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  #231  
Old 2019-05-30, 09:47 AM
MortgageGuy MortgageGuy is offline
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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..
https://www.ctvnews.ca/business/not-...nged-1.4441763
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
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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"

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  #232  
Old 2019-06-04, 10:49 AM
MortgageGuy MortgageGuy is offline
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Default Rate update June 4th

Scotia just dropped 5 yr fixed to 2.89% for me as a promo, must nbe insured, less than 20% down payment, or for an insured switch(mortgage up for renewal).
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
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  #233  
Old 2019-06-07, 02:58 PM
MortgageGuy MortgageGuy is offline
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Default 4yr term over 5yr

"Originally Posted by jeeva86
for uninsured, i believe scotia is offering 2.79/4yr fixed, several ppl have reported getting that"

I have heard of these 4 yr promotional rates as well. But personally I expect rates will be higher 4 yrs from now, so I would be far more inclined to take a 5 yr fixed rate over a 4 yr as the rate difference is very insignificant. I suspect the banks think that as well, so a little discount today will make them a lot more money when the mortgage comes up for renewal 4 years from now? Think about it, is .10 of 1% really worth taking one year less of term?
But again it is a personal choice.
2.79% to 2.89% 5 yr fixed is certainly available for an insured purchase.
Have a great weekend,
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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  #234  
Old 2019-06-11, 04:48 PM
MortgageGuy MortgageGuy is offline
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Default WOW 7yr and 10yr rates are down

With all the hype around 5 yr rates, I was excited to see the 7 and 10 yr rates fall recently. They hadn't moved in awhile, and finally have dropped.
7 yr fixed, 3.14% insured OR for more than 35% down payment. 120 day hold
10 yr fixed, 3.19% insured OR for more than 35% down payment. 120 day hold

This is looking like a VERY attractive option for anyone that thinks that a year or two from now rates will be higher.
An extra bonus, is remember that it's a law in Canada that any term LONGER than a 5 years, can after the 5th year anniversary be paid out with ONLY a 3 month interest penalty, no interest differential applies. A great way out if in fact rates do stay down.
Anyhow an attractive option for those who are risk adverse and need a good long term way of budgeting.
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
  #235  
Old 2019-07-08, 04:38 PM
MortgageGuy MortgageGuy is offline
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Default July8th Rate Update and First Time Buyer program

So mortgage rates have been holding steady for now...
Best 5 yr fixed 2.69% 120 day rate! ItÂ’s nice getting back below 3% again on the 5 yr money.
Best 5 yr closed variable is Prime -1.10% or 2.85% today,
Best 7 yr fixed 2.99% 120 day rate, insured
Best 10 yr Fixed 3.04% 120 days rate, insured


Best 5 yr Pre-approval rate is now 2.89% for a purchase with less than 20% down payment
Best 5 yr Pre-approval rate is now 3.09% for a purchase with more than 20% down payment.

For anyone interested in the details of our upcoming government sponsored First Time Buyers Program, I thought I would include the link below...
https://www.placetocallhome.ca/fthbi...-incentive.cfm

If you know of any first time home buyers out there, it may be of interest to them. This program begins in September.

Just a REMINDER, I always recommend taking a rate guarantee from the builders site office bank for those long purchase closing dates beyond 4 months. It obligates you to nothing, but guarantees you at least something in a rate that you really SHOULD have regardless of the higher rate. Makes no sense to sit on a fence with nothing!
You can always give me a call 4 months prior to the closing date and check for better rates. If I am lower, you can always leave the bank, but if they are higher, you will be glad you booked the "higher" rate when you did.
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
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