Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects
Apr 11th, 2019 1:47 am
Apr 11th, 2019 6:49 am
Yes, for down payment of 20% - 34.99%. For down payment greater than 35% lowest rate would be 2.84%. Note that purchase price must be under $1 million and maximum amortization is 25 years (this is the case for most of the lowest rate options. This rate is also available for those with a renewal coming up as well. If you have a renewal, property value must be under $1 million OR you purchased your property prior to November 30th, 2019.
Apr 11th, 2019 6:54 am
Really, he told you that you needed to meet him ASAP for a renewal coming up in November? This is why it's so important to choose the right person to handle your mortgage for you. If you do end up working with NBC in the future, I would definitely ask for someone else to work with. This person is misleading you. Rates will likely be lower once you are within the 90 day window as well.
Apr 11th, 2019 7:23 am
Apr 11th, 2019 7:43 am
Lowest 5 year fixed in your case would be 3.04% with 25 year amortization or 3.09% with 30 year amortization. Lower rates likely coming soon though.Diakonos wrote: ↑ Hi there, would-be first time buyer here. I've looked at a few places closely, but have not yet visited a bank for firm rates.
Purchase Price : $350k
Downpayment: 20% (up to 25%, but seems unnecessary?)
Closing date: none yet
Primary residence? Yes
Location: Montreal, QC
Amortization: 30yr or 25 yr
Household income: $75k
It would seem that the best 5yr fixed-closed publicly available is HSBC with 3.04%. But would love to be surprised.
Apr 11th, 2019 7:58 am
Apr 11th, 2019 8:00 am
Apr 11th, 2019 9:11 am
Apr 11th, 2019 9:12 am
Apr 11th, 2019 9:19 am
Apr 11th, 2019 9:42 am
pvesa16 wrote: ↑ Hello, Looking for some advice on renewing early on my home mortgage.
Is it worth it to break mortgage early? (I realize i would need to find out from MCAP what the penalty would be to break early)
what are the best rates available for my situation?
Estimated home value: $800,000-850,000
Maturity date: April 2020
Closing principal at maturity: $172,525
Remaining amortization at maturity: 6 years
Current Rate: 3.05%
Current lender: MCAP - 5 yr variable
Mortgage protection: NO
Apr 11th, 2019 9:43 am
You will be able to renew without income verification. No qualification needed at all for renewals! You'll likely be limited to going with the same lender however. If you want to switch lenders, then full income verification and qualification will be required.mazerbeaner wrote: ↑ So I have 3 mortgages coming up and I have a question about temporary unemployment and if it will impact them.
My wife took 1.5 years off for sick/mat leave and now wants to take another 1.5 years off for a post grad. She has worked 1 day a month to keep her previous job which she can switch back to full time at any time.
She has a renewal coming in summer 2020 where she is the sole mortgage holder and it's a break even rental property. Can she just renew without income verification? Would I have to now cosign on this? It is with RMG, about 50% equity.
Then we have our house renewal coming up in summer 2021. Same question, can we just renew without income verification. It is with Scotia bank, about 40% equity.
Then we will need a new mortgage in 2022, I expect she will be back at work this year but will have little or no income for the past two years, will this be an issue? It will be for a rental property that is breaking even. Unknown lender but will have 20% down.
I could get a relative to cosign but I'd rather find a way to do these on our own. She can go back to work if necessary but would rather not. I don't want to just get stuck renewing and paying higher rates for no reason.
Apr 11th, 2019 9:46 am
Thank you, I guess in that case I would not be able to extend out the amort? Will I be able to change the accelerated biweekly to regular monthly?
Apr 11th, 2019 9:53 am
Correct. You would not be able to extend your amortization, as doing so would require a refinance, which would then require qualification. you would still be able to change your payment frequency at any time. You do not have to wait until your terms end to change payment frequency. This can be done at any time during the term very easily.
Apr 11th, 2019 10:20 am