Thank you. Do you know what variable rates are? and Heloc?
Also, is there any upside in going to non big 6 lenders given that I tend to get discretionary rates out of big 6?
Oct 1st, 2020 7:39 pm
Thank you. Do you know what variable rates are? and Heloc?
Oct 1st, 2020 8:28 pm
Oct 1st, 2020 10:31 pm
Thank you. I have seen the rates drop drastically the past couple months. I think I will wait another month to see if they drop anymore and then lock in a renewal with Scotia. Since it is rented out I'm not sure I could get a better rate elsewhere and this saves me the hassle of having to shop around. Thanks for your help!rateconnect wrote: ↑ Take those rates very competitive on a rental
Oct 1st, 2020 10:53 pm
Oct 1st, 2020 11:30 pm
Oct 2nd, 2020 1:25 am
Oct 2nd, 2020 5:01 am
Prime minus 0.45% / 2% variable 5-yeardealsonwheels95 wrote: ↑ Hello I will be closing 2 properties a month apart, kindly let me know regarding best available interest rates. Personal income is 350k. I already own one property I currently live in so not a first time buyer.
Property 1:
What is the purchase price? 477,500
-How much is the down payment? 95,500
-Where it the property located? Scarborough
-When is the closing date? Oct 30
-Will the property be owner-occupied or a rental? Rental
Property 2:
What is the purchase price? 441,500
-How much is the down payment? 88,300
-Where it the property located? Markham
-When is the closing date? Nov 30
-Will the property be owner-occupied or a rental? Rental
Oct 2nd, 2020 7:07 am
The minimum is 10 business days in most cases. The mortgage industry is swamped these days, and underwriting departments are overwhelmed. You van check with our local bank on this one, but I doubt they will be able to come through for you here.Is314onu wrote: ↑ How long does it take to get a mortgage, once I'm pre-approved? I am trying buy an assignment on a VERY tight schedule (closing is October 6). Not sure if it is even work out, but the realtors are seeing if they can make something happen - there's a small chance the developer will approve an extension. I have the down payment and sellers portion in cash, but need a mortgage for the balance. The mortgage would be <200K less than pre-approval, so I don't expect any issues with that. The assignment is new build in Toronto, so appraisal should be straight forward. Can the bank get their paperwork processed in that short a timeframe 2 business days)?
Oct 2nd, 2020 7:09 am
Potentially as low as 1.94% 5 year variable at 1.90%. Possibly a bit less.dealsonwheels95 wrote: ↑ Hello I will be closing 2 properties a month apart, kindly let me know regarding best available interest rates. Personal income is 350k. I already own one property I currently live in so not a first time buyer.
Property 1:
What is the purchase price? 477,500
-How much is the down payment? 95,500
-Where it the property located? Scarborough
-When is the closing date? Oct 30
-Will the property be owner-occupied or a rental? Rental
Property 2:
What is the purchase price? 441,500
-How much is the down payment? 88,300
-Where it the property located? Markham
-When is the closing date? Nov 30
-Will the property be owner-occupied or a rental? Rental
Oct 2nd, 2020 11:38 am
Rates start at 1.74% 5-year fixed with 20% down via a fair penalty lender (much, much better/cheaper IRD penalty calc vs the banks).stalequinoa wrote: ↑ Hi there, I'm looking to see what rates are out there for a 5 year fixed, 30 year amortization. I'm getting quoted 1.88-1.90% from major banks, curious to see if going the way of brokers can do any better. Pre-approval has been done and it satisfies the amount necessary. Thanks in advance.
-What is the purchase price? $666,000 + GST (first time home buyer)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Jan 15, 2021 (our unit is part of the final phase of a presale set for Jan 15, 2021 completion, with other phases already moved in)
-Will the property be owner-occupied or a rental? Owner occupied
Oct 2nd, 2020 12:58 pm
Check your pm pleasestalequinoa wrote: ↑ Hi there, I'm looking to see what rates are out there for a 5 year fixed, 30 year amortization. I'm getting quoted 1.88-1.90% from major banks, curious to see if going the way of brokers can do any better. Pre-approval has been done and it satisfies the amount necessary. Thanks in advance.
