Brokers can do better than the rate being offered by TD.
Feb 16th, 2020 7:45 pm
Feb 16th, 2020 8:54 pm
Feb 16th, 2020 8:59 pm
hi c229chen, you can get a good solution in a quick manner based upon your situation, as described above. solutions depend on a variety of factors, based upon your individual situation. any mortgage professionals would be pleased to discuss further. thanksc229chen wrote: ↑ Could someone please educate me on the best options for my mortgage refinance:
-Roughly, what is the current market value of the property? $700k
-What is the current mortgage owing? $100k
-How much do you want to borrow (refinance)? $250k on top of the $100k
-Is the property owner-occupied or a rental? Rental.
-Where is the property located? Scarborough, Ontario
-When do you want to close on the refinance? The current mortgage is a 5-yr variable with TD started in 2018, so it’s been 2 yrs into the term. I can close anytime, just need to figure out the penalty.
Feb 16th, 2020 9:01 pm
You would need to call MCAP to determine the penalty
Feb 16th, 2020 9:02 pm
Feb 16th, 2020 9:10 pm
If its not too close to the date of financing yes you can switch to get a better rate.shaolin_x wrote: ↑ Once you formally signed the paperwork for a given mortgage and it's respective interest rate (wether it's with a bank, credit union, broker etc) and say hypothetically rates drop a week or month later. Are you stuck with the intrest rate you signed up to or can you insist on getting the lower rate? If so, is there a financial penalty involved? What advice would you give regarding when to put the trigger?
Feb 16th, 2020 9:13 pm
hello shaolin_x, i would suggest working with your mortgage professional on the best solution, part of which would be a great rate. your decision to work with the specific mortgage professional shouldn't necessarily be about rate, rather the ability of the financial institutions ability to meet your needs. i would suggest pulling the trigger when you are comfortable in finding the best solution and the financial institution that meets your needs.shaolin_x wrote: ↑ Once you formally signed the paperwork for a given mortgage and it's respective interest rate (wether it's with a bank, credit union, broker etc) and say hypothetically rates drop a week or month later. Are you stuck with the intrest rate you signed up to or can you insist on getting the lower rate? If so, is there a financial penalty involved? What advice would you give regarding when to put the trigger?
Feb 16th, 2020 10:34 pm
hi Acheewawa, sounds like you would be in a 5 year fixed, Based upon the best possible rate. you can get a good solution in a quick manner based upon your situation, as described above. Any mortgage professional would be pleased to discuss with an investor like yourself. ThanksAcheewawa wrote: ↑ I'm looking to renew either into a 2 year or 5 year term or whatever gives me the best rate.
-How much is the mortgage owing? It will be approx $215,000
-Roughly, what is the current market value of the property? $340,000
-Which city is the property located in? Kitchener, ON
-Is the property owner-occupied or a rental? Rental
-Who is your current lender? RBC
-Do you have a HELOC tied to the mortgage? No
-Is the mortgage CMHC insured? No
-When did you buy the property? March 2018
-When is your renewal date? June 2020
We also have great credit and multiple rentals and prefer 30 year AM.
Feb 16th, 2020 11:28 pm
Feb 17th, 2020 12:13 am
Feb 17th, 2020 9:11 am
That is a competitive rate for purchases over a million in Ontarioriveroaks wrote: ↑ Need help with best options for my mortgage situation:
-current market value of the property? $900k
-current mortgage owing? $300k, 5 year renewal in June
-Bought new Property? $1.1M
-Is the property owner-occupied or a rental? Current Property will be rental, new property will be owner occupied.
-Property located in ? Oakville, Ontario
-closing? end of April.
Have pre-approval at 2. 72%
Feb 17th, 2020 9:13 am
Best rate on a 30 yr am in BC is 2.79%604girl wrote: ↑ -What is the purchase price?
-How much is the down payment?
-Where it the property located?
-When is the closing date?
Still looking for property
-Will the property be owner-occupied or a rental?
What is the best rate for 5 yr fixed - 30 year amort?
Feb 17th, 2020 9:38 am
Feb 17th, 2020 10:17 am
Feb 17th, 2020 11:03 am
I currently have a 30 year AM, but it was a 2-year term ending in June. I'd like to renew it into a 30 year AM if there aren't additional fees, or at the very least, a 28 year AM.rateconnect wrote: ↑ Best rate would be 2.54% on a 5 yr fixed - if you increase your amortization then it becomes a refi and is subject to higher rates
What is the remaining amortization at renewal
You also mentioned multiple rentals can you let me know how many total properties including owner occupied.
It may limit options depending on the answer to above