| TERM | POSTED | OUR RATES * |
| 6 Month | 4.00% | 3.95% |
| 1 Year | 3.09% | 2.79% |
| 2 Year | 3.14% | 2.69% |
| 3 Year | 3.65% | 2.99% |
| 4 Year | 4.54% | 3.09% |
| 5 Year | 5.14% | 3.39% |
| 7 Year | 6.35% | 3.84% |
| 10 Year | 6.75% | 4.19% |
| Variable Rate | 2.60% | |
| Prime Rate | 3.00% | |
| BenchMark Rate | 5.14% | |
| Cost Per $1000 | $4.93 | |
| * Rates may vary provincially and may be subject to change without notice. Cost per $1000 based on 5yr fixed term rate compounded semi-annually. Call Alexandre Malkhassiants for details: (416) 723-9383 | ||
Showing posts with label mortgage interest rate. Show all posts
Showing posts with label mortgage interest rate. Show all posts
Monday, August 26, 2013
NEW MORTGAGE RATES. August 2013
Monday, November 14, 2011
Toronto real estate. What will happen if mortgage rates will go up?
About 12 per cent of Canadian mortgage holders would be challenged if their rate went up by less than one percentage point, found a report from the Canadian Association of Accredited Mortgage Professionals. CAAMP is a national agency that represents 12,300 people who work somewhere in the mortgage industry.
Some 650,000 out of 5.8 million Canadians who have some sort of mortgage would be at risk if their rate went up by as little as less than one percentage point, the agency said in its annual report. Many of those people are on fixed-rate mortgages, and the agency says by the time their mortgages are due for renewal, their financial capacity will have increased and the amount of mortgage debt will be reduced. Indeed, the group's annual report paints a picture of a mortgage market in gradual recovery from the recession. All in all, there's a "gradually falling rate" of people falling behind on their mortgages, the report notes.
But the report also says as many as 175,000 Canadian homeowners — as much as two per cent of the market — may owe more on their mortgages than their homes are worth on the market.
On the other side of the ledger, the report found there are 2.85 million Canadian homeowners who are debt-free on their homes — meaning, they owe nothing on their homes either in terms of a mortgage or home-equity line of credit. And 94 per cent of Canadian homeowners own at least 10 per cent of the equity in their homes, the report finds. Within that, more than three-quarters (78 per cent) own more than 25 per cent of their homes.
But about 75,000 Canadian homeowners own less than 10 per cent of their homes. That figure represents less than two per cent of mortgage holders, but those are the people who could be susceptible to a modest pullback in home prices, as has happened in large parts of Europe and the United States in recent years.
For much of the past year, the Bank of Canada, federal government officials and private sector economists have warned Canadians to get their finances in order and reduce their debt loads ahead of higher mortgage interest rates to come.
"While the forecasts for the economy, housing market, and mortgage market are encouraging, there is, as always, uncertainty about the outlook," the report warns.
And to be sure, the picture of Canada's housing market painted in the CAAMP report looks significantly better than the picture in the United States. A report from real estate data firm Zillow released Tuesday found that 28.6 per cent of U.S. homeowners are underwater — meaning, they owe more on their mortgages than their homes would be worth if they sold them.
Nonetheless, the CAAMP report says a "sizable minority" of Canadian homeowners would be unable to withstand even a one percentage point rise in their mortgage. Although 60 per cent of Canadians are in fixed rate mortgages (the average rate was at 3.92 per cent in 2011, a drop from 4.22 per cent a year earlier) the budgets for a number of homeowners are squeezed enough that they would be in trouble if their rates went up by that comparatively small amount.
"A vast majority of mortgage holders has considerable capacity to afford rises in mortgage interest rates," the report stated. CAAMP estimates that the typical mortgage-holder could withstand an increase of about $750 a month without succumbing.
Canadians owe a collective $982 billion of debt on their homes, and the report estimates that there are about 13.6 million occupied dwellings in Canada.
Within that, about 9.55 million are owner-occupied, including about 5.80 million with mortgages and 3.75 million without mortgages.
