Posted on: 17-06-09 20:55:27
Quote:You can get these rates from banks as well.
Originally posted by Bagthe Raho
1st Mortgages
Prime Rate 2.25%
5 year Variable Rate 4.00%
1 year Fixed 2.90%
3 year Fixed 3.05%
5 year Fixed 3.59%
unquote
wonder why people should go to Banks?..
Just need to have good relationship with someone at the bank and have to negotiate.
I have heard of folks getting 3.55 and thereabouts for 5 year fixed.
-----------------------------------------------------------------
"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
--------------------------------------------------------------------------------
Originally posted by Bagthe Raho
1st Mortgages
Prime Rate 2.25%
5 year Variable Rate 4.00%
1 year Fixed 2.90%
3 year Fixed 3.05%
5 year Fixed 3.59%
unquote
wonder why people should go to Banks?..
________
UNQUOTE
You can now get 5 year Adjustable for 2.65% (Prime + .40) and 5 year fixed rate of 3.59% is gone for now and you may not see it again.
-----------------------------------------------------------------
Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Quote:
Originally posted by rahul_singh23
For those still hunting for a rate, ATB has a 5-year fixed at 3.5% (The extreme discount mortgage) which is now the lowest posted rate in Canada for a 5-year fixed and available only to Albertans. This rate is set to be raised on Monday. The big 5 have all put in the biggest rate increase this year in the past week (.4%) and based on the bond markets.
I had variable rate (prime + 1.0).
This month I have converted it for 5 years fixed at 3.50%,
now they increased 3.59% as per market rate.
-Taker
any insight on mortgage rates now a days ??
In the last couple of weeks the variable rates have gone up. Previously you could get up to prime -0.9% while right now they are in the rate of prime -0.5% to prime -0.75%. In comparison, the fixed rates have come down and are now between 2.74% to 3.44% from 1 to 5 year fixed terms.
-----------------------------------------------------------------
Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
You're right Pramod. They seem to have gone up a little. In July, I renewed and got Prime-.9, i.e. 2.1% (after much fight or rather with aggressive shop around), but one of my friends couldn't secure even P-.8 or .7 despite of having a good credit score.
thanks for the reply.
It seems Prime - (0.50 ~ .75) is the going rate these days for variable. My broker promised me 0.75 when I spoke to him first but within weeks time when he went to bank he discovered it is changed to 0.6 :-( . am I missing something here? will it be rationale to settle on variable 2.4% interest on a loan.
My another qn is - Does paying 5% only of total home cost and having only one year credit history (new immigrant) impact this rate ? I also realised I cannot shop around much because other lenders ask either to pay atleast 10% of home cost at outset or have a good credit score , or limit the loan to certain amount.
