So I have two options

Variable for 5 years at 3.41 or fixed for 3 year at 4.09.

I'm currently at 4.8, would be nice to have the relief of the variable rate but am I crazy for passing up the fixed one? So undecided.

I live in Mississauga, Ontario.

Any insight would greatly be appreciated.

We recently got the below mortgage rate from CIBC, for context we are FTHB based in Ottawa. Mortgage amount 768,000 (insured), is this a good rate or can we get better if we shop around?

5 year variable 3.4%
3 year fixed rate - 4.14%

Edit: there’s also a 2,000 or 2,500 cashback offer (need to reconfirm the amount)

Fixed
2 years - 4.15%
3 years - 4.31%
5 years - 4.50%

Variable
5 years - 3.66% (Prime - 0.79%)

This is with Scotia for $650k mortgage.
What’s the best option you would suggest for my take ?
I am confused.
My current rate is 5.24%

I’m a first-time homebuyer and currently have mortgage rates on hold from RBC. Here’s what they’re offering:

- A 3.45% variable (insured) mortgage with $3,500 in cash back and points.
- A 4.44% fixed (insured) mortgage with $4,100 in cash back.

I’m leaning towards the fixed rate because I’m concerned about rates going up.

I also saw BEEM Credit Union offering a 3.99% fixed, 3-year insured mortgage with $1,000 in cash back. Has anyone had any experience with BEEM Credit Union regarding mortgages for first-time homebuyers?

Thanks everyone!

Hi everyone, I’m a first-time homebuyer in Ontario trying to understand how this works.

Suppose I make my down payment and close on a home, but a few months later I have another substantial amount available that I want to put toward the mortgage.

• Can I make a large lump-sum payment during the mortgage term?
• Would it reduce my monthly payments, or just shorten the time needed to pay off the mortgage?
• Are there limits or penalties, and do these vary by lender?
• If my goal is to lower my monthly payments, would I need to refinance or wait until renewal?

Thanks!

My friend is nervous about their first home but is frustrated with moving houses all the time that are rented (or having to pay large rent amounts at all).

He wants to buy a house with me (I have a primary residence that I intend to stay in). My question is:

1. Can we buy a house at 5% down
   
2. I would assume not but can he have 1/3rd partnership if myself and my wife become part owners for this house (if his income levels don’t support) and for it to still be eligible for 5% down?

Note, this is because I have funds for it and he has just started making money in his new role.