Mortgage Outlet Inc Broker License #12628
Sep 23rd, 2019 6:34 pm
Sep 23rd, 2019 6:37 pm
Need more info please
Sep 23rd, 2019 6:38 pm
Best rate through the broker channel would be 2.59% 5 yr fixed with an locIrinaI751476 wrote: ↑ Hello!
I'm looking to a mortgage refinance:
-Roughly, what is the current market value of the property? $880,000
-What is the current mortgage owing? $26,000 + 80,000 HELOC
-How much do you want to borrow (refinance)? $140,000 mtg fixed + max possible HELOC (500-600K)
-Is the property owner-occupied or a rental? Owner (13y)
-Where is the property located? North Delta, BC
-When do you want to close on the refinance? Nov 2019
Both me and my husband have excellent credit score over 850 and our total income will be over 200,000/y (just starting my job now)
Sep 23rd, 2019 7:03 pm
Sep 23rd, 2019 7:14 pm
Sep 23rd, 2019 8:05 pm
Sep 23rd, 2019 8:16 pm
Sep 23rd, 2019 9:08 pm
Insured rates can get 2.39% in SK but application needs to be put in right now (as in, in the next 3 hours because rates are increasing tonight). That would be MCAP Value Flex (bonafide sales clause). You can do a 2.39% with RMG but that comes with a very steep prepayment penalty (3% of the mortgage balance if you prepay before the 5-year term is up).
You betcha. Branches offer it at 2.49% but we get to "buy down" (ie: sacrifice some of our commission) to get it down to 2.34%. Same as the 2.39% insured deal, that we can get down to 2.24%. The drawback is that turnaround times at the branch are quick whereas we brokers get tossed into a queue and it'll take 5 business days (minimum) to get the file looked at.
Get the down payment up to 35% and you can get 2.39% unrestricted from RFA. As of right now the best deal in NS, as far as I can tell . Anything less than 35% down payment is probably best with Motusbank at 2.49%.MrRoboto69 wrote: ↑ Purchase price = 300-500k
Downpayment = 20% (or significantly more if it makes rate more attractive)
Income = approx 200k combined
Credit scores = both good
Debts = none
Province of purchase - Nova Scotia
Looking for basic mortgage rate (sounds like only fixed makes sense right now) and heloc please, thank you !
Ask the current lender what they'll lock you in at. Probably your best bet is RFA at 2.44% 5-year fixed. Why? Your mortgage is too small so costs don't get covered unless broker (me!) pays for them from commission. To do 2.39% on your deal and pay for switch costs I'd be left with virtually no commission - that's why 2.44% is the rate (and not 2.39%!). That said, isn't everything negotiable?dnbcdeal wrote: ↑ I'm looking to a mortgage refinance to hopefully take advantage of the current rates. I’m currently on a variable. 3.30% with 2 years left on the term.
-Roughly, what is the current market value of the property? $493,000
-What is the current mortgage owing? $191,033.48
-How much do you want to borrow (refinance)? $191,033.48
-Is the property owner-occupied or a rental? Owner (7 yr)
-Where is the property located? Richmond, BC
-When do you want to close on the refinance? Oct,2019
I have a good credit score. My total income will be over 90k/yr
-Debts = None
Sep 23rd, 2019 9:19 pm
Sep 23rd, 2019 9:26 pm
Sep 23rd, 2019 9:38 pm
If you have the STEP product, then it’s a collateral charge. If not, you’re good, just the discharge.freewheelin76 wrote: ↑ So literally my only fee would have been w/e scotia's discharge fee would have been. I'm going to have to confirm if my original loan was in fact standard charge. I don't recall an amount higher than the value of the home originally but again this was 10 years ago and this is my second renewal.
Sep 23rd, 2019 10:39 pm
You can do 2.34% with min 20% down
Sep 23rd, 2019 10:43 pm
Best rate is 2.39% 5 yr fixed
Sep 23rd, 2019 11:01 pm
Sep 23rd, 2019 11:07 pm