Across all homeowners, the average amount owed on a mortgage is $90,000 and the average home-equity line of credit is $12,000. http://www.cbc.ca/news/canada/story/2011/11/09/caamp-mortgage-survey.html
Some 650,000 out of 5.8 million Canadians who have some sort of mortgage would be at risk if their rate went up by as little as less than one percentage point, the agency said in its annual report. Many of those people are on fixed-rate mortgages, and the agency says by the time their mortgages are due for renewal, their financial capacity will have increased and the amount of mortgage debt will be reduced. Indeed, the group's annual report paints a picture of a mortgage market in gradual recovery from the recession. All in all, there's a "gradually falling rate" of people falling behind on their mortgages, the report notes.
But the report also says as many as 175,000 Canadian homeowners — as much as two per cent of the market — may owe more on their mortgages than their homes are worth on the market.
On the other side of the ledger, the report found there are 2.85 million Canadian homeowners who are debt-free on their homes — meaning, they owe nothing on their homes either in terms of a mortgage or home-equity line of credit. And 94 per cent of Canadian homeowners own at least 10 per cent of the equity in their homes, the report finds. Within that, more than three-quarters (78 per cent) own more than 25 per cent of their homes.
But about 75,000 Canadian homeowners own less than 10 per cent of their homes. That figure represents less than two per cent of mortgage holders, but those are the people who could be susceptible to a modest pullback in home prices, as has happened in large parts of Europe and the United States in recent years.
For much of the past year, the Bank of Canada, federal government officials and private sector economists have warned Canadians to get their finances in order and reduce their debt loads ahead of higher mortgage interest rates to come.
"While the forecasts for the economy, housing market, and mortgage market are encouraging, there is, as always, uncertainty about the outlook," the report warns.
And to be sure, the picture of Canada's housing market painted in the CAAMP report looks significantly better than the picture in the United States. A report from real estate data firm Zillow released Tuesday found that 28.6 per cent of U.S. homeowners are underwater — meaning, they owe more on their mortgages than their homes would be worth if they sold them.
Nonetheless, the CAAMP report says a "sizable minority" of Canadian homeowners would be unable to withstand even a one percentage point rise in their mortgage. Although 60 per cent of Canadians are in fixed rate mortgages (the average rate was at 3.92 per cent in 2011, a drop from 4.22 per cent a year earlier) the budgets for a number of homeowners are squeezed enough that they would be in trouble if their rates went up by that comparatively small amount.
"A vast majority of mortgage holders has considerable capacity to afford rises in mortgage interest rates," the report stated. CAAMP estimates that the typical mortgage-holder could withstand an increase of about $750 a month without succumbing.
Canadians owe a collective $982 billion of debt on their homes, and the report estimates that there are about 13.6 million occupied dwellings in Canada.
Within that, about 9.55 million are owner-occupied, including about 5.80 million with mortgages and 3.75 million without mortgages.
Across all homeowners, the average amount owed on a mortgage is $90,000 and the average home-equity line of credit is $12,000. http://www.cbc.ca/news/canada/story/2011/11/09/caamp-mortgage-survey.html
Tuesday, October 25, 2011
Toronto mortgage news.BANK OF CANADA: NO CHANGES FOR MORTGAGE RATES
The Bank of Canada saw no reason to move its key lending rate from 1.00%, where it has been for a little over a year.
That's precisely what the market anticipated and it means prime rate (which is the basis for variable mortgage rates) should remain at 3.00%.
The Canadian economy is now expected to return to full capacity by the end of 2013 (it was previously mid-2012). Core inflation is expected to be declining through 2012.
That's precisely what the market anticipated and it means prime rate (which is the basis for variable mortgage rates) should remain at 3.00%.
The Canadian economy is now expected to return to full capacity by the end of 2013 (it was previously mid-2012). Core inflation is expected to be declining through 2012.
The bank left out language about potential rate hikes or cuts, but slashed its 2012 Canadian growth forecast from 2.6% to 1.9%.
With a commitment from the U.S. Fed to keep its policy rates “exceptionally low” until mid-2013, there is little expectation that the BOC will diverge and raise rates substantially before then.
