Real Estate

The Official Mortgage Rates Thread

Deal Addict
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Aug 7, 2007
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This isn't a mortgage question, but slightly related...maybe?

I'm moving to BelAirDirect for my car and condo insurance and BelAirDirect is setting me up on the day of my closing for car insurance but for home insurance, they are asking for proof of mortgage. The guy I was speaking with doesn't seem to understand the interim occupancy period where I'm basically renting from the builder.
How do I approach this? I understand that I need condo insurance for this occupancy period. Do I just try and get a pre-approval? (Closing is October 25th)
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Nov 2, 2014
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Scarborough, ON
ADRiiAN` wrote: This isn't a mortgage question, but slightly related...maybe?

I'm moving to BelAirDirect for my car and condo insurance and BelAirDirect is setting me up on the day of my closing for car insurance but for home insurance, they are asking for proof of mortgage. The guy I was speaking with doesn't seem to understand the interim occupancy period where I'm basically renting from the builder.
How do I approach this? I understand that I need condo insurance for this occupancy period. Do I just try and get a pre-approval? (Closing is October 25th)
You get tenants insurance, not condo insurance, until you close.
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RobertSmalls008 wrote:
ADRiiAN` wrote: This isn't a mortgage question, but slightly related...maybe?

I'm moving to BelAirDirect for my car and condo insurance and BelAirDirect is setting me up on the day of my closing for car insurance but for home insurance, they are asking for proof of mortgage. The guy I was speaking with doesn't seem to understand the interim occupancy period where I'm basically renting from the builder.
How do I approach this? I understand that I need condo insurance for this occupancy period. Do I just try and get a pre-approval? (Closing is October 25th)
You get tenants insurance, not condo insurance, until you close.
Are you sure? This article says otherwise. also this article but I'm not moving here
That would be quite annoying to have to get tenants insurance and then condo insurance when the title is ready :(
This question is not easy to find a clear answer on Google
Deal Guru
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Aug 8, 2012
10198 posts
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BC
ADRiiAN` wrote:
RobertSmalls008 wrote:
ADRiiAN` wrote: This isn't a mortgage question, but slightly related...maybe?

I'm moving to BelAirDirect for my car and condo insurance and BelAirDirect is setting me up on the day of my closing for car insurance but for home insurance, they are asking for proof of mortgage. The guy I was speaking with doesn't seem to understand the interim occupancy period where I'm basically renting from the builder.
How do I approach this? I understand that I need condo insurance for this occupancy period. Do I just try and get a pre-approval? (Closing is October 25th)
You get tenants insurance, not condo insurance, until you close.
Are you sure? This article says otherwise.
That would be quite annoying to have to get tenants insurance and then condo insurance when the title is ready :(
I call BS on that article saying you need "homeowners insurance".

In BC anyways (we call them stratas here) you as the owner are never insuring the building itself, so whatever type of insurance you get it should just be to cover your contents.
The structure and finishings that came with it originally should be insured presently by someone ... and once the condo is registered, they will insure the building (maybe insurance passes/transfers on, or it's canceled and renewed) but in any case you don't need homeowner's insurance.
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ace604 wrote:
ADRiiAN` wrote:
RobertSmalls008 wrote:

You get tenants insurance, not condo insurance, until you close.
Are you sure? This article says otherwise.
That would be quite annoying to have to get tenants insurance and then condo insurance when the title is ready :(
I call BS on that article saying you need "homeowners insurance".

In BC anyways (we call them stratas here) you as the owner are never insuring the building itself, so whatever type of insurance you get it should just be to cover your contents.
The structure and finishings that came with it originally should be insured presently by someone ... and once the condo is registered, they will insure the building (maybe insurance passes/transfers on, or it's canceled and renewed) but in any case you don't need homeowner's insurance.
Thanks for the information. I did mention it was condo insurance and like you said, it's insurance to cover the contents. So I believe it is condo's insurance I require.
BelAirDirect Condo Insurance
Tenants & Renters Insurance
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Jun 3, 2006
668 posts
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Markham
I recently closed a mortgage with Butler for 2 years at 2.04% and will never use them again. Their attention to detail is just horrible. I asked a number of times for them to adjust things like start date, payment amount, decline of insurance, etc, and every time the paperwork came back, including when we were at the lawyers to sign the paperwork, nothing was ever changed. Given that you are dealing with big sums of money, you'd think that they pay attention to these things.

Also, as part of the process, they agree to reimburse the home appraisal fee as well as the legal fees. What they didn't tell me, however, was that there was a cap to the amount. In the paperwork that I signed, it specifically says, "Est Cost - Broker to Reimburse" and "Value" of $325 and $795 for appraisal and legal fees respectively. Nowhere in the paperwork does it say that it's a maximum amount, and unless I'm missing something "Est Cost" to sounds like an estimate, but not a maximum. I escalated this to their owners, but it was pointless. I'm out a few hundred bucks, so it's not worth small claims court.

