Mortgage Rates Now....

[ercchry]

Not if you surpassed that lower rate in less than a year into a 5yr term

[holden]

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Not if you surpassed that lower rate in less than a year into a 5yr term

Unless we have a recession within the next 4 years and the BoC starts lowering rates again.

[Buster]

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Unless we have a recession within the next 4 years and the BoC starts lowering rates again.

For you to "win" as the consumer, rates would need to increase faster or farther than the market expects.

[holden]

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For you to "win" as the consumer, rates would need to increase faster or farther than the market expects.

I'm talking about the case of variable vs fixed. Just because the variable rate has surpassed the fixed rate 1 year into a 5 year term doesn't mean that the fixed rate will ultimately be better at the end of 5 years. History has shown that variable has been better than fixed. I would always do variable. I could only see a case for it if your payments are right near your cash-flow limit and you need the security of your mortgage payments not increasing (though I personally would not put myself in that scenario).

[Buster]

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I'm talking about the case of variable vs fixed. Just because the variable rate has surpassed the fixed rate 1 year into a 5 year term doesn't mean that the fixed rate will ultimately be better at the end of 5 years. History has shown that variable has been better than fixed. I would always do variable. I could only see a case for it if your payments are right near your cash-flow limit and you need the security of your mortgage payments not increasing (though I personally would not put myself in that scenario).

We're making similar arguments

[holden]

I read that some banks are now using the full value of existing HELOC limits, even if unused, when qualifying for new mortgages.

[ercchry]

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I read that some banks are now using the full value of existing HELOC limits, even if unused, when qualifying for new mortgages.

Yup... limit amortization over 25yrs at benchmark

[msommers]

Tangerine trying to swipe some customers. Got this email today, after a higher rate was offered last week. Doesn't matter to me but some might be convinced to move over...

Move into a 5 year fixed rate Mortgage at 3.19% APR*. Plus apply by June 30, 2019 and we’ll pay your fees to transfer over your mortgage**.

If you’ve got a mortgage elsewhere, or if you’re shopping around for one, here’s something to think about. We’ve designed the Tangerine Mortgage for people like you – Clients who look for value and appreciate simplicity. And that’s why we’re inviting you to take a look, with a special offer.

We’ll pay your fees to transfer over your mortgage

Submit your application for a Tangerine Mortgage with a 3 year term or longer and a principal amount of at least $150,000 between March 20, 2019 and June 30, 2019.
We’ll pay up to $1,500 to cover your legal and appraisal costs and your discharge fees (other than any prepayment charges)**.

[TimLacroix]

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Tangerine trying to swipe some customers. Got this email today, after a higher rate was offered last week. Doesn't matter to me but some might be convinced to move over...

It is a bit of a rate war at the moment due to the 5 Year Bond Yield being low over the past 30-45 days. There has been a bit of a surge on the bond yield since Friday... as it was down to 1.41% Friday AM and is currently hovering around 1.60%.

These are competitive and some are a little lower. Feel free to PM if anyone has questions or looking for options.