Mortgage rates
Apr 4th 2011, 2:08 pm
#46
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Location: Windsor, ON
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Re: Mortgage rates
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.
If you have a poor credit rating I suspect that the low risk low interest lenders will just decline to lend to you.
Wasn't aware of this - presume they don't disclose the rules though?
Apr 4th 2011, 3:02 pm
#47
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Re: Mortgage rates
It could be a number of reasons but usually the credibility of the borrowers and occasionally the property being mortgaged. If you have good/decent credit and it's a good property the likelihood is you'll receive the insurance.
Apr 4th 2011, 3:05 pm
#48
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Re: Mortgage rates
Fixed vs Variable Rates
For those interested here's an article from today's Toronto Star.
http://www.moneyville.ca/article/967...age-what-to-do
For those interested here's an article from today's Toronto Star.
http://www.moneyville.ca/article/967...age-what-to-do
Apr 4th 2011, 4:43 pm
#49
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Location: Durham Region Extension
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Re: Mortgage rates
I have a 3.75% fixed for 5yrs. Not brave enough to take the variable risk
Apr 4th 2011, 5:21 pm
#50
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Location: St. John's, Newfoundland
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Apr 4th 2011, 5:34 pm
#51
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Apr 4th 2011, 5:41 pm
#52
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Location: St. John's, Newfoundland
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Re: Mortgage rates
Apr 4th 2011, 10:04 pm
#53
Joined: Mar 2009
Posts: 1,986
Re: Mortgage rates
I'd be quite happy with that for now. I know my variable rate does allow me to switch free to a fixed rate as long as the term is longer. I think this is fairly common.
Apr 5th 2011, 5:36 pm
#54
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Location: Windsor, ON
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Re: Mortgage rates
Any thoughts on HSBC Smart Saver (or similar) mortgages where you link savings to your mortgage instead of making a larger downpayment?
Apr 7th 2011, 11:04 pm
#56
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Joined: Jan 2008
Location: Near Kingston, Ontario
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Re: Mortgage rates
Not totally, there are Private Lenders who will consider those not normally qualifying for mortgages, you may pay a slightly higher interest rate and an arrangement fee, but its possible as a short term thing until you build your credit up again, then you can refinance back into the "normal" stream.
Apr 10th 2011, 10:43 am
#57
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Re: Mortgage rates
http://www2.manulifeone.ca/about-manulife-one/
Apr 20th 2011, 11:38 pm
#58
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Re: Mortgage rates
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
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
Apr 22nd 2011, 12:07 pm
#59
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Joined: Sep 2005
Location: Windsor, ON
Posts: 3,374
Re: Mortgage rates
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
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
Apr 22nd 2011, 12:12 pm
#60
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Posts: 389
Re: Mortgage rates
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/
http://www2.manulifeone.ca/about-manulife-one/
This thread is worth a read. Don't plow through all the 46 pages - but there are some interesting comments at the start.
Red Flag Deals is a very good website.
Last edited by misplacedheidi; Apr 22nd 2011 at 12:14 pm. Reason: link goes to last page of discussion - need to read some earlier stuff