Go Back   BuildingHomes.ca - Building your community! > Ontario > Ottawa

Ottawa For those in Ottawa, Kanata, Stittsville, Orleans, Nepean. Mattamy, Minto, Bridlewood, Cardel, Claridge, Braebury, Monarch, Barrhaven, Half Moon Bay, Fairwinds, Findlay Creek, Notting Hill, West Pointe, Stonebridge, Edinburgh Common, Uniform at Orchard-Stonebridge-Barrhaven and more!


Reply
 
Thread Tools Display Modes
  #1301  
Old 2019-01-16, 02:19 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Mortgage rate update and a Great article

Mortgage rates are remaining stable, best 5 yr fixed closing within 90 days is 3.39% and 3.44% closing within 120 days. Both rates are for insured mortgages(less tan 20% down for a purchase.

Best 5 yr fixed for a purchase with more than 20% down is 3.69%, 120 day rate hold.
As last year, like it or not, those with less than 20% down payment are getting the best rates because they are insured mortgages.

I came across the perfect article for this time of year... https://www.moneysense.ca/save/finan...contributions/
Just remember that long term investing as they mention here is not looking one year out, to see if you're ahead, it is looking out maybe 10 years. History does show that you are usually way ahead investing for the long term.
Don't use 2018 as your example because you may have lost some money , but fear not, it always comes back in the long term if invested wisely.
I know this is a little off the mortgage topic, but to me, very important subject matter that should be seen by all.
Have a great day,
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
  #1302  
Old 2019-02-05, 10:56 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Rate update and Yeah for Ottawa!!

Best rates as of Feb 5th...
5 yr fixed closing within 90 days 3.39%
5 yr fixed closing within 120 days 3.44%
5 yr fixed variable rate, Prime -1.05% or 2.90%
7 yr fixed at 3.64% closing within 120 days
10 yr fixed at 3.89% closing within 120 days
All above mortgage rates for owner occupied purchases, with less than 20% down payment(insured).

Rates have been stable for the last couple weeks with slight downward movement.
For complete terms and rates go to www.mortgagemoney.ca

Great news for Ottawa...
https://ottawacitizen.com/business/l...ner-since-2016
All you existing home owners out there have had a good return on your investment!
Have a great day,
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
  #1303  
Old 2019-02-22, 04:07 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Feb 22nd Mortgage Rate Update and Housing article

Good Afternoon Building Homes,
So rates have been very stable and decreasing in the competitive longer term options.
Best 5 yr fixed, insured, closing in 90 days is still 3.39%
5 yr fixed, insured closing within 120 days is 3.44%
Best 5 yr fixed rate for refinance is 3.59%
Best Variable is Prime-1.05 or 2.90% today
Becoming very attractive is the 7 yr and 10 yr terms
7 yr is at 3.64% and 10 yr at 3.89, both are for insured for those who want peace of mind with a budget.
Complete terms and rates can be found at www.mortgagemoney.ca

I came across this article in MacLeans…
https://www.macleans.ca/economy/real...ut-struggling/
its worth reading. I can say in Ottawa now though we have a SELLERS Market, low inventory of homes for sale causing bidding or multiple offers on homes in certain price points and areas. For example last weekend I had clients making an offer on 2 semi detached units on the same street in the west end. They lost the 1st home to another bidder. They "won" on the second home, listed at $319,000 with an offer of $340,000! there were 11 offers submitted for the property. Isn't that a depressing way to have to purchase your first home.
But this is just a good example of how regionally the markets can be different.
So hold on to your hats, it could be an interesting year.
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
  #1304  
Old 2019-02-23, 02:54 PM
royal_bd royal_bd is offline
Junior Member
 
Join Date: Jul 2017
Location: Ottawa
Posts: 3
Default

Hi,

Is the 5-yr variable rate is insured or uninsured rate..do you also have a rate for 3-yr insured variable..Thx.
Reply With Quote
  #1305  
Old 2019-03-05, 09:48 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default rates... question

Hi Royal,
Sorry about the delayed response.
5 yr variable of Prime -1.05 or 2.90% is INSURED
5 yr Variable INSURABLE(meaning a purchase with at least 20% down payment) is Prime -.75 to Prime -.90 depending on Loan to Value.

As for the 3 yr closed variable, I don't have one. Considering the penalty on most variable rate mortgages is 3 months interest at anytime to break the mortgage, and they can be locked into a fixed term at anytime without penalty, there seems to be no benefit to a 3 yr term.

A note to everyone, if you don't see a response to a question in a day, please drop me an email to dan@mortgagemoney.ca I'm afraid if I don't physically come on the forum, I will miss the question. It doesn't notify me that someone has posted a question.
Dan


Quote:
Originally Posted by royal_bd View Post
Hi,

Is the 5-yr variable rate is insured or uninsured rate..do you also have a rate for 3-yr insured variable..Thx.
__________________
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
  #1306  
Old 2019-03-06, 09:27 AM
alsh alsh is offline
Senior Member
Regular User
 
Join Date: Feb 2017
Location: Ottawa
Posts: 168
Default

Hi Dan,

A friend of mine been shopping for mortgage for the past 2 months. His credit score around 500 ish, with stable job and 100K down payment for roughly $420K townhouse.
I know this an estimate, but what are the chances that he will be approved?

Cheers
Reply With Quote
  #1307  
Old 2019-03-06, 10:46 AM
JCC JCC is offline
Senior Member
Regular User
 
Join Date: Sep 2018
Location: Ottawa
Posts: 138
Default

Quote:
Originally Posted by alsh View Post
Hi Dan,

A friend of mine been shopping for mortgage for the past 2 months. His credit score around 500 ish, with stable job and 100K down payment for roughly $420K townhouse.
I know this an estimate, but what are the chances that he will be approved?

