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  #261  
Old 2020-11-17, 01:16 PM
MortgageGuy MortgageGuy is offline
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Default Nov 17th Mortgage rate update :)

Only change in rates this week is a big one for the 5 yr Variable rate, now reduced to PRIME-1.10 or 1.39% today.(has to be an insured purchase, with a 90 day closing)
Lowest I have ever seen it. Still a gamble though, and an individual choice for variable(chance of changing 10 times a year with the Bank of Canada Rate), as opposed to guaranteed rate and payment on a fixed rate mortgage for up to 10 years, when we are sitting at historical low rates. Food for thought and fights between spouses!
Otherwise rates still at all time lows, the 5 yr fixed rate for an insured purchase(less than 20% down payment) is at 1.60%
90 day closings only, 1.64% for 120 days

Pre-approvals being done at 5 yr fixed 1.99%
Best 5 yr fixed rate with more than 20% down payment…
1.84% for a 65% advance.
1.89% for a 80% advance mortgage.
Best other insured rates…120 day closings
1 yr 1.74%
3 yr 1.74%
Variable 1.39% (Prime - 1.10)
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/

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

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  #262  
Old 2020-12-09, 12:13 PM
MortgageGuy MortgageGuy is offline
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Default Dec 12th, Best mortgage rates :)

Mortgage rates are still dropping…. NOT in leaps and bounds but every little bit helps!
The 5 yr fixed rate for an insured purchase(less than 20% down payment) is still at 1.60% 90 day closings only
1.64% for 120 days...
Yes I know HSBC may have something lower but they won't deal with me and I honestly have heard nothing but bad comments on customer service and turn around. I also do NOT know if they register their mortgages as collateral and or if their mortgages have any restrictive clauses. I do know their 5 yr variable is at .99%(insured purchase only), but as above I don't know much about their mortgage.
BUT with that even being said, I am not a believer in variable rates(even at that rate) for anyone who is payment conscious in their budget. Their is a lot of room to go up with variable rates, even if the 5 yr fixed rates stay lower.
Just food for thought and my belief. It is anyone's guess where and what happens to rates given our pandemic times. Who would ever have thought we would have the incredible price increase we have had during COVID.

Pre-approvals being done now at 5 yr fixed 1.89%
Best 5 yr fixed rate with more than 20% down payment…
1.74% for a 65% advance.
1.89% for a 80% advance mortgage.
Best other insured rates…120 day closings
1 yr 1.64%
3 yr 1.64%
Variable 1.39% (Prime - 1.10) 90 day rate hold
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
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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  #263  
Old 2021-02-08, 04:54 PM
MortgageGuy MortgageGuy is offline
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Default Feb 8th, Mortgage Rate Update

Slight drop in rates since I wrote last. An interesting article though from the post, looks low rates are here to stay for awhile…
https://financialpost.com/moneywise/...ry-will-slow-3

Pre-approvals being done now at 5 yr fixed 1.79% for an insured mortgage and 1.94% for more than 20% down payment. These are slightly lower than last week.
Best 5 yr fixed rate with more than 20% down payment…
1.64% for a 65% advance.
1.89% for a 80% advance mortgage.
Best other insured rates…120 day closings
1 yr 1.54%
3 yr 1.54%
Variable 1.35% (Prime - 1.10) 90 day rate hold
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
Feel free to drop me a line regarding personal specific questions or POST here with questions that others may also find of interest!
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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  #264  
Old 2021-04-09, 03:12 PM
MortgageGuy MortgageGuy is offline
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Default April 9th Mortgage rate update...

Sorry everyone, I know its been awhile since I checked in .
First to update the rates...
No big change in rates, slight increases in some terms … Still have a hold out on the 5 yr fixed now at 1.69% for less than 20% down payment purchasers, but everyone else is at least 2.09%.

The bad news today is that the Office of the Superintendent of Financial Institutions (OSFI), are considering increasing the STRESS TEST rate to 5.25% for June 1st, not confirmed yet but it is in the cards. See the story link below…
https://www.cbc.ca/news/business/osf...ules-1.5979558
everyone is trying to figure out how to cool off this crazy market without killing it, could be all sorts of changes to come, no one knows at this point.

