House purchase 500 k
income 105 k
Mar 15th, 2019 1:27 pm
Mar 15th, 2019 3:37 pm
With 20% down payment, the lowest 5 year fixed is 3.24% or 5 year variable at prime -0.95% (3.00%). For any purchase under $1 million with a 20% down payment, these will be the rates.
Mar 15th, 2019 6:13 pm
Mar 15th, 2019 7:46 pm
Mar 16th, 2019 9:28 am
Mar 16th, 2019 10:38 am
Lowest 3 year fixed for a rental property right now would be 3.49%. Lowest 5 year variable would be higher than this, so would suggest the 3 year fixed in most cases. While fixed rates have come down for rental properties, the variable rate options are terrible.striderfox wrote: ↑Mar 15th, 2019 11:01 pmHi everyone,
Looking for the best rate (3 yr closed) or 5 yr variable on these details:
Purchase Price : $720k
Closing date: April 2019
Primary residence? No (investment property)
amortization: 30 year
Household income: $220k
Third property (have main and 1 other investment condo)
Mar 16th, 2019 10:44 am
Is the 2nd property going to be an investment property? 2nd home? Or are you turning your current home into a rental and will be making the new home a primary residence?
Mar 16th, 2019 11:08 am
Mortgage amount will be $226000, have 20% down and its a 2nd home that family will be residing in. I will still have my primary residence.PaulMeredith wrote: ↑Mar 16th, 2019 10:44 amIs the 2nd property going to be an investment property? 2nd home? Or are you turning your current home into a rental and will be making the new home a primary residence?
What is the purchase price and how much do you have for down payment?
Whether to go with 2 year or 5 year really depends on the person. A 2 year fixed is not something that is right for everyone. We don't know where rates will be in two years, so there is no way to know for sure which would prove to be the better option mid term. If you tell me the amount of your mortgage, I can then let you know what your break even rate would be. The break even rate would be what the 3 year fixed rate would need to be after the end of the two year term for you to come out ahead with either option. The 3 year fixed is used for the break even rate since we are comparing a 2 year term with a 5 year term. Let me know and I can further advise.
Mar 16th, 2019 11:14 am
3.24% 5-year fixed and 3.00% 5-year variable would be the best rates for you!
Mar 16th, 2019 11:24 am
Thank you for sharing this!Shaidin wrote: ↑Mar 16th, 2019 9:28 amMy mortgage with MCAP has closed. It was facilitated by Kevin. The rates advertised on this board were the rates that I closed for.
A smooth process overall, with communications and documents handled by email. Kevin had no problem in redoing the document packages a couple times as I made some changes to the mortgage details.
Visits by a third party for home appraisal
and by a notary to sign some papers were also required, and both were under 15 minutes long.
The MCAP website seems to be well done and organized, with lots of details and self-serve options.
Well worth the effort of switching, vs the terrible renewal deal my bank was offering.
Mar 16th, 2019 1:12 pm
Mar 16th, 2019 1:53 pm
Mar 16th, 2019 2:10 pm
Other brokers (non RFD) are quoting the same rate but the product they've got has a 3% early termination penalty. Can you gents clarify? I assume you're quoting full-featured products with "standard" termination penalties, right?
Mar 16th, 2019 5:13 pm
Mar 16th, 2019 6:03 pm
The 3.24% (20% down payment), 3.14% (25%+ down payment) and 3.09% (high ratio) 5 year fixed mortgages all have the standard penalties. They do not have a 3% minimum penalty.