Anyways, that was my experience with them. Buyer beware.
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Feb 2, 2014
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Toronto
Hellfire wrote: Can anyone post the *Major Banks* best 1-5 year fixed rates right now? Got a mortgage up and debating what to do.
Any reason you are limiting yourself to the Big Banks? Best rates from a non-bank lender are 2.14% 5-year fixed and 2.00% 5-year variable.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
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Most lenders with the best rates will not issue a pre approval with their lowest rates, and some lender dont do pre-approvals at all. You can still get pre-approved, but it wont be at the rates you see posted here, such as a 5y fixed at 2.19%. But once you find a property and has your offer accepted, the pre approval can be converted to an approval and then you get the most discounted rate available at that time.
Last edited by valuemortgage on Sep 19th, 2016 5:16 pm, edited 1 time in total.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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For those of you that missed out on the 2 year 2.09% deal you can get a very similar rate on a 3 year with cash back to pay for expenses. The only catch is t must close within 40 days.

Those willing to also take 2.22% on a 4 year are also eligible for a large cash back that doesn't need to be paid back. For example on a 500k mortgage you will get a rate of 2.22% on a 4 year and roughly 2000-2500$ cash back, the only stipulation is it just close within 40 days.
Mortgage Specialist in the GTA
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Jul 16, 2005
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CdnRealEstateGuy wrote:
Matryx wrote: Hi,

I'm looking to buy my first property in the Kitchener area and I'm looking for a broker that can help me. Any mortgage brokers here feel free to PM me.
Have you been pre-approved yet?
No I haven't yet actually.

Before getting pre-approved, should I clean up all my credit cards? Over the past decade I've applied for a lot of credit cards chasing perks/points.

I went to a real estate investment meeting and a speaker there mention something about CMHC on Sept 28 , 2015 allowing a secondary income (legal or illegal) to be used when qualifying for a mortgage.

Anyone have experience in this?



Permitting Secondary Suites
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Matryx wrote:
CdnRealEstateGuy wrote:
Matryx wrote: Hi,

I'm looking to buy my first property in the Kitchener area and I'm looking for a broker that can help me. Any mortgage brokers here feel free to PM me.
Have you been pre-approved yet?
No I haven't yet actually.

Before getting pre-approved, should I clean up all my credit cards? Over the past decade I've applied for a lot of credit cards chasing perks/points.

I went to a real estate investment meeting and a speaker there mention something about CMHC on Sept 28 , 2015 allowing a secondary income (legal or illegal) to be used when qualifying for a mortgage.

Anyone have experience in this?



Permitting Secondary Suites
It's impossible to answer this question until we see some numbers. You may or not be able to get a mortgage with balances on credit cards (it depends on the mortgage amount, your income...).

Some lenders allow (and have always allowed) income from non-retrofitted basement apartments.

I may be getting off base here, but don't waste money on those real estate investment seminars...biggest waste of money out there in my opinion. I checked out a free one a few years back, and the presenter was saying so much incorrect stuff just to entice people to sign up for his $5k course (and it worked on a few).
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
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Dec 1, 2015
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No problems. Keep in mind that sometimes the best rate you see posted somewhere may not be available to all clients in all situations. For example, a 5y fixed rate is available as low as 2.14%, but the criteria to qualify for this product is very specific.
taikogod wrote:
valuemortgage wrote: Most lenders with the best rates will not issue a pre approval with their lowest rates, and some lender dont do pre-approvals at all. You can still get pre-approved, but it wont be at the rates you see posted here, such as a 5y fixed at 2.19%. But once you find a property and has your offer accepted, the pre approval can be converted to an approval and then you get the most discounted rate available at that time.
taikogod wrote: Shopping for the best 5 year fixed rate on a pre approval in Vancouver. Please PM me.
Thanks for the info. Good to know.
Last edited by valuemortgage on Sep 14th, 2016 4:14 pm, edited 1 time in total.
Andre Oliveira - Mortgage Agent at Valuemortgage
2018 Top 20 National - Mortgage Intelligence
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Oct 5, 2007
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Toronto
Hi, I am also shopping for the best rates and what options there are. Please PM me.
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gamer4lyfe wrote: Hi, I am also shopping for the best rates and what options there are. Please PM me.
it's always helpful if you post a bit more information such as the type of transaction (purchase, refinance or switch/renewal), purchase price/property value, mortgage amount needed, as well as the province you are located in.
Paul Meredith
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CityCan Financial Corp (lic. 10532)
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Oct 5, 2007
426 posts
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Toronto
PaulMeredith wrote:
gamer4lyfe wrote: Hi, I am also shopping for the best rates and what options there are. Please PM me.
it's always helpful if you post a bit more information such as the type of transaction (purchase, refinance or switch/renewal), purchase price/property value, mortgage amount needed, as well as the province you are located in.
Thanks Paul - Yes, was planning on answering that in PM but I can post it here as well. Purchasing a new home, Haven't decided on a property - still looking, looking for a pre-approval, Located in Ontario

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