Recent Mortgage Rates & Lenders

[Weapon_R]

Well, I just signed with Industrial Alliance @ 3.69% for 5 years. Best variable rate I could find was prime + 1 and that would have worked out to be around 3.50%, which wouldn't have changed much in my payment.

I would rather lock in a great rate for 5 years now then try and predict the future, especially with the variable and fixed rates so close.

[verbatim]

Hey Weapon R,

I just called and talked to "John" at mortgagemarcus.com.

Just to confirm, this is the same firm you just signed with no ?

If not can you give me the name of your broker. Seems there is a 30 day close stipulation on this rate. Otherwise it's 3.85% with 120 rate lock and the usual 20% per year overpayment option.

The 3.69 rate you cannot pay up to the 20% per year without penatly, and must close within 30 days. So it's a bit harder for the average buyer whom does not have a property lined up.

[Weapon_R]

I will PM you some answers when I find out tonight. To be honest, the 30 day closing and 20% payment option don't matter to me. This is a rental property that has cost me nothing but a small down payment and I don't intend to make any payments on it from my own pocket.

My broker works for Centum. The lender is Industrial Alliance. Hope that helps.

[verbatim]

Hey,

Thanks for the info, my situation is different entirely. So it looks like the best rate I can do right now is @ 3.85% (5 year).

Considering I am still looking and have no solid leads as of yet. Also I do not have a 20% d/p. I shall try and sort all this out in my own head when I have a deal setup.

Is it worth it having the option to pay down your mortage early(20% /year), if you do not plan on staying at the property for more then 5 years? And not planning on not having extra cash to bring down the principle..And the house being a primary residence... Most of these really good rate deals are for the most basic of mortgage needs, which offer no incentives such as "skip a payment" etc.

My plan is to sell in a few years and move to a smaller community with cheaper housing (I.E Lethbridge).

Man this buying a house thing is starting to get to my head haha.

Cheers.

[sputnik]

Has anyone moved their variable rate mortgage to a fixed rate?

Were you able to negotiate a decent rate at all?

[sputnik]

Originally posted by verbatim
Hey,

Thanks for the info, my situation is different entirely. So it looks like the best rate I can do right now is @ 3.85% (5 year).

That is a pretty damn good rate.

I wouldn't worry about it too much. Even if you got 3.67% it wouldn't be that big of a difference to your monthly payment.

On a $250,000 mortgage you are talking a difference of about $25/month.

[kaput]

.

[djayz]

Originally posted by kenny


Out of curiousity, what happens to employee rates when you leave the company?

That's a good question, I'm sure the rate would stick for the remainder of the term, but at renewal time the normal rates would apply.

[Crymson]

I just got like 4.05% for a 5 year fixed rate through MYWYFHOT's mortgage guy.

[KappaSigma]

http://www.mortgagemarcus.com/

5 year fixed down to 3.66%

[el-nino]

Originally posted by Crymson
I just got like 4.05% for a 5 year fixed rate through MYWYFHOT's mortgage guy.

which is me!
Again, if there rate drops in the mean time you will get that rate!

[bspot]

Are you screwed with all brokers if you're self employed?

I tried to snag a 3.66% 5 year through True North, but the guy said all the can do is use my income for the last two years, and it doesn't matter that I left a bunch of money in my company because I didn't need it (I only withdrew 2/3 of what I made, the rest went to taxes or stayed in the company).

The bank is being helpful and will take into account the financials of my company, but the broker will only qualify me for 275K where as the bank has me already at 400K with a low ball for my monthly income that I gave them.

[el-nino]

bspot. How long have you been self employed for? how much do you have down? What kind of company do you own. PM me the answers and I can tell you why your broker said that.

[cidley69]

I think my bank is giving me BS to try to inhibit me from renegotiating a better mortgage interest rate.

Does that sound like something they'd do?

Apparently because of the drop in housing values most banks now also need a new appraisal, which the homeowner must pay for cash, is this correct?

[Weapon_R]

Originally posted by cidley69
I think my bank is giving me BS to try to inhibit me from renegotiating a better mortgage interest rate.

Does that sound like something they'd do?

Apparently because of the drop in housing values most banks now also need a new appraisal, which the homeowner must pay for cash, is this correct?

More info needed. Do you already have a mortgage? Fixed or variable? How much are you borrowing?

If you are refinancing after your mortgage period has ended the lender has no choice but to renew. If you are switching companies, they can ask you for an appraisal. It just depends on how much you owe.

[benyl]

Originally posted by bspot
Are you screwed with all brokers if you're self employed?

I tried to snag a 3.66% 5 year through True North, but the guy said all the can do is use my income for the last two years, and it doesn't matter that I left a bunch of money in my company because I didn't need it (I only withdrew 2/3 of what I made, the rest went to taxes or stayed in the company).

The bank is being helpful and will take into account the financials of my company, but the broker will only qualify me for 275K where as the bank has me already at 400K with a low ball for my monthly income that I gave them.

Put 35% down and you don't need income at all.