With new regulations, it's always a good idea to post the purchase price as well. If the purchase price is higher than $1 million, than a completely different set of rates will apply than if the home were valued at under $1 million. This is regardless of how much your down payment is. It's pretty ridiculous.kate27 wrote: ↑ Hello everyone! I have a question regarding mortgage rate.
I am looking at the 5-year fixed and closed mortgage for $115k. This would be a new mortgage for a recent home purchase, looking to close in March. I have a pre-approval from CIBC at 2.49%. I have phoned around the Big 6 banks, as well as the credit unions (Alterna and Meridian), and the online banks (Tangerine and PC Financial). They all told me that they cannot beat that rate, although there were a couple who offered to match it.
I would like to ask is this the best rate that I can find for the 5-year fixed and closed mortgage at this time? I have been looking at the previous threads and the rate seem comparable to what people have been getting, although slightly higher compared to the beginning of the month. Any help and/or advice is greatly appreciated! Thank you.
If under $1 million purchase price, there are 5 year fixed rates available as low as 2.39%. Rates have increased quite a bit in the past month.
Mortgage Broker, Author
CityCan Financial Corp (lic. 10532)