mortgage rates

[dUstrrbUnii]

Can anybody tell me what the standard mortgage rate is right now?

 

[PeterKinchMortgageTeam]

QUOTE (dUstrrbUnii @ Jan 26 2009, 03:41 PM) Can anybody tell me what the standard mortgage rate is right now?


It depends on the term that you are looking for and how quickly you are closing, but there are some really great rate promotions on some of the fixed rates

1 year fixed - 3.75%
3 year fixed - 3.75%
4 year fixed - 4.39%
5 year fixed - 4.49%

More than ever we are seeing incentives from the lenders to close quickly, with full document packages. Some of these rates can come down by as much as an additional 20 bps if you can close quickly and file is submitted with all supporting docs.

 

[klewlis]

Canadian Real Estate magazine usually does a mortgage rate table each month, which I find helpful--it outlines different types of mortgages, different banks, and their rates.

 

[MikeMcCrae]

The problem with monthly rates is they are not very current. Rates are changing daily!

 

[GaryMcGowan]

Peter / Mike,

On the lenders that are offering quick closings are they looking for proof of down payment funds to be held by the borrower for the min 3 months?

thanks

 

[mortgageman]

QUOTE (GaryMcGowan @ Jan 27 2009, 08:02 AM) Peter / Mike,

On the lenders that are offering quick closings are they looking for proof of down payment funds to be held by the borrower for the min 3 months?

thanks

Lenders always want to see a 90 day history of down payment funds. It`s required because of anti-money laundering/terrorism financing laws. If your down payment is coming from the sale of an asset, a refinance, a gift, or somewhere else where the money is moving and you don`t want to wait, or can`t wait 90 days they`ll want to see paperwork that shows the transaction(s). In short, you need a paper trail to prove it`s legitimate.

 

[Charly]

It depends on the term that you are looking for and how quickly you are closing, but there are some
Peter: Can you tell me if I can renegotiate my mortgage? I have 2.5 years left on a five year mortgage. I am also looking to the same institute to get a second mortgage when I buy (probably year end) on Vancouver Island.

 

[Cargren]

QUOTE (CanadianMortgageTeam @ Jan 26 2009, 03:48 PM) It depends on the term that you are looking for and how quickly you are closing, but there are some really great rate promotions on some of the fixed rates

1 year fixed - 3.75%
3 year fixed - 3.75%
4 year fixed - 4.39%
5 year fixed - 4.49%

Can I ask who is offering the 3 yr term?

 

[Nir]

Thank you Jason,
In the case of a family gift, is it ok if the transfer is done a week before closing or will the bank expect something earlier like "a gift intention notice" from the person giving the gift? How much time prior to closing will the bank expect the funds to be transferred? same question regarding the letter from the person giving the gift - will the bank expect that and how much time before closing - 1 week? 1 month? 3 months?
Regards,
Neil

 

[RobMacdonald]

Hi Neil,

Gifted downpayments are only eligible on purchase of a principal residence. The lender required a the letter from a family member, and will usually call the letter to verify. In most cases, they do not require proof of the transfer, or require a history of the funds.