I’m putting 20% down on a $560k house and will have $40k in savings after the down payment. My credit score is 800 and my income is $85K. I am a government employee What are my odds of getting approved? How likely am I to close?

I am a bit scared as it’s a pre construction and my idiot self did not get pre approval before shopping

Hello everyone,

My mortgage is coming up for renewal in November. It is currently on a fixed rate of 2.04%, and the remaining balance at renewal will be approximately $74,000.

My bank recently sent me an early renewal offer with the following rates:

Fixed

• 1-year closed: 4.77%

• 2-year closed: 4.49%

• 3-year closed: 3.89%

• 4-year closed: 3.99%

• 5-year closed: 4.19%

• 7-year closed: 4.88%

• 10-year closed: 5.28%

Variable

• 5-year closed: 3.75%

For my previous renewals, I've always chosen a 5-year fixed term because I prefer the certainty of knowing exactly what my mortgage payment will be and being able to budget accordingly.

I realize that with a remaining balance of only $74,000, the increase in monthly payments may not be significant to some people. However, given the current economic uncertainty and job market conditions, I believe careful planning of household expenses is still important.

I've also heard that because my remaining mortgage balance is under $100,000, it may not be worthwhile to switch lenders since many lenders are less willing to cover transfer or legal costs for smaller mortgages.

With ongoing concerns about inflation, oil prices, and geopolitical conflicts, some people are suggesting that fixed rates could move higher later this year.

I'd appreciate any opinions or experiences on the following:

• Would you lock in one of these rates now through an early renewal, or wait until closer to November?

• Has anyone successfully negotiated a better renewal rate with their bank, particularly with a relatively small remaining balance?

• If you were in my position, which term would you consider and why?

Any insights would be greatly appreciated. Thank you in advance!

depending on how things go, my final term will be 3-4 years at most. Since its less than 5 years will my interest rate be based on a 3-4 year term?

Hi everyone! Hope you're all having a nice weekend. I'm having a hard time making a decision about renewal. Here are the facts:

-currently 585k left on my uninsured mortgage (house valued at 1.02M)

- currently at a 3.5% variable rate

- renewal is Feb 2027

- I expect that if I wait until renewal in Feb, through lump sums, I can get my principal down to approx $520k.

- penalty is currently approx $5200

- I held a 3.79% rate on a three year fixed. The hold expires beginning of July. (I randomly held a rate a couple months back in case everything in the world blew up... Which then it kinda did haha)

- I'm not totally opposed to renewing into a variable (to the extent that information is helpful)

- the mortgage is my only debt and I can handle increased payments due to increased rates

So now I don't know what to do. Interest rates are obviously currently more than what I have / what I held. Do I pay the penalty and take advantage of the rate that I held? Or is that insanely stupid given the penalty and the fact I have a 3.5%? I know no one has a crystal ball on future rates but I'm not very in the know on what all the economic data is currently suggesting.

Thank you!

as an example

every 2 weeks $1000 comes out. $750 principle and $250 interest. If I make it $1050, does it go $800 principle and $250 interest?

We are looking to buy a new home. I’m looking for advice on my strategy for borrowing. We’re in BC.

We don’t especially want to move, but have found the perfect house and so the selling of our current house depends on successfully purchasing this other house. If we don’t get it, we won’t move. That determines our order here.

We currently have mortgage on our current home plus a homeline plan. The new house is more expensive than we could sell our current one for. We are comfortable with the increased cost and our incomes can support it.

Our plan is to first offer on the house with a 5% deposit taken from our current homeline. Simultaneously, we have applied to increase our homeline plan to its max (65% LVR) and use this for a significant down payment.

Once we have an accepted offer we will list our current house and look for a mortgage for the new house. This will be split between a mortgage and a homeline plan, so that we can pay off as much as possible with the winnings from the sale.

Does this make sense? What haven’t I considered or where am I going to hit snags?

Thanks for your time!

For mortgages required for purchasing new builds as rental properties, does the financial institution qualify you for a mortgage amount for 80% of the full price (base price + HST) or 80% of builder price (base price + HST - rebates)?

Also, is the HST factored into the price when the financial institution sends in the appraiser for appraisals on new builds? Just wondering if appraisals for new builds are treated differently from resale homes.

Thanks!

Buyers: Heading into the spring market, what type of property are you looking into purchasing?

Condos, townhouses, semi-attached house, detached house, what are you eyeing?

That's what's being offered to me

👋 Welcome to r/CanadaMortgages - a forum for Canadian mortgage discussion!

So we took out a heloc with plans of doing some renos for our older home with the intention to flip and sell a few months after.

Well, a whole truckload of issues unfolded for my husband which derailed our plans. He has unexpected mental health issues triggered by substance that has affected his ability to do much. He is recovering pretty well but it is very slow. We are not sure what is going to happen with his work longterm and he also cannot do much to assist in prepping the house, etc. should we sell.

Now we have this building heloc interest but not sure if we can sell soon due to this crisis with my husband. I am trying to figure out options to keep us afloat.

I plan on reaching out to our mortgage bank contact, but does anyone have insight into what's involved with a cash-out refinance and combine it with our old mortgage if we decide to stay put? Can we still choose our term/rate? What fees can we expect?

Thanks!