Got it. Thanks.GSRee wrote: ↑Yeah I guess it would depend on how you accelerated your mortgage. In my case it wasn't lump sum pre-payments, it was increasing my payment amount by 20% over multiple years. So for example I went from $1000/mo to $1200/mo to $1440/mo (and possibly to $1728/mo, I don't remember how many times we did that before switching!). So in that scenario it would be possible to go back to $1000/mo (or so they said), which wouldn't "decelerate" me all the way back to 22 years, but it would have been much closer to 22 than to 8.
The Official Mortgage Rates Thread
- Last Updated:
- Mar 28th, 2024 7:11 am
Tags:
- SCORE+492
- 513263337
- Deal Addict
- Apr 10, 2010
- 1398 posts
- 208 upvotes
- Pentacool
- Jr. Member
- Apr 13, 2013
- 108 posts
- 10 upvotes
- Woodbridge
I increased my installment from 719$ to 900$ biweekly. If prime rate goes up , I can go back to my original amount 719$ biweekly. I don't think u can reduce yr payment.513263337 wrote: ↑I see your strategy there, but how do you actually "decelerate" to 22 years?
I know you can "accelerate" by making more pre-payments, but once it's accelerated, how do you decelerate back to 22 years? It's not like you can reduce your monthly payment to be lower than your initial regular monthly payment.
- RafRFD
- Member
- May 12, 2006
- 241 posts
- 16 upvotes
Hi all - I'm also a first time home buyer with excellent credit score, looking for ~$300k mortgage with >20% down payment. Here are the rates I have gotten so far:
2.99% 5-year fixed
2.35% 5-year variable
Can I do better? Interested in A-level lenders only... thanks!
2.99% 5-year fixed
2.35% 5-year variable
Can I do better? Interested in A-level lenders only... thanks!
- daljiit_23
- Newbie
- May 10, 2011
- 2 posts
Hi All,
I am a first time home buyer looking for ~435 K mortgage with 10% down payment. I am looking at either a 3 year or 5 year fixed mortgage.
For the 5 year fixed I have a quote of 2.89 from CIBC.
Can I do any better and what would be the best I could do for 3 year fixed?
Thanks
I am a first time home buyer looking for ~435 K mortgage with 10% down payment. I am looking at either a 3 year or 5 year fixed mortgage.
For the 5 year fixed I have a quote of 2.89 from CIBC.
Can I do any better and what would be the best I could do for 3 year fixed?
Thanks
- geotuna
- Banned
- Apr 17, 2009
- 461 posts
- 86 upvotes
Yes, you can do better with the 5-yr fixed.
- exhaust
- Sr. Member
- Dec 15, 2008
- 652 posts
- 58 upvotes
- Vancouver, BC
Best one I've seen is http://www.valueland.ca
RATE 2.25% Closed
TERM 5 year Variable
PREPAYMENT 15 / 15
RATE HOLD 60 Days
- fadi
- Newbie
- Jun 20, 2005
- 53 posts
- Toronto
- geotuna
- Banned
- Apr 17, 2009
- 461 posts
- 86 upvotes
- RafRFD
- Member
- May 12, 2006
- 241 posts
- 16 upvotes
Saw that on Ratespy but I wonder from which lender and what conditions/restrictions...exhaust wrote: ↑Best one I've seen is http://www.valueland.ca
RATE 2.25% Closed
TERM 5 year Variable
PREPAYMENT 15 / 15
RATE HOLD 60 Days
- exhaust
- Sr. Member
- Dec 15, 2008
- 652 posts
- 58 upvotes
- Vancouver, BC
- RafRFD
- Member
- May 12, 2006
- 241 posts
- 16 upvotes
- RafRFD
- Member
- May 12, 2006
- 241 posts
- 16 upvotes
I'd prefer to know full details before applyingexhaust wrote: ↑Can't you just apply from Value Land directly?
http://www.valueland.ca/english/apply_now.html
- geotuna
- Banned
- Apr 17, 2009
- 461 posts
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- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
I 100% agree! I was thinking of posting the same thing earlier this week!
callmethecat wrote: ↑Not to be a pain in the a** but do we really need post after post to say PM sent. I'm sure anyone who posts on this forum gets 10 PMs in a few hours.