Cheers
Is he going at it alone?

He's certainly above the 20% mark, which is a good bridge to cross, because the insurance organizations would have a hard time approving him if he didn't.

That said, Credit score alone isn't the tell-all - they may look into the detailed report - if his score is 500 because of something that happened 6 years ago, may not be an issue.

I'd recommend you tell him to look at his credit report and see if any negative marks can be taken off (properly).

It also LARGELY depends on what his salary is. If he has 100K and his salary is 20K, it's unlikely...

Tell him to use TD's mortgage affordability calculator: https://tools.td.com/mortgage-affordability-calculator/

It's likely that if the townhouse is within his limits, and he has a decent salary and is repairing his credit, he'll get approved.
Reply With Quote
  #1308  
Old 2019-03-06, 12:14 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default credit is very important today...and Bank of Canada rate

Hello Alsh,
Regarding your friend, in my world cash can still be king(as long as there is enough of it). As JCC mentioned, when you have credit issues, the min you must have is 20% to avoid having to have the mortgage insured. The insurers(ie CMHC and Genworth) are very strict on qualifying using income AND credit scores. In this case, your friend would need a mortgage of around 320K or 76% of purchase price, any big 5 bank and in my opinion TD included will not lend with a 500 beacon score and at 76% Loan to value.
JCC is also right in that he should be pulling an Equifax and Trans Union Credit bureau to find out what is causing the low score. Even if there are things he can clean up, it could take 6 months after the clean up to see his score increase. The big Banks usually want a min beacon score of at least 600 to lend. The average beacon score they want to see is around 685.

So back to my world, as long as his income qualifies normally, and he has the down payment you mentioned, there are lenders we use who will lend him money. He will pay higher rates, possibly some fees, all depends on his circumstance. It costs him nothing to drop me a line, I can even check his Equifax credit bureau for him and let him know what his options are, I would be happy to help and get to the bottom of the credit score issue.
As they say, "Time heals all wounds , and that includes credit bureaus, as long as he knows what the problem is and resolves it.

The Bank of Canada rate was set today... no change Hurrah!!
https://www.cbc.ca/news/business/ban...sion-1.5044828

Even talk of a possible future decrease? Now that would be nice!
Hope everyone is having a great week,
Dan


Quote:
Originally Posted by alsh View Post
Hi Dan,

A friend of mine been shopping for mortgage for the past 2 months. His credit score around 500 ish, with stable job and 100K down payment for roughly $420K townhouse.
I know this an estimate, but what are the chances that he will be approved?

Cheers
__________________
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
  #1309  
Old 2019-03-06, 03:09 PM
alsh alsh is offline
Senior Member
Regular User
 
Join Date: Feb 2017
Location: Ottawa
Posts: 168
Default

Quote:
Originally Posted by MortgageGuy View Post
Hello Alsh,
Regarding your friend, in my world cash can still be king(as long as there is enough of it). As JCC mentioned, when you have credit issues, the min you must have is 20% to avoid having to have the mortgage insured. The insurers(ie CMHC and Genworth) are very strict on qualifying using income AND credit scores. In this case, your friend would need a mortgage of around 320K or 76% of purchase price, any big 5 bank and in my opinion TD included will not lend with a 500 beacon score and at 76% Loan to value.
JCC is also right in that he should be pulling an Equifax and Trans Union Credit bureau to find out what is causing the low score. Even if there are things he can clean up, it could take 6 months after the clean up to see his score increase. The big Banks usually want a min beacon score of at least 600 to lend. The average beacon score they want to see is around 685.

So back to my world, as long as his income qualifies normally, and he has the down payment you mentioned, there are lenders we use who will lend him money. He will pay higher rates, possibly some fees, all depends on his circumstance. It costs him nothing to drop me a line, I can even check his Equifax credit bureau for him and let him know what his options are, I would be happy to help and get to the bottom of the credit score issue.
As they say, "Time heals all wounds , and that includes credit bureaus, as long as he knows what the problem is and resolves it.

The Bank of Canada rate was set today... no change Hurrah!!
https://www.cbc.ca/news/business/ban...sion-1.5044828

Even talk of a possible future decrease? Now that would be nice!
Hope everyone is having a great week,
Dan
Thanks very much to both of you.

Last edited by alsh; 2019-03-06 at 03:35 PM.
Reply With Quote
  #1310  
Old 2019-03-07, 05:24 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default March 7th Mortgage Rate Update

So as mentioned earlier, Bank of Canada remained steady this week. Fixed mortgage rates though have been enjoying downward pressure for a change.
So as of today...
Best 5 yr fixed 3.34% 120 day rate, insured
Best 5 yr fixed 3.49% 120 day rate, insurable (purchase with more than 20% down)
Best 5 yr closed variable is Prime -1.05% or 2.90% today, insured
Best 5 yr closed variable is Prime -.90% or 3.05% today, insurable
Best 7 yr fixed 3.69% 120 day rate, insured
For complete rates and terms go to
www.mortgagemoney.ca
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
Reply

Bookmarks

Tags
mortgage, mortgage broker

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
When to get the Mortgage with a new home three star Financing, Mortgages and Insurance 10 2007-10-26 10:48 PM
Mortgage rates? KellyM Financing, Mortgages and Insurance 13 2007-06-25 02:23 PM
Mortgage Insurance coton Chit Chat 1 2007-04-01 04:51 PM
RBC Mortgage mavoledo Stouffville - Mattamy On Main and Wheler’S Mill 10 2006-08-29 12:06 PM



All times are GMT -4. The time now is 05:21 PM.



Copyright © PHAND Corporation
This document may not be used elsewhere without the expressed written consent of PHAND Corporation.
*** There is no association between this website and any builder. ***

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2019, vBulletin Solutions, Inc.