Just received an accepted offer for a house
First time home buyer
Montreal South shore
Could you please point me towards the best rates for :
-5 year fixed
-5 year variable
-3 year fixed
Mar 22nd, 2019 8:16 pm
Mar 22nd, 2019 8:20 pm
Best rate available would be 3.19% 5yr fixed & 5 yr variable 3%
Mar 23rd, 2019 2:14 am
Mar 23rd, 2019 3:05 am
Mar 23rd, 2019 8:43 am
Mar 23rd, 2019 9:51 am
Mar 23rd, 2019 10:47 am
Thanks for the info! Lowest 5 year fixed in your case would be 3.09% or lowest 5 year variable at prime -1.15% (2.80%).Joe914 wrote: ↑Mar 23rd, 2019 9:51 amHello, looking to renewal. Interested in variable rates.
* Original purchase price: $350,000
* Refinanced since purchase: No
* CMCH: No
* Renewal date: May 22, 2019
* Mortgage amount owing: $197 000
* Municipal Assessed value: Not sure
* Amortization left: 20 yrs
* Primary residence: Yes
* Current lender: Scotiabank
* Location - Burlington, ON
* Do you have a second component such as a HELOC attached to your mortgage? No.
* Household income: combined 200k
* Credit score : 870
Mar 23rd, 2019 1:58 pm
Reply:Jeremyl007 wrote: ↑Mar 23rd, 2019 2:14 amFixed rates probably have another 30 to 40 basis points to go over the spring and summer... Yields are not done dropping after another weak GDP and inflation.. If anyone has to renew right now I'd opt for an open mortgage until the fixed rate drops materializes which the lenders have not ully implemented yet...... Oct 2018 yields were 2.4% and started dropping in November... Now they are at 1.5 ish.. the 3.19% for the 5 year isn't done going down because of the lender lag. For a 500k mortgage you could save $2500 of interest over a five year term for every 10 basis point drop for a five year term.. by waiting just another 6 months for lenders to react to this new drop
Mar 23rd, 2019 2:01 pm
Mar 23rd, 2019 2:11 pm
Mar 23rd, 2019 3:55 pm
March2019Homebuyer wrote: ↑Mar 23rd, 2019 2:01 pmHi,
I have an accepted offer on a home in the Victoria BC area. Looking for a broker and lowest possible rates for a 5 year variable rate mortgage.
Total Cost: ~850,000
First Time Homebuyer (as a couple)
Looking to secure financing within the next week. Happy to discuss in detail via PM. Any help is greatly appreciated.
Mar 23rd, 2019 6:53 pm
It doesn't make sense to take an open mortgage just to *hopefully* lock-in a lower fixed rate in the future. The open rate is just too high and fixed rates are already pretty low.jonny2box wrote: ↑Mar 23rd, 2019 1:58 pmReply:
I'm all for waiting and getting into an open mortgage to give the lenders time to drop and adjust their rates, and I've considered doing this, because our home purchase closes end of April and I see fixed rates have moved down quite a bit just in the last 4weeks, and since the BoC policy statement and the Fed Reserve announcing that rates will remain the same for the next year out. Trouble is ... how much extra is an open mortgage going to cost ... Doesn't that put interest rate in the 6-7% territory while waiting it out next 6mths? (on a 400k mortgage that's an extra $600/mth just in interest)
Am I better off going with a 3yr variable rate if I want to roll the dice and think the economy might be heading for a recession ?
Mar 23rd, 2019 8:49 pm
Well everything is a bet with mortgages... You could opt for variable over fixed hoping the BOC doesn't raise their overnight lending rates... This is pretty much a shorter term bet over 3-4 months to allow the bank lending rates to catch up to the drop on bond yields. 5 years has come down from 3.69 to 3.19 whereas the bond yield is probably at when banks are lending at 2.79 when it was on the way up... Almost like buying a 3 month put option... With the difference in interest expense the premium you're willing to pay with
Mar 24th, 2019 11:45 am
Mar 24th, 2019 2:37 pm
There's quite a few lenders that are ok with new jobs and probation. Rate would have been much better than 3.29% 2-year fixed. Just an FYI for future reference.freakoutguy wrote: ↑Mar 24th, 2019 11:45 amI renewed with CIBC with 3.29% for a 2 year fixed. Just changed jobs 2-3 weeks back, so did not want to get into the hassle of finding a a new lender, prove stable income etc. Even if I end up paying an extra 50 bucks or so per month, its worth it given my situation.