hi, i'm wondering if there are some good websites and insights for first time house buyers. we're looking at houses in markham, ontario.
is there any website that compares mortgage rates across the banks? thanks in advance.
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hi, i'm wondering if there are some good websites and insights for first time house buyers. we're looking at houses in markham, ontario.
is there any website that compares mortgage rates across the banks? thanks in advance.
ratehub.ca
You may want to read up a bit on B20 (http://www.greaterfool.ca/2017/10/22/dream-on/). This is a really big deal.
The real estate market has been riding high for a while. There are those (myself included) who have been stating that it is a matter of time before the wind will be taken from the sails of the market. Sometimes (like now) the insanity can continue to really insane before people collectively step back and ask themselves "should we really be buying at this price?).
While I believe that market forces themselves will still tend to push prices to become a bit more toward the sane side, B20 is a really big deal. It is going to directly affect how much mortgage people can qualify for, and thus will have a direct impact on prices.
In short, don't rush in.
Hi Aquaria
Mortgages are complicated animals in many respects. Your best to talk to a mortgage broker (or myself if you like) I see someone suggested RateHub. Unfortunately, the rates you see all pretty much have conditions attached. Most "advertised" rates people see are what we in the industry call "Low rate basic". This type of mortgage comes with restrictions that statistically are not good for the average Canadian.
The difference in cost is actually usually minimal. ANother thing that everyone will want to keep in mind is. . . the REqualifying for financing at the end of your 1st 5 year term will be much more stringent. The way the Government set it up is, your current Lender has a huge advantage over you. You either accept their rate they offer at renewal, or you have to jump through hoops to get re-approved elsewhere (likely at much better rate) SO......
You want to be with a great Lender to start with. . .that won't gouge you.... Sites like the RateHub don't tell you any of that. . .but a good broker will....
Mortgage rules are changing in 2018 - if my mortgage was renewing - I would be reviewing if it affects me http://www.moneysense.ca/news/what-t...uyers-in-2018/
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Very interesting reads for sure! What I am getting out of this is the banks want to make sure you are going to be able to afford that Mortgage INCASE interest rate someday go through the roof.....(And eventually interests rates will skyrocket)
Now, if I am understanding all this correctly, passing a stress test-would this not be a good thing??????
I think Mortgage rates are slowly creeping up & RE home prices are slowly coming down.
I won't be surprised if we have an increase of 0.5 % in mortgage rates by the end of 2018. Especially for 5 year fixed mortgages.
I don't see a 1 % increase in rates, but 0.5 % by the end of the year at the Big 5 for 5 year fixed rate mortgages is definitely on the cards.
A 5 year fixed rate can be had for 3 % , and 5 year variable rate can be had for 2.25 % - mostly through Mortgage Brokers & small lenders after a bit of negotiation & haggling.
The Big 5 won't give you these rates if you go on your own. They probably won't even give it to the Mortgage brokers.
This is so true, you need a good broker ... there are good brokers, ok brokers and not so good brokers .... ask around your friends. It is always good to go with recommendations from people you trust who have used them before. When we first moved to Canada our Realtor gave us a list of brokers, the one we used was hopeless (but we didn't know the Canadian system, so we didn't realize how bad). He was fired not that long after.Quote:
Originally Posted by MortgageQueen
I think it is, but then again we have always been really cautious with money and borrowing. But we had a mortgage in Europe in the early 90s when interest rates were 12% ... so when you have seen them that high it does make you really careful ... we remember foreclosures were really high at the time and it was always on the news.Quote:
Originally Posted by maggiespice