I was told that rates would further go down by January 2020 by my mortgage broker. Any inputs on this claim?
The Official Mortgage Rates Thread
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- Mar 28th, 2024 10:28 am
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- SCORE+492
- riflerover
- Jr. Member
- Oct 1, 2018
- 111 posts
- 83 upvotes
- krypt0nite
- Member
- Apr 11, 2004
- 224 posts
- 4 upvotes
krypt0nite wrote: ↑Hello,
I'm 1st time home buyer and looking for best mortgage rate on my nearly completed pre-sale condo.
-What is the purchase price? $487k
-How much is the down payment? $96k
-Where it the property located? Burnaby, BC
-When is the closing date? ~Jan 2020
-Will the property be owner-occupied or a rental? Owner
I am unfamiliar with getting a mortgage.
Should I look to lock in a mortgage rate soon as possible or should I wait later in the later months for it to drop?
My closing date is Jan 2020.
Thanks!
Hi Phil,rateconnect wrote: ↑ 2.59% would be your best 5 yr fixed rate and yes lock in a rate - if rates drop with other lender we can switch you out
Reach out to any of the brokers on the forum
Phil
You quoted 2.59% for 5 year fixed.
I just checked, my downpayment is 19.7% of the total purchase price including tax. The developer required 20% down from the pre-tax purchase price - 15k vendor credit.
Would I qualify for the HSBC 2.49% high ratio mortgage?
I also see from previous posts, the best rate is 2.34% for 5 year. This may have increased since yesterday to 2.44%?
Was I able to qualify for the previous 2.34% 5 year rate?
What does insured purchase or mortgage mean?
Does it mean, I need insurance if I pay less than 20% down?
Sorry, I am still new to this.
Thanks.
- achohan91
- Deal Addict
- Nov 20, 2012
- 1138 posts
- 775 upvotes
Maybe someone with inside knowledge can pitch in but I am not sure if that will happen since the sales have started picking up again (atleast in BC). Let's see.riflerover wrote: ↑ I was told that rates would further go down by January 2020 by my mortgage broker. Any inputs on this claim?
- riflerover
- Jr. Member
- Oct 1, 2018
- 111 posts
- 83 upvotes
He is experienced broker and has been very patient and nice to me along the process. I am debating if I should trust his instincts and stay where I am now at 2.95% variable, or with my variable I could 2.9 fixed now itseems.
- goob3r
- Deal Addict
- Aug 19, 2002
- 3680 posts
- 1730 upvotes
Is Meridian generally willing to negotiate rates directly with customers?
Based on the advice from this thread for my situation, I have been able to confirm a solid rate with one of the banks. However, as one last kick at the can, I want to take that rate and see if Meridian will beat it and go lower than their advertised 2.49%.
Based on the advice from this thread for my situation, I have been able to confirm a solid rate with one of the banks. However, as one last kick at the can, I want to take that rate and see if Meridian will beat it and go lower than their advertised 2.49%.
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
2.34% 5-year fixed is the best rate available.pseudointellectual wrote: ↑ Hey! First-time home-buyer looking for your most competitive rate on a 5yr fixed mortgage:
-What is the purchase price? 790,000
-How much is the down payment? 175,000
-Where it the property located? Hamilton, ON
-When is the closing date? Mid-December
-Will the property be owner-occupied or a rental? Owner-occupied
Thanks!
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
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
2.34% 5-year fixed is for Ontario purchases only.krypt0nite wrote: ↑ Hi Phil,
You quoted 2.59% for 5 year fixed.
I just checked, my downpayment is 19.7% of the total purchase price including tax. The developer required 20% down from the pre-tax purchase price - 15k vendor credit.
Would I qualify for the HSBC 2.49% high ratio mortgage?
I also see from previous posts, the best rate is 2.34% for 5 year. This may have increased since yesterday to 2.44%?
Was I able to qualify for the previous 2.34% 5 year rate?
What does insured purchase or mortgage mean?
Does it mean, I need insurance if I pay less than 20% down?
Sorry, I am still new to this.
Thanks.
2.59% 5-year fixed is the best rate in BC.
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
- CdnRealEstateGuy
- Deal Guru
- Feb 2, 2014
- 11231 posts
- 3350 upvotes
- Toronto
Hot off the presses...
2.24% 5-year fixed (insured) and 2.34% 5-year fixed (non-insured) will no longer be available after today.
Rates will be 10bps higher (2.34% and 2.44% respectively).
2.24% 5-year fixed (insured) and 2.34% 5-year fixed (non-insured) will no longer be available after today.
Rates will be 10bps higher (2.34% and 2.44% respectively).
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
- carbonfilter
- Member
- Mar 28, 2015
- 429 posts
- 177 upvotes
- Rural AB
I have 4yrs left on my current scotia bank fixed mortgage deal and want to ask if it’s worth looking for a better deal considering buyout etc
Mortgage $255k
Buy out $7600k
Rate 3.75%
Mortgage $255k
Buy out $7600k
Rate 3.75%
- UnluckyDucky
- Jr. Member
- Mar 26, 2013
- 171 posts
- 127 upvotes
- GTA
Wondering if any brokers on here can help me hold the 2.34% that is only available until today? I assume it is with Meridian? Looking to renew.