Pre-approvals being done now at 5 yr fixed 2.24% for insured mortgages and 2.44% for 20% down payment or more. Two weeks ago this rate was at 1.79%
Best 5 yr fixed rate with more than 20% down payment…
2.09% for a 65% advance.
1.99% for a 80% advance mortgage.(one lender hold out- everyone else is at 2.34 or higher)
Best other insured rates…120 day closings
1 yr 1.99%
3 yr 1.99%
Variable 1.40% (Prime - 1.05) 90 day rate hold
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/

For CG's question about should he take 5 yr fixed or variable, I'm afraid that's any ones guess, and mainly comes down to your risk tolerance.
If you can get a 5 yr fixed rate at 1.69% to even 2.09%, guaranteed rate and payment for the next 5 years, as opposed to getting a variable rate at lets say even 1.35(2.45-1.10= 1.35%), I would take the fixed.
So between 2.09% and 1.35% it is a difference of only .74 of 1%, so almost 3/4 of 1% lower. We call this the spread.
Considering when the bank of Canada reviews its rate 8 times per year, and when it starts to go it will likely go up in .25% increments, its not a great spread in MY opinion to take on a large mortgage when we are this low.
But many will argue that the Bank of Canada will not likely increase rates, possibly for the next year or two? But that is any ones guess, and it comes back to you on taking the gamble. I just wouldn't for the average Joe with a large mortgage at the prices of housing today.

Anyhow, thats it for today, feel free to reach out at anytime if questions, but if personal, email me directly. General questions I would be happy to answer on the site.
Have a great weekend,
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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  #265  
Old 2021-04-21, 10:38 AM
MortgageGuy MortgageGuy is offline
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Default April 21st Mortgage rate update...

No change in mortgage rates since last week.
A great article regarding credit bureau's and scores that should be shared, especially with young people.
https://ottawasun.com/moneywise/seve...oMn32YP4zl6psY
From me to you….
If you have to carry a balance on a credit card monthly, never let it be higher than 70% of its limit(this is the %# I have been told), or it will begin to erode your credit score, even if you are making the min balance on time.
ALWAYS make at LEAST your min payment, and always make it on time.
EVERYONE should have min two credit cards, doesn't mean you have to use them all the time, just keep them active once in a while by using them. And try and have a min limit on the cards of at least $2,500 each. A $1,000 limit is looked at poorly, as if the banks don't trust you.
Equifax is the "main" credit bureau to watch, it should cost you nothing to check your credit bureau annually, to ensure all is yours that is showing. You may have to pay to get your score, that is unnecessary, if you pay always on time, your likely have a good score(but not always). Trans Union is the other credit bureau in Canada. Many lenders will check your credit on both bureaus.
NO credit or minimal credit can be as bad as BAD credit when it comes to needing to borrow money. So do NOT think, you don't need a credit card, get one or two if you have none.
An average Equifax score is 700, perfect is 900, and anything below 650 you should start to be worried about.
Remember, that without a good credit score today, you can forget about borrowing money from a bank. So treat it with respect, pay always on time and remember what you borrow you will always have to pay back, so spend wisely.
Pre-approvals being done now at 5 yr fixed 2.24% for insured mortgages and 2.34% for 20% down payment or more. Best 5 yr fixed rate with more than 20% down payment…
2.09% for a 65% advance.
1.99% for a 80% advance mortgage.(one lender hold out- everyone else is at 2.34 or higher)
Best other insured rates…120 day closings
1 yr 1.99%
3 yr 1.99%
5 yr 1.69% also one lender hold out, everyone else 2.09%
Variable 1.40% (Prime - 1.05) 90 day rate hold
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
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
Reply With Quote
  #266  
Old 2021-05-06, 02:16 PM
MortgageGuy MortgageGuy is offline
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Default May 6th Best Mortgage Rates

No change in mortgage rates since last week. Still have a hold out on the 5 yr fixed insured rate now at 1.69%(but it takes 24 days for an approval, and closing must be 2 months away), 2nd best rate with reasonable approvals times is 1.89%.
An interesting article on our crazy high prices, all sorts of ideas about where we go value wise, AFTER the Pandemic.
https://www.theglobeandmail.com/busi...et-is-defying/
Only time will tell!
Pre-approvals being done now at 5 yr fixed 2.24% for insured mortgages and 2.34% for 20% down payment or more. Best 5 yr fixed rate with more than 20% down payment…
2.09% for a 65% advance.
1.99% for a 80% advance mortgage.(one lender hold out- 120 day rate hold-everyone else is at 2.34 or higher)
Best other insured rates…120 day closings
1 yr 1.99%
3 yr 1.99%
Variable 1.40% (Prime - 1.05) 90 day rate hold
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
I am happy to do pre-approvals for you, usually next day turn around. Use http://bit.ly/AppliNow
link to start the application or go direct to my web site and use the "APPLY NOW button on any page.
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
Reply With Quote
  #267  
Old 2021-10-04, 11:02 AM
MortgageGuy MortgageGuy is offline
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Default Oct 4th, Mortgage rate update :)

So as of last Thursday at midnight, rates began there move upwards…. A fairly significant increase. For example, TD’s 5 yr fixed rose 30bps up to 2.29%. Everyone has moved now or will follow, BUT I still have for now the same 5 yr fixed as last week at 1.79% insured.
I have no idea when I will lose that, but as of sending this out it is still available. Will likely be the last of an incredible rate. We should be grateful we have had this as long as we have.