-What is the purchase price? $666,000 + GST (first time home buyer)
-How much is the down payment? 20%
-Where it the property located? Surrey, BC
-When is the closing date? Jan 15, 2021 (our unit is part of the final phase of a presale set for Jan 15, 2021 completion, with other phases already moved in)
-Will the property be owner-occupied or a rental? Owner occupied
Oct 2nd, 2020 1:33 pm
Oct 2nd, 2020 1:40 pm
Oct 2nd, 2020 1:48 pm
Oct 2nd, 2020 1:49 pm
25 yresctric wrote: ↑ Looking for rates on a 5 year fixed or variable (30 year amortization) for a new home purchase. I would prefer fixed if penalties are similar to variable without the high IRD costs.
- What is the purchase price? $706000
- How much is the down payment? 156000 (22%)
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
Oct 2nd, 2020 2:09 pm
Best variable rate it 1.60% 5-year variable (35bps lower than Desjardins). Definitely worth switching, as the Desjardins penalty should only be about $2000.TanveerA71885 wrote: ↑ Hi there, also wondering if its worth it to break my mortgage and sign elsewhere. I am currently in a 5 yr variable @ 1.95.
I am looking to get the HELOC with desjardin. I will have to pay 700$ ft fees no appraisal as its been done in July recently.
For a mortgage transfer/renewal:
-How much is the mortgage owing? $420,155.48
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? desjardin
-Do you have a HELOC tied to the mortgage? no (but need it to get money for next property down payment)
-Is the mortgage CMHC insured? no
-When did you buy the property? Jul 2020
-When is your renewal date? Jul 2025
Thanks very much!
Oct 2nd, 2020 2:12 pm
1.64% available on a 3 year fixed with costs covered to switch.Jutr781 wrote: ↑For a renewal
How much is the mortgage owing? 267,000
-Roughly, what is the current market value of the property? 515,000
-Which city is the property located in? Calgary
-Is the property owner-occupied or a rental? Owner occupied
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? 2017
-When is your renewal date? November 10, 2020
Looking for fixed rates for 2, 3 and 4 years.
Thanks!
Oct 2nd, 2020 2:48 pm
1.84% fixed 5-year / 1.75% variable 5-year. The penalty on a fixed mortgage will not be similar to the variable.esctric wrote: ↑ Looking for rates on a 5 year fixed or variable (30 year amortization) for a new home purchase. I would prefer fixed if penalties are similar to variable without the high IRD costs.
- What is the purchase price? $706000
- How much is the down payment? 156000 (22%)
- Where it the property located? Guelph
- When is the closing date? Oct 2020
- Will the property be owner-occupied or a rental? Owner-occupied
- Property type? Home
Oct 2nd, 2020 2:54 pm
You may be able to pull 100k by refinancing your current mortgage. Variable rate at 1.75% 5-year term. Multi-part mortgage option also available at an attractive rate.TanveerA71885 wrote: ↑ Hi there, also wondering if its worth it to break my mortgage and sign elsewhere. I am currently in a 5 yr variable @ 1.95.
I am looking to get the HELOC with desjardin. I will have to pay 700$ ft fees no appraisal as its been done in July recently.
For a mortgage transfer/renewal:
-How much is the mortgage owing? $420,155.48
-Roughly, what is the current market value of the property? $650,000
-Which city is the property located in? Ottawa
-Is the property owner-occupied or a rental? owner-occupied
-Who is your current lender? desjardin
-Do you have a HELOC tied to the mortgage? no (but need it to get money for next property down payment)
-Is the mortgage CMHC insured? no
-When did you buy the property? Jul 2020
-When is your renewal date? Jul 2025
Thanks very much!
Oct 2nd, 2020 2:56 pm