annual pre-payment and 120 day rate guarantee.
This rate is looking very attractive with the recent increase in 5 yr terms, and for anyone looking for payment stability and a big mortgage. Also remember that any term LONGER than 5 yrs can be broken at anytime with ONLY a three month interest penalty, NO interest differential.
Dan

Quote:
Originally Posted by Mitsuko View Post
Hi Dan!
Thank you for the regular information you are posting here - I follow it with a great interest.
Is there a 10yr fixed, not insured mortgage w/ 20% or more down payment?
At what point a higher than 20% down payment will start accumulating higher than the above lowest rates? 30%, 31%, 35% or higher?
Thanks in advance!
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1376  
Old 2019-11-04, 05:01 PM
Mitsuko Mitsuko is offline
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Default

Quote:
Originally Posted by MortgageGuy View Post
So those with less than 20% down payment and those with 35% or more down payment, they get the same rate 3.04% 10 yr term
Dan
Hi Dan!
Thank you for the prompt response!
Who exactly is the lender in this case?
I checked Meridian (you mention it in your older posting) but their rate for 10-years closed mortgage is 4.39: https://www.meridiancu.ca/Personal/M...ip_cr=personal
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  #1377  
Old 2019-11-29, 05:36 PM
MortgageGuy MortgageGuy is offline
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Default Nov 29th Mortgage rate update...and reminder of docs!

Minimal changes in current mortgage rates.
5 yr fixed insured, 2.59% Closing within 90 days, 2.49% if closing before Dec 31st.
5 yr fixed 20% or more down payment 2.69% Closing within 120 days.
7 yr insured still is 2.89%
10 yr insured is still 3.04% CMLS Financial sorry about the delayed response Mitsuko!
5 yr Variable rate is still Prime -1.10 or 2.85% closing within 90 days

IMPORTANT… Just a heads up that a borrowers documents have never been more important and scrutinized than now. Remember to get your ducks in order prior to making an offer, especially if going in with short or no conditions.

INCOME… clients will need a salary letter and a current paystub, both dated no later than 30 days. If you are self employed, you are NOT salaried, therefore lenders will ask for the last two years Notice of Assessments(NOA), and last T1 Generals(their complete income tax return) and Articles of incorporation etc. if incorporated. If you are self employed, you better have filed your last years income tax. No income tax filed, NO MORTGAGE generally, unless you have more than 20% down payment. And if more than 20% down payment you will pay higher rates still.

DOWN PAYMENT… clients will have to confirm the down payment in their accounts as well as a 90 DAY history of the funds in the account. That means that if there are large deposits into the accounts, you will be asked to confirm where the deposits came from.

CREDIT… If you have poor credit, or you don’t pay your bills on time or had credit issues in the past, then STOP looking at houses until you get pre-approved.
With LESS than 20% down payment, if you have poor credit you will likely NOT be able to get a mortgage.

Rates are quite stable at this time, with next weeks Bk of Canada rate also expecting to remain as is with no increase. I still believe long term is the safe bet in rates today though. How do you really go wrong historically with rates below 3%? We should all be happy as borrowers. If you're old like me and looking ahead to retirement years, these rates suck because on the other end of the scale interest bearing accounts are also paying very low interest!
There is always the other side of the story Everyone can never be happy!
Have a great weekend, just a reminder that if I don't respond to your question in a day, to please drop me a quick email. I am guilty of not getting here as often as I should. You can always email me a question to dan@mortgagemoney.ca, it will remind me to get here and reply. Sorry in advance for any delayed responses.
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1378  
Old 2019-12-04, 03:00 PM
MortgageGuy MortgageGuy is offline
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Default Bank of Canada... mortgage rate update...

So the Bank of Canada has ended the year holding their rate steady, for the 9th consecutive time.
Stating the global economy is stabilizing.
https://business.financialpost.com/n...rate-at-1-75-3

Mortgage rates have remained relatively unchanged....
5 yr fixed insured, 2.59% Closing within 90 days, 2.49% if closing before Dec 31st.
5 yr fixed 20% or more down payment 2.69% Closing within 120 days.
7 yr insured still is 2.89%
10 yr insured is still 3.04%
5 yr Variable rate is still Prime -1.10 or 2.85% closing within 90 days
Have a great week,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

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