Purchase Price - $560K
Remaining Balance - $439K
Location - Scarborough ON
Renewal date - Nov 30
Owner
Please PM me if you are a broker and can get the 2.34%. Thank you.
Purchase Price - $560K
Remaining Balance - $439K
Location - Scarborough ON
Renewal date - Nov 30
Owner
Please PM me if you are a broker and can get the 2.34%. Thank you.
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
2.34% is only available on purchases with MeridianUnluckyDucky wrote: ↑ Wondering if any brokers on here can help me hold the 2.34% that is only available until today? I assume it is with Meridian? Looking to renew.
Purchase Price - $560K
Remaining Balance - $439K
Location - Scarborough ON
Renewal date - Nov 30
Owner
Please PM me if you are a broker and can get the 2.34%. Thank you.
Did you put greater than 20% down when you purchased
What is the approx. value today
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
How much is the property worth and is it cmhc insuredcarbonfilter wrote: ↑ I have 4yrs left on my current scotia bank fixed mortgage deal and want to ask if it’s worth looking for a better deal considering buyout etc
Mortgage $255k
Buy out $7600k
Rate 3.75%
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- UnluckyDucky
- Jr. Member
- Mar 26, 2013
- 171 posts
- 127 upvotes
- GTA
Yes we put down exactly 20%, the property is likely valued at $590-600K today. We will also be putting down an additional $100-120K on the renewal so would require about $300-320K
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
2.34% is available until midnight and 2.44% as of tomorrowpseudointellectual wrote: ↑ Hey! First-time home-buyer looking for your most competitive rate on a 5yr fixed mortgage:
-What is the purchase price? 790,000
-How much is the down payment? 175,000
-Where it the property located? Hamilton, ON
-When is the closing date? Mid-December
-Will the property be owner-occupied or a rental? Owner-occupied
Thanks!
You would need to apply to any of the brokers on the forum NOW to get an application complete so we can lock the rate
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
2.49% 5 yr fixed is available to you on renewalUnluckyDucky wrote: ↑ Yes we put down exactly 20%, the property is likely valued at $590-600K today. We will also be putting down an additional $100-120K on the renewal so would require about $300-320K
Reach out to any of the brokers for assistance
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
- UnluckyDucky
- Jr. Member
- Mar 26, 2013
- 171 posts
- 127 upvotes
- GTA
Thanks, as I understand I still have some time to figure this out as only the new purchase rate is going up tomorrow?
- ai_c
- Sr. Member
- Dec 12, 2005
- 984 posts
- 398 upvotes
- Richmond
With complete info now...
Checking to see if it's a good rate to lock in or should ask for a better rate. TD rep offering 2.79 on a 5 yr fixed.
Mortgage owing is 110,000, owner owned in Richmond, BC with a renewal date of Jan 1.
Market Value is around 480,000, no CHMC or HELOC
Current Lender is TD, purchasd in 2009
Checking to see if it's a good rate to lock in or should ask for a better rate. TD rep offering 2.79 on a 5 yr fixed.
Mortgage owing is 110,000, owner owned in Richmond, BC with a renewal date of Jan 1.
Market Value is around 480,000, no CHMC or HELOC
Current Lender is TD, purchasd in 2009
Last edited by ai_c on Oct 17th, 2019 9:10 pm, edited 1 time in total.
- carbonfilter
- Member
- Mar 28, 2015
- 429 posts
- 177 upvotes
- Rural AB
Yes CMHC insured
Value $550k
- BTweee
- Member
- Mar 26, 2007
- 352 posts
- 18 upvotes
- Toronto
Can anyone help me get a pre approval before rates rise tonight?
Intended price to purchase new build is 500k
I can have 20 percent down or up to 30 percent.
Intend to own and live as primary resident.
Existing home under mcap will be rented out. Existing 400k mortgage. Market value should be around 750k.
Thanks in advance.
Intended price to purchase new build is 500k
I can have 20 percent down or up to 30 percent.
Intend to own and live as primary resident.
Existing home under mcap will be rented out. Existing 400k mortgage. Market value should be around 750k.
Thanks in advance.
- rateconnect
- Deal Fanatic
- Jan 31, 2018
- 6550 posts
- 1247 upvotes
The rate is only good for "live deals" meaning you have a property in place - not valid for preappsBTweee wrote: ↑ Can anyone help me get a pre approval before rates rise tonight?
Intended price to purchase new build is 500k
I can have 20 percent down or up to 30 percent.
Intend to own and live as primary resident.
Existing home under mcap will be rented out. Existing 400k mortgage. Market value should be around 750k.
Thanks in advance.
Phil
Phil Cragg
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
Mortgage Agent
Mortgage Outlet Inc Broker License #12628
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