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Thread: Mortgage

  1. #1
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    What are the different ways to refinance a mortgage?
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    Refinance Mortgage Toronto


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    Start by using this calculator

    https://www.superbrokers.ca/tools/refinance-calculator/

    ****New rules came into effect in 2012 wrt switching and refinancing***
    If you have a mortgage and plan to refinance or renew, your experience will depend on two things: whether you plan to change your mortgage and how qualified you are.
    Let’s assume that you come up for renewal and are not looking to increase the risk of your mortgage. By “increase risk,” I mean raise the mortgage amount, amortization, or loan-to-value (LTV) ratio. In this case, if you’re in good standing and happy with your lender, you can simply renew and call it a day. Most renewers do just that –78 per cent in fact


    Refinance Blues
    The Scenario: You’ve got high-interest debt or home improvement costs that you want to roll into your mortgage. The problem is, doing so would require an insured mortgage greater than 80 per cent of your property value – which is prohibited as of July 9.
    Implications: You’re stuck with: (a) a more costly cash-back mortgage up to 85 per cent of your property value, (b) an even costlier non-prime mortgage up to 85 per cent of your property value, or (c) a second mortgage from an alternative lender. In most cases, you’ll pay more than you do today to refinance to 85 per cent LTV.


    Quote Originally Posted by graceallen View Post
    What are the different ways to refinance a mortgage?
    avoncallingu likes this.

  3. #3
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    Quote Originally Posted by graceallen View Post
    What are the different ways to refinance a mortgage?
    I think we need more specific question?

    You can refinance with just about any Lender out there. Rates are unfortunately rising today, but there's still a few good ones available.
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    Rates are going up today??

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    no more door to door! :) walkonby's Avatar
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    Quote Originally Posted by MortgageQueen View Post
    I think we need more specific question?

    You can refinance with just about any Lender out there. Rates are unfortunately rising today, but there's still a few good ones available.
    but do you mean the Prime rate or just that banks are raising their rates for mortgages on their own?

    here is what the RBC site shows right now.....

    Prime and Other Rates
    Rates for 01 October 2015
    Rate
    [ % ]
    Date of Change
    (YYYY/MM/DD)
    Royal Bank Prime 2.700 2015/07/16
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    @MortgageQueen can you update us on the new rates, thanks
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    2019 is the year that we continue to save before we buy!!!

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    The rates vary per Lender, but I've been notified most rates are up across the board. Not huge, so don't panic. This happens sometimes. . . . fluctuations. BUT if you're refinancing or buying in the next month or 2 you might want to try and lock it in now while there's a few lender's still out there with previous lower rates.

    One of my last hold-out lenders is increasing their Variable rate at midnight tonight.
    Most Lenders are offering 2.15 to 2.25 for Variable. (as opposed to 2.05)
    Many lenders have raised fixed rates to 2.69/2.79% but a few are still offering 2.54/2.59%. That could change any time.
    One of my lenders is still offering a Secured Line of Credit for 2.95% which surprises me. We'll see if it lasts.

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    Quote Originally Posted by walkonby View Post
    but do you mean the Prime rate or just that banks are raising their rates for mortgages on their own?

    here is what the RBC site shows right now.....

    Prime and Other Rates
    Rates for 01 October 2015
    Rate
    [ % ]
    Date of Change
    (YYYY/MM/DD)
    Royal Bank Prime 2.700 2015/07/16
    No. Not prime rate. It's not changing. Just the bank rates

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    Canadian Guru avoncallingu's Avatar
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    Could this be because the banks are not making ENOUGH MONEY????
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    Quote Originally Posted by avoncallingu View Post
    Could this be because the banks are not making ENOUGH MONEY????

    ​LOL!!! You guessed it!!!!
    beachdown likes this.

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    @MortgageQueen .....Ahahahaha...thanks for pointing that difference out to those that might have fallen off their chairs. It is highly unlikely a bank will post a lower rate than a mortgage broker

    Quote Originally Posted by MortgageQueen View Post
    No. Not prime rate. It's not changing. Just the bank rates
    Last edited by beachdown; Sun, Oct 4th, 2015 at 06:51 AM.

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