MCAP are my #1 lender in terms of volume.
Great rates , fantastic underwriting and client support post funding
Broker License #12626
Feb 14th, 2019 8:40 pm
Feb 15th, 2019 7:39 am
Feb 15th, 2019 7:51 am
Lowest 5 year fixed for refinancing would be 3.54% or prime -0.75% (3.20%) for 5 year variable. When refinancing, you can go up to a maximum of 80% of the appraised value of the home. In your case, $300,000 (assuming an appraisal of $375,000 of course).holmes79 wrote: ↑Feb 15th, 2019 7:39 amMortgage up for renewal in May and I am planning on refinancing and using extra cash to pay off debt/renovations. What are best available rates?
Mortgage amount owing at maturity: 155K
Refinance Amount: 200K
Approximate market value: 375K
Current lender: First National
Location: Ottawa, ON
Maturity date: May 30, 2019
Feb 15th, 2019 10:38 am
Feb 15th, 2019 11:09 am
$1M for a condo in Edmonton? just had to state the obviouspenpmcol201 wrote: ↑Feb 13th, 2019 10:52 pmFirst time posting!
Purchasing a pre-construction condo (purchase agreement already signed).
Purchase price - $990,000 (before GST)
Down payment amount (or percentage) - 20% (or a bit higher possibly if advantageous to do so)
Primary residence - Yes, first home!
Location - Edmonton, AB
Closing date - Early June 2019
Would this be considered an insurable mortgage because purchase price is < $1 million? Or would you look at the total price after GST (5%), which would be over $1 million?
Interested in 5 year fixed and 5 year variable rates!
Feb 15th, 2019 11:39 am
Feb 15th, 2019 11:45 am
Right now, the lowest rate available for a purchase with less than 20% down is 5 year fixed at 3.29% or 5 year variable at prime -1.20% (2.75%). Note that the maximum rate hold on the fixed rate option is 120 days, which is the case with most mortgage options. The variable rate option is 90 days. For either, you're a little early to lock anything in.
Feb 15th, 2019 12:12 pm
Feb 15th, 2019 12:15 pm
Feb 15th, 2019 12:30 pm
For an accurate rate quote, provide the following info and we can let you know the best rates that will be available to you:
Feb 15th, 2019 12:35 pm
Rates start at 2.75% 5-year variable and 3.29% 5-year fixed. For an exact quote, we need the questions above answered.
Feb 15th, 2019 12:43 pm
Are you currently in a fixed or a variable rate mortgage? Do you need to borrow additional funds to complete the new purchase?Labrie wrote: ↑Feb 15th, 2019 12:15 pmJust a question about porting. I switched lenders to MCAP when I renewed last year. The big thing for me was being able to port as I am now about to pull the trigger on buying a new home (increase mortgage amount). I was mistakenly under the impression being able to port a mortgage over to the new property would allow me not to have to break my mortgage mid term. When I called MCAP to discuss, they said I would have to pay a fee (around $3000) to move my current mortgage over to the new house as I would be breaking early but would give a minor discount if I remained with them. What is the point of having the ability to port if you are being charged a penalty anyways?
Sorry forgot to add info as I would need to requalify for increased amount:
New home asking price is 549,900
New mortgage would be around $440,000 with 20% down.
Income ~ 110,000
Credit score 843
St. Thomas, ON
Feb 15th, 2019 1:14 pm
Feb 15th, 2019 1:16 pm
Feb 15th, 2019 1:18 pm
Thank you,PaulMeredith wrote: ↑Feb 15th, 2019 12:30 pmFor an accurate rate quote, provide the following info and we can let you know the best rates that will be available to you:
If you have a renewal coming up:
Mortgage amount owing at maturity (or current mortgage amount if unknown)
Approximate market value
Original purchase date (month and year)
Did you pay an insurance premium such as CMHC when you purchased the home? (meaning you had less than 20% down payment)
Did you refinance your mortgage since you owned your home? If so, what was the year and month when you did the refinance?
Do you have a second component such as a HELOC attached to your mortgage?
Is this your primary residence or a rental property?
For anyone who may be purchasing, this the info required:
Down payment amount (or percentage)
Primary residence or rental property