It is the Bond Market, that is driving this rise in rates, and we may see more to come.
https://www.theglobeandmail.com/inve...ortgage-rates/

Pre-approvals can be done in 48 hours so get your ducks in order and save time when you need to make that offer.
You can reach me almost anytime, so feel free to call me when you need me, evenings and weekends!
Pre-approval rates are 5 yr fixed 2.29% for an insured purchase, 2.34% with 20% down or more, but rates can only be held for 4 months, so no use to you if purchasing a new build with a long closing. Always best to get pre-approved with the builders "banker". All the site offices have one. Remember that all long rate holdings with the bank do NOT obligate you to take that mortgage when you actually close. ALWAYS check with me 4 months in advance of your actual closing date, and if I have better rates I will steal you back then.

If you were to have an accepted offer to purchase, the rates today would be…
Best 5 yr fixed rate for a purchase is … 2.09% with less than 20% down payment(an insured purchase). 120 day rate guarantee.
With 20% down rate would be 2.19%
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase is now 2.24%. 120 day rate hold.
Best other insured rates…120 day closings
1 yr 2.09%
3 yr 1.94%
Variable 1.35% (Prime - 1.10) 120 day rate hold, insured only
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/

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
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  #268  
Old 2021-12-01, 04:09 PM
MortgageGuy MortgageGuy is offline
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Default Dec 1st, Mortgage rate update

So rates are continuing their gradual, but steacdy rise, ie. the 5 yr fixed high ratio has gone from 2.19% to 2.44%.
Most banks today are at 2.74%. So a significant rise in rates, in the 5 yr term, and most other terms.
Best 5 yr fixed rate for a purchase is still… 2.44% with less than 20% down payment (an insured purchase), a 120 day rate guarantee.
With 20% down rate would be 2.69% for a 5 yr fixed.
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase is now 2.69%. 120 day rate hold.
Best other insured rates…120 day closings
1 yr 2.54%
3 yr 2.24% closing with in 60 days
Variable rate, 5 yr term is 1.20% (Prime - 1.25) 120 day rate hold, insured only. Just remember that the Bk of Canada rate is set 8 times a year, so 8 opportunities for change, with likely increases that will directly impact all variable rate mortgages and Lines of credit. So it is anyone's guess to gamble on variable or fixed, my conservative mind set though, is to stick with fixed if you're not a gambler.
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
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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  #269  
Old 2022-02-09, 05:43 PM
MortgageGuy MortgageGuy is offline
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Default Feb 9th, Mortgage Rate Update :)

So mortgage rates keep on creeping up.
I looked back to January of 2021, and the insured 5 yr fixed rate was 1.64% then, fast forward to today and the same term is now 2.89% with that same lender, 1.25% higher than a year ago.
As popular as the banks are trying to make variable rate mortgages, with their deep discounting(Bank prime -1.20 so 1.25% today would be my best variable rate) the above reminds you that as Bank prime has not moved at all since March of 2020(almost two years), the 5 yr fixed rate certainly has.
If you had gambled and taken a variable rate a year ago, you may feel you have done very well… BUT, the banks know most people when rates start to rise, lose their appetite for the risk of a floating rate, and lock them in to a fixed rate when thigs get worrisome. So the person who took the variable rate a year ago and saved on the rate, and choose to lock in now, would be locking in today at a full 1.25% higher for the next 5 YEARS on their mortgage. His year of savings may not look so good now, not even looking at the repercussions of also now having a mortgage payment that will be calculated today at 1.25% higher than the client was paying on his original mortgage. A big bite out of their monthly pocket book. If you had a 350K mortgage at 1.25% variable at 25 yr amm, the payment would have been $1,359 per month. The same mortgage amount at todays fixed rate of 2.89% would be $1,636 per month or $277 per month more for the next 5 years. Yikes they will feel that.
Generally the only way to win taking a variable rate would be to go variable and STAY variable for the length of the term. And also hope prime doesn’t move up to much. Quite a gamble in todays market.
I’m a conservative guy, I’d be taking a 5 yr fixed rate in todays market.
So back to the rates…
Pre-approval rates currently are now being done at 5 yr fixed 2.99% for an insured purchase, and 3.04% with 20% down or more…
With an accepted offer, rates today would be…
Best 5 yr fixed rate for a purchase is now… 2.74% with less than 20% down payment(an insured purchase). 120 day rate guarantee.
With 20% down rate would be 2.84%
Best 5 yr fixed for a refinance or needing a 30 yr amortization on a purchase is now 2.99%. 120 day rate hold.
Best other insured rates…120 day closings
1 yr 2.64%
3 yr 2.59% closing within 120 days
Variable 1.25% (Prime - 1.20) 120 day rate hold, insured only.
For complete list of rates and terms go to
https://mortgagemoney.ca/best-mortgage-rates/
I am happy to do pre-approvals, usually next day turn around. Use the “APPLY NOW” button on my web page. The application works seamlessly.
Or feel free to call me if questions,
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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