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  #1371  
Old 2019-08-19, 12:06 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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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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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

Last edited by MortgageGuy; 2019-08-19 at 12:07 PM. Reason: corrction in spelling
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  #1372  
Old 2019-10-09, 02:58 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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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
__________________
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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