Originally Posted by iaink (Post 9284302)

With a limited downpayment you are required to have CMHC backed insurance, and the premium is a sliding % of the borrowed amount, which will be tacked onto the amount you are borrowing to buy the property. Less downpayment = more compulsory insurance premium added.


If you have a poor credit rating I suspect that the low risk low interest lenders will just decline to lend to you.

Originally Posted by Auld Yin (Post 9284358)

I don't think it's been mentioned so far but, as an added dimension, CMHC or one of the other possible insurers, can/may decline to insure the mortgage, at which point the borrower is sweet out of luck.

Originally Posted by G77 (Post 9284367)

I was aware of the insurance added on top - was just curious if they hit you with this AND worse interest rates, seems the answer is yes.



Wasn't aware of this - presume they don't disclose the rules though?

Originally Posted by ultrarunner (Post 9284697)

I have a 3.75% fixed for 5yrs. Not brave enough to take the variable risk

Originally Posted by Atlantic Xpat (Post 9284776)

If I were renewing today, I'd take that deal in a heartbeat.;)

Originally Posted by JonboyE (Post 9284800)

The wrong coast for you, but Coast Capital Credit Union are currently offering 3.65% for a five year fixed term.

Originally Posted by Atlantic Xpat (Post 9284814)

I suspect similar deals might be had with credit unions on the other coast. I'm tied into my current prime-0.82% deal til 2013 so I'll ride the rollercoaster of interest rates for now.;)

Originally Posted by ultrarunner (Post 9284697)

I have a 3.75% fixed for 5yrs. Not brave enough to take the variable risk

Originally Posted by Auld Yin (Post 9284358)

I don't think it's been mentioned so far but, as an added dimension, CMHC or one of the other possible insurers, can/may decline to insure the mortgage, at which point the borrower is sweet out of luck.

Originally Posted by G77 (Post 9287197)

Any thoughts on HSBC Smart Saver (or similar) mortgages where you link savings to your mortgage instead of making a larger downpayment?

Originally Posted by gryphea (Post 9317643)

Just to update as I promised we would ages ago.

We are putting 5% down and today and going through a broker it looks like we will get prime-0.85 variable rate, 5 year closed with flexible payment options to overpay etc. Mortgage is with CIBC but this is a way better rate than they have on their website. We are not borrowing anyway near our max

Originally Posted by johnh009 (Post 9296130)

Manulife One seems quite good where if you combine your savings and chequing with your mortgage account. As long as you don't overspend that is:

http://www2.manulifeone.ca/about-manulife-one/