The bank also hinted that if the euro-area crisis is not contained, that could be a reason to lower rates here.
According to the current Big 6 bank consensus forecast, 2012 should see a 50 bps increase in prime rate. Financial markets don't believe that, however, with derivatives traders effectively pricing in no change by the Bank of Canada in the next year.
The final BoC rate meeting for 2012 is December 6.
To find out more about Toronto mortgage rates and lowest mortgage in Ontario go here - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html
With a commitment from the U.S. Fed to keep its policy rates “exceptionally low” until mid-2013, there is little expectation that the BOC will diverge and raise rates substantially before then.
The bank also hinted that if the euro-area crisis is not contained, that could be a reason to lower rates here.
According to the current Big 6 bank consensus forecast, 2012 should see a 50 bps increase in prime rate. Financial markets don't believe that, however, with derivatives traders effectively pricing in no change by the Bank of Canada in the next year.
The final BoC rate meeting for 2012 is December 6.
To find out more about Toronto mortgage rates and lowest mortgage in Ontario go here - http://www.torontogreathomes.com/ONTARIO_MORTGAGE/page_929364.html
Thursday, September 22, 2011
Toronto real estate and Toronto mortgage. Mortgage Interest Rates, Up or Down?
The interest rate gap between variable rate mortgages and fixed rate mortgages is narrowing.
The rate difference is now under 1%, down from 1.50% a month or so ago.
Although the prime rate of 3.00% may not change for a year or so it is now more tempting to lock in a 5 year term fixed rate, especially since it it unlikely that fixed rates will come down much more. So the choice for a new mortgage, on average, is between a 5 year term 2.70% variable rate and a 3.49% fixed rate at most banks.
If you already have a 2.25% (prime minus 0.75%), mortgage there is less incentive to move to a fixed rate at this time.
Fixed Mortgage Rates:
Move up and down every 6 months or so with bond rates. Recently they have been moving down and are now the lowest they have been for many, many years.
5 year term fixed rate:
- 3.39% if closing in 30 days
- 3.49% for closings and pre-approvals with rate holds to 120 days
- rates apply to both 20% down payment and 5% down payment CMHC insured mortgages
Variable Mortgage Rates:
Prime rate to bank borrowers is 3.00%
The prime rate affects business loans, car loans, etc and is not likely to move up in the next year unless the economy improves both in Canada and the United States.
The variable mortgage rate has moved up from prime minus 0.75% to prime minus 0.50%, so 2.25% up to 2.50%.
5 year term variable rate:
- 2.50% for closings and pre-approvals with a non bank mortgage lender
- 2.70% with a bank rates apply to both 20% down payment and 5% down payment CMHC insured mortgages, the borrower must qualify using a rate of 5.39%
Open Mortgage Rates:
- Home Equity Line of Credit available at prime plus 0.50% for a rate of 3.50%.
- Open to repayment any amount, anytime.
- Payments as low as interest only
- Monthly payments only
- Minimum down payment 20%, no CMHC
Higher Mortgage Rates:
- Credit Beacon Score 600 or less, rate about 1% higher, 15 to 25% down payment and a 1% lender fee
- Business for Self, stated income, less than 2 years or Commission Income, same as above.
If you have questions, call mortgage agent and real estate sales representative
Alex Malkhassaints at (416) 723-9383.
Tuesday, August 2, 2011
Toronto real estate. MORTGAGE NEWS
Financial Institution | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 5 Yr Variable |
CENTUM Primo** | 3.29 | 3.49 | 5.65 | 4.99 | 2.40 |
First National | 3.65 | 3.79 | 4.79 | 4.99 | 2.25 |
FirstLine | 3.79 | 3.89 | 5.04 | 5.24 | 2.60 |
HomeTrust | 3.65 | 3.79 | N/A | N/A | 2.60 |
ING | 3.69 | 3.89 | 4.79 | 4.99 | 2.25 |
MCAP | 3.69 | 3.74 | 4.79 | 4.99 | 2.35 |
3.69 | 3.69 | 4.79 | 5.39 | 2.50 | |
Street Capital | 3.49 | 3.79 | N/A | N/A | 2.40 |
TD | 3.65 | 3.89 | 4.90 | 5.14 | 2.35 |
ResMor | 3.94 | 3.79 | N/A | N/A | 2.50 |
Rates Effective as at: August 2, 2011
Prime Rate: 3.00%
Qualifying Rate: 5.39%
Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller's market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June.
