TD approved me at 2.41, both RBC and CIBC at 2.59. Ratehub has been nagging me about 2.24 for a while.
Wondering if I can do better or should I just go with TD? Thanks.
May 18th, 2017 12:04 am
May 18th, 2017 12:57 am
May 18th, 2017 1:02 am
May 18th, 2017 1:45 am
How can they do that? Shouldn't the original insurance be for $X of mortgage for 25 years?
May 18th, 2017 1:50 am
May 18th, 2017 7:54 am
You've been offered a pretty good rate with Scotiabank. Since your purchase price is 1.12m, your mortgage is considered uninsurable, which eliminates many of your options for best possible rates. Considering the cash-back, and appraisal paid, the 2.59% is fairly strong.AnnonNim17 wrote: ↑May 18th, 2017 12:57 amWe are shopping for a mortgage, bought house for $1.12, closing end of june. 20% down
So far, the best offer was via Scotiabank (broker channel
2.59% 5 year fixed, 30 year amortization, 20/20 prepayments, with $2.5K cashback + appraisal reimbursement Is this reasonable or can anybody here help us get a better rate? Thank you
May 18th, 2017 9:32 am
Rates can vary significantly depending on down payment / equity, property value, and transaction type. Lowest rates are found on purchases for under $1 million with LESS than 20% down payment, therefore CMHC insured. The 2.24% 5 year fixed rate would have to fall into this category for it to be applicable. Rates for purchases under $1 million with 20% or greater down payment can fall as low as 2.34%.
May 18th, 2017 10:15 am
May 18th, 2017 11:26 am
May 18th, 2017 1:00 pm
It's advertised, but it's Home Trust. Hahah.
May 18th, 2017 1:59 pm
May 18th, 2017 2:00 pm
May 18th, 2017 2:07 pm
Portable mortgage means you can move to a different property and take your mortgage with you.Emilio06 wrote: ↑May 18th, 2017 1:59 pmScotiabank offered me a 2.21% 5 year variable rate on an uninsured mortgage worth about 300k for my renewal. 30 year amortization, 10/10 prepayment, standard charge (no STEP/collateral)... However the mortgage is not "portable". What does that mean? I can't move it to another lender without paying a penalty?
May 18th, 2017 2:38 pm
No, but they offered a 2.35% 3 year fixed, same terms. The penalty fees on fixed rate mortgages really make me uncomfortable though.
May 18th, 2017 2:48 pm
Anytime you have a collateral mortgage, it would proceed as a refinance, meaning you would pay the usually higher refinance rates, plus legal, discharge and appraisal fees. Sometimes, these fees can be covered for you. If it's already a collateral charge, then it doesn't matter if there is a HELOC attached to it or not as it's the same process.