Real Estate

The Official Mortgage Rates Thread

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  • Apr 20th, 2019 9:19 am
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dcjcdc wrote:
May 16th, 2016 6:29 pm
m situation
have 34000 left on the mortgage,,remaining amortization 1 year and 3 months interest rate is 1.8 its variable freq accelerated bi weekly last regular payment july 8th 2016
renewel options
1 year fixed new maturity date july 7 2017..new interest rate 3.19
2 year fixed new maturiyty date july 6th 2018 rate 3.24
called the bank and told me cant offer the same variable on renewal as mortgage is too small
can another lender .for those in same situation see a lender do a variable with a smaller mortgage and less than 2 years to pay
thanks
Your mortgage amount is too small for any lender to be interested at any rate. Most have a minimum mortgage amount of $50,000, with some being higher. Your best bet is to try to negotiate with your current lender. Utilize your prepayment privileges and try to get that bad boy paid of even sooner. On such a small amount .10 or .20% in rate is going to make minimal difference anyway.

Congratulations on being so close to mortgage freedom! :)
Paul Meredith
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Many thanks for your kind comments, Djino! Im glad I was able to help you with your mortgage needs in QC.
djino wrote:
May 15th, 2016 11:51 am
I just wanted to thank valuemortgage for helping me with my renewal to another lender. I originally contacted him about 2 months ago about my end of April Maturity Date.

Very knowledgeable guy and got back to me very promptly about all the questions I had. This was my first time dealing with a Mortgage broker, and would highly recommend him and will likely contact him again on my next renewal.

djino
"Thanks for all your help!"
Andre Oliveira - Mortgage Agent at Valuemortgage
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ValueMortgage/CDNRealEstateGuy & Al,
Do any of you do commercial mortgages in QC? (Over 8 units rental properties)

Trying to figure out current CMHC & non rates for 5 year terms
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Jon Lai wrote:
May 16th, 2016 9:05 pm
Any new 5 year fixed specials this week?
It depends on what you classify as a "special". A 5y fixed rate for an owner occupied property is easily available at 2.44%, conventional or high ratio, without any unusual requirements or crazy high penalties.
HoTiCE_ wrote:
May 16th, 2016 9:13 pm
ValueMortgage/CDNRealEstateGuy & Al,
Do any of you do commercial mortgages in QC? (Over 8 units rental properties)

Trying to figure out current CMHC & non rates for 5 year terms
Sorry - I dont do commercial deals.
Andre Oliveira - Mortgage Agent at Valuemortgage
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valuemortgage wrote:
May 16th, 2016 9:44 pm
It depends on what you classify as a "special". A 5y fixed rate for an owner occupied property is easily available at 2.44%, conventional or high ratio, without any unusual requirements or crazy high penalties.
Thanks, as it seems like 2.44% has been the norm for a while, was going to see if there was a "special" for lower. For example, I was told last week there was a 45-day with MCAP at 2.39% with cash back. Was hoping for something similar to return.

Thanks.
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Jon Lai wrote:
May 16th, 2016 10:19 pm
Thanks, as it seems like 2.44% has been the norm for a while, was going to see if there was a "special" for lower. For example, I was told last week there was a 45-day with MCAP at 2.39% with cash back. Was hoping for something similar to return.

Thanks.
There used to be a 2.39% 5 year fixed 45 day quick close with MCAP, however that promotion was discontinued last week unfortunately. No new specials yet, but let's keep our fingers crossed that something new comes out soon.
Paul Meredith
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A few days ago, there was indeed a 2.39%.. there was also a 2.34%. But the nature of this business is that rates can change anytime, almost always without any notice (or a few hours at best).

So, if you need a rate for a purchase/switch/refinance, talk to a broker and lock something now... if it drops later, there is always a chance you can get the new lower rate (policies regarding rate drop varies a lot from lender to lender) later on. But waiting will almost certainly cost you money.

Jon Lai wrote:
May 16th, 2016 10:19 pm
Thanks, as it seems like 2.44% has been the norm for a while, was going to see if there was a "special" for lower. For example, I was told last week there was a 45-day with MCAP at 2.39% with cash back. Was hoping for something similar to return.

Thanks.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
FSCO # 10428
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Mar 1, 2014
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Jon Lai wrote:
May 16th, 2016 9:05 pm
Any new 5 year fixed specials this week?
Yes, there is a 2.39% 5-yr fixed special, for purchase and refinance only.
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valuemortgage wrote:
May 16th, 2016 11:21 pm
A few days ago, there was indeed a 2.39%.. there was also a 2.34%. But the nature of this business is that rates can change anytime, almost always without any notice (or a few hours at best).

So, if you need a rate for a purchase/switch/refinance, talk to a broker and lock something now... if it drops later, there is always a chance you can get the new lower rate (policies regarding rate drop varies a lot from lender to lender) later on. But waiting will almost certainly cost you money.
Indeed we have already locked in 2.44, so we are safe on that end. Just wanted to be well informed when working with my broker :)
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This was a long time coming but i figured id give a shout out to PaulMeredith for providing me with a smoking hot rate back in October last year. a full .3 lower then TD or any normal bank would offer.

Communicated purely in email and answered all my questions in a timely matter. He was also very forward with the dangers of certain products ( high break fees etc) and didnt try to hide any costs.

In the end he got me the best rate at the time and was easy to deal with so 2 thumbs up for PaulMeredithfrom me!
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bigmutt15 wrote:
May 16th, 2016 6:33 pm
Anyone deal with EQ bank? Currently have an offer of 5 year fixed at 2.42 or 5 year variable at 2.1. The best I am being offered other than that is Tangerine at 2.59 for 5 year fixed
EQ Bank is fairly new in the "A" market...they are known for their sub-prime loans.

Depending on the mortgage details, they are better rates available as well.
Kevin Somnauth, CFA
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President's Club Award Winner At The Mortgage Architects
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HoTiCE_ wrote:
May 16th, 2016 9:13 pm
ValueMortgage/CDNRealEstateGuy & Al,
Do any of you do commercial mortgages in QC? (Over 8 units rental properties)

Trying to figure out current CMHC & non rates for 5 year terms
Yes, I do commercial....I'm assuming this is a multi-family property?
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CdnRealEstateGuy wrote:
May 17th, 2016 11:14 am
EQ Bank is fairly new in the "A" market...they are known for their sub-prime loans.

Depending on the mortgage details, they are better rates available as well.
Has their recent influx of cash made a notable increase in their presence in the "A" market?

I think they were hoping for $200M in deposits in a year but got $7-800M in a few months :)
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