BTW PM Sent
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
- cleardevil
- Sr. Member
- Jun 6, 2009
- 722 posts
- 258 upvotes
Anyone get better than 2.99% 5 yr from a major 5 bank with standard conditions?
- Repsac
- Newbie
- Jul 3, 2004
- 23 posts
- 3 upvotes
Popping back up on this with a few questions.Repsac wrote: ↑Looking for a rate on a 3yr fixed...first buy, $330k home, 5% down, edmonton AB
I bank with Scotia, but notice ratehub and ratespy show considerably lower rates and better T/C.
Best I can see is True North @ 2.69% and wondering if that's competitive enough to take or should I be digging for better?
Ratespy is showing a couple at 2.49% as others have mentioned here.
Valueland and Butler Mortgage are catching my eye, as we would want a lender that works in both AB and ON (as we may move back to ON in a few years)
Just curious on anyones experience with either? I've heard Valueland pop up on here a few times recently, but nothing really for Butler?
Valueland:
2.49% on a 3yr closed fixed rate
60 day Hold
15% / 15% prepayment
Portable, Assumable by a new buyer, Transferable on Maturity, Breakable with penalty clause, No rentals.
18yr Min amortization, 30yr max amortization
Provence coverage: AB,BC,ON,NB,NL
Lender: insurance company
For butler, all I am seeing is: Major financial institution, all types of transactions, and AB, BC, ON for provinces.
So with the lack of info, I am leaning towards valueland. Just a bit hesitant, as most of the people I've spoken with locally have never heard of them.
Other than those 2, the other we would be looking at is HSBC Bank Canada @ 2.73% or Scotia (as I bank with them) @ 2.89 **shows as 2.89 on ratespy, but everywhere else as 3.44
Just looking for a touch of advice for our first mortgage!
- geotuna
- Banned
- Apr 17, 2009
- 461 posts
- 86 upvotes
The lender mentioned lends in both AB and ON.
Valueland and Butler are both ON based brokerages. When choosing a brokerage you need to first check whether it is also licensed in AB.
Valueland and Butler are both ON based brokerages. When choosing a brokerage you need to first check whether it is also licensed in AB.
Repsac wrote: ↑Popping back up on this with a few questions.
Ratespy is showing a couple at 2.49% as others have mentioned here.
Valueland and Butler Mortgage are catching my eye, as we would want a lender that works in both AB and ON (as we may move back to ON in a few years)
Just curious on anyones experience with either? I've heard Valueland pop up on here a few times recently, but nothing really for Butler?
Valueland:
2.49% on a 3yr closed fixed rate
60 day Hold
15% / 15% prepayment
Portable, Assumable by a new buyer, Transferable on Maturity, Breakable with penalty clause, No rentals.
18yr Min amortization, 30yr max amortization
Provence coverage: AB,BC,ON,NB,NL
Lender: insurance company
For butler, all I am seeing is: Major financial institution, all types of transactions, and AB, BC, ON for provinces.
So with the lack of info, I am leaning towards valueland. Just a bit hesitant, as most of the people I've spoken with locally have never heard of them.
Other than those 2, the other we would be looking at is HSBC Bank Canada @ 2.73% or Scotia @ 2.89 (as I bank with them)
Just looking for a touch of advice for our first mortgage!
- Spec
- Member
- Feb 14, 2006
- 288 posts
- 137 upvotes
- Ottawa
Current mortgage is maturing early August with a remaining balance of 180K. Considering purchasing a new home and selling the current one around the same time. Will need to increase the loan amount (for the new home) to 400K or so. What would be my options?
- exhaust
- Sr. Member
- Dec 15, 2008
- 652 posts
- 58 upvotes
- Vancouver, BC
So you can't apply from http://www.valueland.ca if the property is in British Columbia?
- laptop-tech
- Banned
- Jul 16, 2003
- 10397 posts
- 1468 upvotes
- Toronto
The broker has no control of where the lender will lend. Valueland is a brokerage, that is - it is an office where mortgage agents (and a broker) work. They get your application and send to the lender (in the case of the 2.49% it is called Industrial Alliance), so any approval will be subject to the lender's policies. This particular lender (IA) for instance does lend in BC, so any brokerage authorized to sell mortgages in BC (my brokerage included, btw) can get you that rate in BC.exhaust wrote: ↑So you can't apply from http://www.valueland.ca if the property is in British Columbia?
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Mortgage Intelligence - FSCO# 10428
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