At the same time, active listings declined 24 percent from a year ago in Canada's largest metropolis.
Monday, June 6, 2011
Toronto real estate. MORTGAGE RATE DROPS
Canada's big banks are marking down many of their rates. It's another tenth of a percentage point drop. That means a five-year fixed-rate will cost you 5.39%, while a one-year closed mortgage will cost 3.5 %. Economists cite a weakening US economy putting downward pressure on general borrowing costs.
If you want to buy a house or condo in Toronto, you should start exploring your financing options and consider per-approval first. While there are many different types of loans available to select from, one of the first things you will need to determine is whether you want to work with a mortgage broker or with a bank.
The greatest benefit to working with a Toronto mortgage broker rather than a bank is the fact that the broker works for you. When you go to a bank to secure a mortgage loan, the bank specialist is solely concerned with the interest of the financial institution. The mortgage broker, on the other hand, is looking out for your best interest as he or she searches for the loan and institution that is best for you.
Each time your credit report is pulled by a lending institution, your credit score may take a hit. When you work with a Toronto mortgage broker, your credit report only needs to be pulled once in order to recommend the best options. If you go to multiple banks, on the other hand, your credit report will be pulled each time you inquire into a loan.
When you go to a bank to inquire about a mortgage loan, the bank specialist is only representing one financial institution. When you work with a mortgage broker, on the other hand, he or she works with a wide variety of different institutions. As a result, you have a broader range of loan options to select from. Not only can this help you get the best rates, but it also increases your chances of obtaining approval even if you have poor credit.
After you have submitted all of the necessary information to your mortgage broker, he or she will pass all of the required information on to those mortgage lenders that might be a good fit for you. As such, you are able to submit your information to multiple lenders while only filling out the necessary paperwork one time.
While bank specialists do not require any formal training or license, the same is not true of mortgage brokers. In fact, most provinces require mortgage brokers to meet a strict set of requirements. Mortgage brokers must be licensed and must complete continuing education courses in order to remain licensed. As such, you can be sure the mortgage broker you work with is current on the latest real estate and mortgage financing rules and events.
If your shopping for a mortgage in Ontario look no further. Mortgage agent Alex Malkhassiants offers fast, friendly and experienced advice.
If you have any questions about Toronto real estate, call Alexandre Malkhassiants, Sales Representative and Mortgage Specialist.
Right at Home Realty Inc., Real Estate Brokerage.
Office: (416) 391-3232.
Cell: (416) 723-9383.
E-mail: amalkhass@rogers.com
Website: Toronto real estate
Website: Ontario real estate
Monday, April 18, 2011
CANADA MORTGAGE NEWS
| Financial Institution | 3 Yr | 5 Yr | 7 Yr | 10 Yr | 5 Yr Variable |
CENTUM Primo** | 3.69 | 4.09 | 5.65 | 5.50 | 2.30 |
Concentra | 3.99 | 4.29 | N/A | N/A | 3.00 |
| First National | 3.69 | 4.19 | 5.10 | 5.34 | 2.25 |
| FirstLine | 4.00 | 4.39 | 5.25 | 5.34 | 2.35 |
| Home Trust | 4.59 | 5.09 | N/A | N/A | 3.50 |
| ING | 3.69 | 4.29 | 4.79 | 4.99 | 2.25 |
| MCAP | 4.09 | 4.14 | 5.10 | 5.50 | 2.35 |
| Scotia | 3.99 | 4.39 | 5.29 | 5.79 | 2.85 |
| Street Capital | 3.79 | 4.29 | N/A | N/A | 2.30 |
| TD | 4.00 | 4.39 | 5.14 | 5.34 | 2.35 |
| ResMor | 3.94 | 4.24 | N/A | N/A | 2.40 |
| Lendwise | 3.65 | 4.02 | N/A | N/A | 2.15 |
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