I was out of the city this past Monday camping in Killbear Park far from any internet connection making it impossible to get my Monday Mortgage Minute up. I’ll just briefly post the current rates for anyone who is looking to see how rates have changed since last week.

Chris Molder – Son Of A Broker

2.70% – 1 Year Fixed

3.49% – 3 Year Fixed

4.09% – 5 Year Fixed

3.09% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.70   3 Year Variable

P-.60   5 Year Variable

Prime Rate is currently 2.50%.

Bench Mark Qualifying rate is 5.79% (Used to qualify high ratio mortgages)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Related posts:

1. Monday Mortgage Minute – Interest Rates July 5th 2010
2. Monday Mortgage Minute March 8th Interest Rates
3. Monday Mortgage Minute – Toronto Interest Rates May 24th

World Cup fever is on in Toronto and mortgage interest rates are remaining low and stable. While a variable rate mortgage may not fit everyone’s needs it remains a good option in today’s market. Give me a call to discuss whether it is right for you?

Chris Molder – Son Of A Broker 416.461.0204

2.80% – 1 Year Fixed

3.75% – 3 Year Fixed

4.25% – 5 Year Fixed

3.13% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.65   3 Year Variable

P-.60   5 Year Variable

Prime Rate is currently 2.50%.

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Monday Mortgage Minute – Toronto Interest Rates May 24th
2. Monday Mortgage Minute June 7th 2010
3. Monday Mortgage Minute & Interest Rates For April 19th

I didn’t manage to get this post up yesterday it was way too nice of a day! As explained in past videos, fixed rate mortgages are dependent on bond yields. Over the past 2 weeks the yields have suffered as a result of the economic turmoil in Europe caused by the Greek crisis. Even positive economic data like increased inflation and record breaking retail sales in Canada weren’t enough to bolster interest rates. This of course is good news if you are buying or remortgaging. A recent article in the Toronto Star “Rate Hike Not Guaranteed“  by Emily Mathieu argues that the Bank of Canada may not have the ability to increase the prime rate on June 1st. If you are stumped on how to position your mortgage in these unique times get in touch with me.

Chris Molder – Son Of A Broker

2.85% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.10% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.50   3 Year Variable

P-.50   5 Year Variable

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Monday Mortgage Minute & Interest Rates For April 19th
2. Monday Mortgage Interest Rate Minute – March 22nd
3. Monday Mortgage Minute February 8th – Toronto Interest Rates

2.65% – 1 Year Fixed

3.85% – 3 Year Fixed

4.35% – 5 Year Fixed

3.25% – Merix 50/50 Mortgage (Fixed/Variable hybrid)

P-.40   3 Year Variable

P-.50   5 Year Variable

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Monday Mortgage Minute & Interest Rates For April 19th
2. Monday Mortgage Minute – February 1st 2010
3. Mortgage Interest Rates for March 15th

On April 19th 2010 new mortgage rules came into effect which have made it a little bit more challenging to qualify for a variable rate mortgage. Traditionally lenders qualified your maximum mortgage amount based on their current 3 year fixed rate. However, today it is a little bit more complicated and this post will help you if you are considering financing with a variable rate mortgage.

The rate used to qualify your maximum mortgage amount now depends on whether your mortgage is high ratio or not. Generally speaking if the mortgage you require represents 80% (i.e. less than 20% down payment)  or more of the value of your home, then your mortgage is high ratio. If your mortgage is high ratio, then the lender is required to use the new Bank of Canada Qualifying rate. This rate is set every Wednesday by the Bank of Canada (Look for series V121764).

If your mortgage represents less than 80% (i.e. more than 20% down payment) of the value of your home then the rate used to qualify is the traditional 3 year fixed rate offered by your lender.

So in practical terms what does this all mean and what is the significance to you?

Based on the rates at time of publishing this post the difference is huge. Consider the following scenario for illustration purposes. Assume that your household income is $50,000 per year and you carry no outside debt. If your mortgage is high ratio then the maximum variable rate mortgage you could qualify for would be $184,815 based on the new bank of Canada qualifying rate of 6.25%.

If your mortgage is conventional (or represents less than 80% of the value of your home) then the total mortgage amount you qualify for would be $248,835 based on today’s best 3 year of 3.84%.

