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RE: mortgage rates

Postby torontomortgagehouse » Sat Mar 16, 2013 05:06:41 AM

I think it depends on the amount and the time taken for repayments plus it does differ for fixed mortgages and for variable mortgage. In my opinion, the best way to get the lowest rate is to search for a mortgage broker. They will surely offer you the best rates, sometimes even lower than your bank.

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RE: mortgage rates

Postby freddykrug » Sat Feb 09, 2013 01:17:09 PM

I really can't believe how low the mortgage rates are still. I thought for sure there would be a rate hike but I'm yet to see anything. So I guess I'm safe with my variable mortgage?

According to http://www.mortgagerates.ca -- I could still get a 5-year fixed mortgage at 2.84%. That just goes to show that now is still a great time to get a nice mortgage.
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RE: mortgage rates

Postby zullianwick » Wed Dec 05, 2012 02:19:02 AM

I had gone through the posts. Mortgage rates are classified as fixed and variable mortgage rates. Mortgage rates can also vary between home purchase loans and refinance loans. The best way to get a low mortgage rate is to get quotes from multiple lenders and compare interest rates, loan terms, closing costs and other factors.

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mortgage rates

Postby Omid Jalili » Fri Aug 10, 2012 04:13:40 AM

It depends on the amount of the mortgage and time period that which type of mortgage you should choose. Basically there are two options for mortgage, variable mortgage and fixed mortgages. According to your need you can choose mortgage generally people choose a variable mortgage if their amount of the mortgage is very high.
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RE: mortgage rates

Postby Home-mortgage-advice » Fri Apr 09, 2010 07:36:27 AM

I believe that people should consider fixed rates over the variable for the next 3 -5 years. I think we are entering uncertain times. Things are not as rosy as it seems, real estate market will cool down no matter what, and variable rates will start rising, especially with inflation picking up. I always tell people, true savings come from proper planning, reducing taxes and proper investing. I have a system for my clients to follow that saves and makes them a lot of money. Interest rates, that what the government, banks and other parties want people to pay attention to, and not to turn heads towards outrageous taxes that they charge. It’s just my opinion though.

By the way, new mortgage rules took place for people with stated income, and it will become more difficult to qualify under CMHC programs. Fortunately, there are other lenders that will gladly accept self employed people with lesser requirements. Feel free to contact me for more details.
Dmitri Ivanov, Mortgage agent Lic. M09000265. Ontario Canada. www.home-mortgage-advice.com
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RE: mortgage rates

Postby darinb75 » Wed Apr 07, 2010 08:53:53 PM

After the recent fixed rate hike, best rates for a 5 year fixed mortgage today are around 4.15%. On the other hand the 5 year variable is at 1.75%. Historically speaking , the difference or spread between the fixed and variable is at one of the highest levels ever . I personally believe the variable is the better way to go at 0.50% below prime which is the best rate now offered by our lenders. I believe there may be a few prime rate increases over the next few years by the BOC , but I don't think they can raise it too much as it would crush the real estate market .

Fees involved for refinancing an existing mortgage to a new variable or fixed rate mortgage usually include the discharge penalty charged by the existing lender and legal fees. Legal fees are around $750 on average. Penalties will vary depending on the existing term , rate and balance . The penalty amount can be added to the new mortgage refinance so it is not usually an upfront cost. Mortgage brokers like myself don't charge a fee to the client if they are refinancing in most cases. We get compensated by the new lender.
For more information visit www.TorontoMortgageSite.com . Arranging mortgages in Toronto and the GTA for your home purchase, refinancing, renewals or 2nd mortgage.
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RE: mortgage rates

Postby montyloree » Mon Mar 29, 2010 12:43:33 PM

hi darinb75,
I saw that in the news today. TD Bank and RBC Bank are increasing their mortgage rates. What do you advise people do?

I mean what can people do, if it got fixed mortgage? Would it be right for them to switch over to a lower rate mortgage? Are there fees involved in doing that?
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RE: mortgage rates

Postby darinb75 » Mon Mar 29, 2010 12:36:46 PM

Fixed mortgage rates heading up today started by RBC and TD.
For more information visit www.TorontoMortgageSite.com . Arranging mortgages in Toronto and the GTA for your home purchase, refinancing, renewals or 2nd mortgage.
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RE: mortgage rates

Postby Millie P » Wed Feb 24, 2010 03:22:52 AM

HST will hurt the new property relative to previously owned but will have negligible impact on previously owned.

I have seen a few homes that were being sold by the bank locally as well but all of them were attempted flips that went bad. The whole house flipping phenomenon was clearly going to implode.

I like the new mortgage rules but they are not really significant. Most of the banks were already using even stricter criteria so the changes are not going to have any impact. The only one that will have some impact is that the debt servicing ability is going to be tested at a higher interest rate than the actual mortgage rate which is a good thing.
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RE: mortgage rates

Postby Home-mortgage-advice » Tue Feb 23, 2010 01:48:00 PM

In USA, I believe Atlanta 14 000 000 sq ft of vacant commercial space. In Toronto they have this problem as well, not at the same levels of course
. Also the latest CIBC report has shown that USA has about 2 Million units in shadow market that are in foreclosure with cure rate less than 1%. It means that people leave without paying mortgage payments, but banks don't kick them out since they are considered as an asset on books. In Canada even in my city you can find quite a few powers of sales already, but we don't notice, since it looks like a regular home sale, so no one pays attention. I think new mortgage rules, HST and eventually a rate hike will cool the market down within next 12 – 24 month.
Dmitri Ivanov, Mortgage agent Lic. M09000265. Ontario Canada. www.home-mortgage-advice.com
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