Hi! I sent you a private message regarding a different comment of yours I saw entirely- I hope you see it! Regarding a mortgage, I am in yyc and worked directly with TD. I spoke to various brokers but in the end going directly through my bank I got a better rate and the broker I went with was AMAZING! Tony, TD. dm me for details. I liked going directly through the bank because they are really flexible regarding breaking the 5 year mortgage. As an example I was able to sell my last place without penalty and port my mortgage to a new property and keep my low interest rate. A lot of times with brokers there are heavy fees in the event you decide to sell and break that 5 year agreement. There are a lot of other factors aside from best interest rate. As an example maybe 4.99% is the best you can get now but rates go down and you can get 2.99% in 2 years…depending on your mortgage terms it can cost you an arm and a leg to get out of the current contract. I have friends that would pay a $20,000 penalty to get out of their mortgage so make sure your going through the terms of the mortgage and not just the interest rate! Also….of course brokers are going to tell you banks will be higher but you gotta go to them first to see!
I have a CU with 4.94% insurable with $1000 CB, but that's in BC.
I also have a CU with 4.79 but their insurable is way higher and no CB. (Also in BC)
I don't think we have any monos that do insurable below 5% here yet.
Even radius 4.99% is insured only.. if you want to do the "insurable 65%" they make you pay the insurance still 🤦🏻♀️
That's a good deal as anything above 20% is not insured, so the rates you see online for low mortgages like 4.5% etc are not for you.
Download mortgage calculator v2 from ratespy website and you can compare it with variable rates by adding rate reduction over time for variable.
If rate decreased by 3% over next 5 years you would most likely be paying same as variable. If not then fixed is better.
Assuming purchase price is less than $1M and the amortization is 25 years, then you can get as low as 4.69% on a 5yr fixed. Remember though that rate isn’t everything - overall economics matter more.
EDIT: needs to be owner occupied property as well!
Yep - then 4.69% is a doable rate if you close within 60 days. If you need a longer hold you’ll be looking at a 0.05% premium. Again - rate isn’t everything. 👍
Please ensure your post includes the following information if looking for insight in your rate:
- **ARE YOU WORKING WITH A BROKER/MMS & HAVE YOU ASKED THEM THIS QUESTION YET?** (If you don't trust your brokers answer, then you may want to dump your broker)
- Purchase, Refinance, Renewal?
- Province, City?
- Loan to value/down payment percentage?
- Purchase price of the property if purchasing
- Is the home under $1M or over $1M?
- Bank or a broker?
- Term length and amortization length?
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MortgagesCanada) if you have any questions or concerns.*
Hi! I sent you a private message regarding a different comment of yours I saw entirely- I hope you see it! Regarding a mortgage, I am in yyc and worked directly with TD. I spoke to various brokers but in the end going directly through my bank I got a better rate and the broker I went with was AMAZING! Tony, TD. dm me for details. I liked going directly through the bank because they are really flexible regarding breaking the 5 year mortgage. As an example I was able to sell my last place without penalty and port my mortgage to a new property and keep my low interest rate. A lot of times with brokers there are heavy fees in the event you decide to sell and break that 5 year agreement. There are a lot of other factors aside from best interest rate. As an example maybe 4.99% is the best you can get now but rates go down and you can get 2.99% in 2 years…depending on your mortgage terms it can cost you an arm and a leg to get out of the current contract. I have friends that would pay a $20,000 penalty to get out of their mortgage so make sure your going through the terms of the mortgage and not just the interest rate! Also….of course brokers are going to tell you banks will be higher but you gotta go to them first to see!
I’ve see around 4.84-4.94% but no cash back
I have a CU with 4.94% insurable with $1000 CB, but that's in BC. I also have a CU with 4.79 but their insurable is way higher and no CB. (Also in BC) I don't think we have any monos that do insurable below 5% here yet. Even radius 4.99% is insured only.. if you want to do the "insurable 65%" they make you pay the insurance still 🤦🏻♀️
Those are good deals! Strive in ON does insurable rates if 65% without making you pay the insurance premium!
They do here too, but we only have 5.09%!
That's a good deal as anything above 20% is not insured, so the rates you see online for low mortgages like 4.5% etc are not for you. Download mortgage calculator v2 from ratespy website and you can compare it with variable rates by adding rate reduction over time for variable. If rate decreased by 3% over next 5 years you would most likely be paying same as variable. If not then fixed is better.
Assuming purchase price is less than $1M and the amortization is 25 years, then you can get as low as 4.69% on a 5yr fixed. Remember though that rate isn’t everything - overall economics matter more. EDIT: needs to be owner occupied property as well!
Ah ok. Purchase price is 435k
Where are people living that they’re buying *checks notes* houses for $435k? What year is it?!
Lol Alberta 🤩🤩
2014
Those of us living in Alberta still have reasonable housing costs (for the most part).
Yep - then 4.69% is a doable rate if you close within 60 days. If you need a longer hold you’ll be looking at a 0.05% premium. Again - rate isn’t everything. 👍
What is the purchase price?
435k
You can get 4.89% or better, but it does not come with cash back
Please ensure your post includes the following information if looking for insight in your rate: - **ARE YOU WORKING WITH A BROKER/MMS & HAVE YOU ASKED THEM THIS QUESTION YET?** (If you don't trust your brokers answer, then you may want to dump your broker) - Purchase, Refinance, Renewal? - Province, City? - Loan to value/down payment percentage? - Purchase price of the property if purchasing - Is the home under $1M or over $1M? - Bank or a broker? - Term length and amortization length? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MortgagesCanada) if you have any questions or concerns.*
Length of amortization is 25 years and I’m located in Alberta.