That is a difference of $64,000! That means that you may have to sacrifice variable to move into the neighbourhood or home that you want. That means that when you renew your mortgage you may be limited to taking a fixed. That means that you maybe forced to purchase with 20% or more to get the interest rate that you want.

Related posts:

1. Monday Mortgage Minute May 3rd 2010
2. Fixed vs. Variable: The Train Is On The Tracks
3. Merix Financial’s 3 Year Variable Rate Down

Bond yields are up which would typically result in an increase to fixed rate mortgages however lenders are artificially keeping rates low in order to gain market share. This is good for borrowers currently in the market however don’t expect the low fixed rates to stay around forever as it only takes one bank to break the deadlock and we could see rates jump up by 0.50%. To secure a low rate give me a call or e-mail me for a quick consultation.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.35%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Toronto Mortgage Interest Rates March 1st 2010
2. Monday Mortgage Minute March 8th Interest Rates
3. Monday Mortgage Interest Rate Minute – March 22nd

Although bond yields rose last Friday as of Monday March 8th Toronto Mortgage Interest rates remain unchanged. Over the weekend some lenders have warned of the possibility of fixed rate mortgages increasing. This weekend I decided to deliver my Monday Mortgage Minute from the slopes of Mont Tremblant Quebec, however I am back in the office this week refreshed and recharged after a nice little ski vacation. If you would like to contact me please write or call 416.461.0204 ext 2.

Chris Molder – Son of A Broker

1 year fixed – 2.65%

3 year fixed – 3.35%

5 year fixed – 3.79%

3 year variable – Prime-.40% (1.85% effective rate)

5 year variable – Prime-.30% (1.95% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by April 26th 2010, purchase & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Toronto Mortgage Interest Rates March 1st 2010
2. Monday Mortgage Minute February 8th – Toronto Interest Rates
3. Mortgage Interest Rates for March 15th

We started off this morning with the lowering of the fixed 5 year special offered by mortgage lender Merix Financial leading all the lenders down. The “quickclose” special is now at 3.69% for a fixed 5 year rate. The only condition is that the mortgage must close by March 26th 2010. Other than that this is a mortgage with full privileges. Most other lenders have followed suit and are currently offering 3.89% for their standard rates. You can currently lock in your variable at 3.89%. If you are looking for a mortgage and need somebody to lead you through the confusion that is the mortgage market please feel free to contact me. Also keep in mind that I am donating my services to the Hatian Relief.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.79%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.69% (must close by March 26th 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

Related posts:

1. Toronto Mortgage Interest Rate Minute February 22nd
2. Toronto Mortgage Interest Rates March 1st 2010
3. Monday Mortgage Minute March 8th Interest Rates

Mortgage interest rates have remained pretty stable over the last week and there are no signs of any changes to come. It looks as though the trend is downwards as the majority of lenders have begun to adjust their fixed 5 year rates to match the most competitive rates in the market. Given the economic outlook variable rate mortgages may be a good choice.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.89%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.75% (must close by Feb 23rd 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Licensed by the Financial Services Commission of Ontario under Lic#M08010066

Related posts:

1. Monday Mortgage Minute February 8th – Toronto Interest Rates
2. Monday Mortgage Minute January 4th 2010
3. Monday Mortgage Minute – January 18th 2010

There haven’t been any further significant changes to Toronto Mortgage Interest Rates over the past 7 days. Rates remain unchanged from last week… if you would like to explore if you qualify for our rate specials or are looking for a specific product, please don’t hesitate to contact me.

Chris Molder – Son Of A Broker

1 year fixed – 2.65%

3 year fixed – 3.50%

5 year fixed – 3.89%

3 year variable – Prime-.10% (2.15% effective rate)

5 year variable – Prime-.25% (2.00% effective rate)

RATE SPECIALS

5 year fixed – 3.75% (must close by Feb 23rd 2010, purchase & refinance only)

3 year variable Prime-.30% (1.95% effective rate closing in 30 days, purchases & refinance only)

NOTE: Rates are subject to change without warning at the lender’s discretion.

Click here to view the embedded video.

Related posts:

1. Monday Mortgage Minute – January 18th 2010
2. Monday Mortgage Minute – February 1st 2010
3. Monday Mortgage Minute January 4th 2010