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  #231  
Old 2019-05-30, 10:47 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, 11:49 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"

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  #233  
Old 2019-06-07, 03:58 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
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  #234  
Old 2019-06-11, 05:48 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
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  #235  
Old 2019-07-08, 05:38 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
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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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  #236  
Old 2019-07-31, 01:27 PM
MortgageGuy MortgageGuy is offline
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Default JUly 31st mortgage rate update, stress test rate update

Best 5 yr fixed is now 2.64% 90 day rate (insured)
2.74% 5 yr fixed for 120 day rate(insured)
2.89% 5 yr fixed for a refinance
Best 5 yr fixed 2.84% 120 day rate, insurable (purchase with 20% down)
Best 5 yr closed variable is Prime -1.05% or 2.90% today, insured

Best 7 yr fixed 2.99% 120 day rate, insured or less than 65% LTV
Best 10 yr Fixed 3.04% 120 days rate, insured or less than 65% LTV

So finally at least a slight break in the “Stress Test” Qualifying rate…
https://www.bloomberg.com/news/artic...e-stress-tests
Every little bit helps!

The 7yr and 10 yr are getting more and more popular as they have dropped dramatically from a few months back. And why should they not be attractive considering they are only about .75% above the lowest ever 5 yr fixed rates from a couple years back. A little fact that many people are not aware of, is that the law in Canada is that on ANY term longer than 5 yrs, the mortgage can be broken at any time with ONLY a 3 month interest penalty, NO INTEREST RATE DIFFERENTIAL applies. So if rates do stay down or go a little lower by the end of the 5th year of term, then you can get out cheaply! But I wonder what the odds are that rates will be lower than today 5 yrs from now? I guess that’s the problem, none of us have a crystal ball.
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
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  #237  
Old 2019-10-09, 03:59 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
__________________
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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  #238  
Old 2019-10-30, 10:35 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
__________________
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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  #239  
Old 2019-11-02, 02:46 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
__________________
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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  #240  
Old 2019-11-29, 05:39 PM
MortgageGuy MortgageGuy is offline
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Default Nov 29th mortgage rate update, and reminder on 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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